GE Taps Into eBay’s Database to Offer Biz Credit

eBay and GE Business Credit Services have inked a deal to offer a new financing program for small businesses. The new program allows small businesses that buy and sell on eBay to apply for GE Business Credit Services’ unsecured working capital credit lines up to $50,000. Secured credit lines over $50,000 are available for purchases, when those purchases are used as collateral. As part of the agreement, GE Business Credit Services will waive its application fees, account opening fees and first year annual fees for businesses that apply for its credit programs through eBay. Today, more than 430,000 individuals make a living by selling on eBay. Under the terms of the agreement, eBay will market the GE Business Credit Services financing programs to small businesses on eBay, as well as PayPal merchants, who are also eligible for the program, through emails and other direct marketing programs. MBNA and Providian jointly issue the co-branded “eBay Anything Points MasterCard,” under a deal signed last year. (CF Library 10/2/03)

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Metris Lands a $300 Million Loan, Drops Notes

Metris Companies has entered into a new credit facility to provide for a three-year $300 million secured term loan with a group of institutional investors, dropping its previously announced $250 million senior secured notes offering. The Company previously paid off its term loan facility that was due in June 2004 and will use the proceeds from this transaction to pay off its 10 percent Senior Notes due in November 2004. The $300 million secured term loan will carry an annual interest rate of one-month LIBOR + 9.5 percent. Metris Companies Inc., based in Minnetonka, Minn., is one of the largest bankcard issuers in the United States.

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Fair Isaac TRIAD and IBM BDW Integrate

Fair Isaac and IBM have made the first integration of Fair Isaac’s “TRIAD” adaptive control technology with IBM’s “Banking Data Warehouse” for a major North American bank. Fair Isaac’s TRIAD products promote understanding, evaluation and retention of profitable customers by supporting analytics-based decisions at the account and customer level. IBM is the world’s largest information technology company and provider of IT services, as well as a preeminent technology partner to the world’s financial services industry. Fair Isaac Corporation is the preeminent provider of creative analytics that unlock value for people, businesses and industries.

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GPN Clears NBS Technologies’ Products

NBS Technologies has received certification for its “Commerce Gateway” and “Virtual Terminal” products with Global Payments. Processing over 30 million transactions in North America last year, the NBS Commerce Gateway is a high-speed payment engine designed to serve the needs of merchants everywhere. Global Payments Inc. is a leading provider of electronic transaction processing services to merchants, independent sales organizations, financial institutions, government agencies, and multinational corporations located throughout the United States, Canada, the United Kingdom, and Europe. NBS Technologies is a leading provider of card personalization, secure identity solutions, and point of sale transaction services for financial institutions, governments, and corporations worldwide.

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DRFS Seeks a Debit Card Loading Network

Los Angeles-based Direct Response Financial Services says it is establishing a debit card loading network for its “DCS Personal Advantage Media Prepaid MasterCard Cards issued by Optimum Pay.” As part of the agreements, the loading partners will accept the DCS Personal Advantage Media Prepaid MasterCard(R) Cards issued by Optimum Pay for crediting via cash or cash equivalent. Direct Response Financial Services, Inc. makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card, electronic check at the point-of-sale, or over the Internet. Optimum Pay, Inc. Optimum Pay, Inc. is the leader in electronic data exchange and delivers proven value-added electronic payment products and services to the financial services industry.

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Citi Increases Upromise MasterCard Contributions

Citibank has beefed-up its no-annual fee “Citi Upromise MasterCard” with increased contributions. Cardholders now receive 10% of purchases on more than 7,000 Upromise items at participating grocery and drug stores, as well as 2% on gasoline purchased at over 15,000 Exxon and Mobil locations. Additionally, cardholders who are AOL members will receive 20%, or double the contributions on purchases at participating grocery and drug stores, as well as 4%, or double the contribution, on gasoline purchased at Exxon and Mobil locations. There is no limit on the contribution amount cardholders can earn on participating grocery, drug and gas purchases. In addition, cardholders earn a 1% contribution on all other purchases made with the “Citi Upromise Card.” Citibank is the largest contributor to Upromise members’ accounts.

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TransFirst Lands an Orthodontists Deal

The American Association of Orthodontists has partnered with TransFirst Health Services to provide transaction processing services and payment technologies for their approximately 14,000 members. Under this three-year processing agreement, AAO members will be eligible for a processing program in which pricing is based on the processing volume of the entire association. American Association of Orthodontists includes approximately 14,000 members worldwide and is the oldest and largest dental specialty organization in the world. TransFirst is a premiere provider of transaction processing services and payment technologies that offers a first-rate suite of merchant products and flexible, industry-specific services uniquely tailored for the special business needs of financial institutions, ISO’s, health services, e-government, online and other direct marketing retailers, as well as brick and mortar retailers.

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US Dataworks Revenues Jump Five-Fold

Houston-based US Dataworks reported that revenues for the quarter ending March 31st, are expected to be approximately $1.6 million, compared to revenue of $333,000 for the same quarter one-year ago. Net loss for the quarter is expected to be approximately $340,000, compared to a net loss of $1,271,000 for the year ago quarter. The Company says revenues were positively impacted by the company’s recent $1.0 million technology sharing agreement entered into with a large non-corporate customer. Last week, US Dataworks completed a $4.65 million private placement to be used for working capital and general corporate purposes. US Dataworks is a developer of payment processing software, focused on the Financial Services market, Federal, State and local governments, billers and retailers. For complete details on US Dataworks’ latest quarterly performance visit CardData ([www.carddata.com][1]). (CF Library 4/23/04)

[1]: http://www.carddata.com

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iMergent Revenues Climb 37% in Q1

UT-based eCommerce software provider, iMergent, reported revenue for the quarter ending March 31st of $19.6 million, an increase of 37% over 1Q/03. Earnings before income taxes for the quarter rose to $2.3 million from $2.0 million in the same quarter of 2003, an increase of 13%. During the quarter, iMergent increased the number of “StoresOnline” workshops held to 146, with eight workshops in Canada. In February, the Company announced a marketing relationship with MIT Financial, an educational/training conference company, enabling iMergent experts to present the “StoresOnline” opportunity at MIT Financial’s conferences. The Company also named Robert Lewis, CFO, replacing Frank Heyman, who will retire from the company on June 30th. In April, the firm closed a $3.0 million revolving loan agreement with Zions First National Bank allowing iMergent to borrow up to 80% of qualifying receivables at prime plus three percent. For complete details on iMergent’s latest quarterly performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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UATP Sees Big Rebound in Travel Volume

The Universal Air Travel Plan reports that total charge volume for 2003 exceeded $7 billion, a 10% gain over 2002 volume, and that charge volume for March 2004 surpassed all forecasts and exceeded 10 year historic volume highs usually set during peak travel booking times in the fourth quarter. UATP is beginning to see the same type of numbers it was posting prior to 11 September 2001, Ralph Kaiser, UATP s president and chairman said. Since taking over as president and chairman of UATP in October 2003, Kaiser has reduced expenses and pushed strategic investment initiatives to reverse UATP’s downward trend during the airline industry down cycle. UATP accounts are actively issued by 15 member airlines and accepted as a form of payment for corporate business travel by more than 200 airlines worldwide.

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Discover Opens its Network to Bank Issuers

Discover Financial Services will announce today it is opening the “Discover/NOVUS Network” to financial institutions that want to issue on its network. The nation’s fourth largest payment card network also confirmed it is in advanced discussions with several financial institutions to issue cards on its network. Discover is using the “Annual Card Forum and Expo,” which opens today in Orlando, as the forum for the announcement. While Discover can link its authorization and settlement systems directly to issuers who process in house, Discover will also announce that First Data, TSYS and Metavante have already taken steps with Discover to ensure that their bank customers can issue on the “Discover/NOVUS Network.” Discover says these new processor links will facilitate financial institutions’ ability to issue card products on the “Discover/NOVUS Network” using their existing systems. David Nelms, Chairman and CEO of Discover Financial Services will make the announcement this morning. In May 1996, Harvey Golub, then chairman and CEO of American Express invited U.S. banks to join AmEx in issuing consumer and corporate cards on the company’s worldwide network. Golub’s invitation was also made at the “Annual Credit Card Forum.” In January, AmEx inked a deal with MBNA to issue a card, its first card issuing partnership in the USA. (CF Library 5/3/96; 1/29/04)

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