Hypercom this morning introduced Term-Master In A Box, a plug and play terminal management software and hardware package that gives ISOs the ability to quickly and cost-effectively download and initialize Hypercom card payment terminals. The new turnkey package is a version of the company s popular Term-Master Suite terminal management software system with streamlined set-up and management. It features everything required to quickly and easily set up and operate any Hypercom terminal. The package includes a new pre-configured terminal profile database, Hypercom’s standard POS software, a Hypercom IEN 2000 with dial-up capability and an enhanced hardware and software installation module that significantly simplifies complete terminal set-up. The pre-configured database provides up to 12 terminal initialization templates that allow users to automatically create and set up a new terminal profile within seconds and the entire suite of features comes on one simple-to-use CD.Details
PayMaxx, Inc., a national leader in payroll processing and an Internet-payroll pioneer and b-50, LLC, the industry leader of above store reporting to restaurants, announced their co-marketing agreement to offer PayMaxx’s Internet- and Windows-based payroll services to b-50’s current and prospective customers.
PayMaxx and b-50 have both developed a wide assortment of Web-enabled services, which are beneficial to restaurant operators. PayMaxx offers Internet- and Windows-based payroll services to companies with 1-20,000 employees. It has designed services to benefit both small businesses, such as single-location restaurants, and businesses with hundreds of locations. Additionally, PayMaxx offers several ancillary services, such as PayCard, a payroll Visa debit/ATM card, and Section 125 and 401(k) plan administration, that are beneficial to both owners and employees in the restaurant industry.
b-50 provides an integrated suite of low cost, high ROI business tools for multi-unit restaurant owners and operators. Their core product, FIRST (Franchise Information Reporting System Technology), is a subscription service decision support solution that analyzes information provided by point of sale (POS) and back of house (BOH) systems to track up to 50 mission critical performance metrics for each restaurant and distributes its reports via the Web or e-mail.
“PayMaxx’s Web-based HR and payroll services are uniquely positioned in the market and have strong synergy with our core product FIRST,” said Jeffery T. Engler, b-50’s president and CEO. “This newly formed relationship will expand our product offerings and add value to our respective companies and customers.”
“b-50’s ASP services were developed with the restaurant owner in mind,” said Kathey Palmer, PayMaxx’s vice president of business development. “PayMaxx’s line of restaurant-friendly products and services complement b-50’s FIRST software by providing 24/7 visibility of HR and payroll data to above store managers.”
Founded in 1999, b-50 developed and markets an innovative suite of Web- enabled decision support and business integration software tools for multi- unit franchised businesses. b-50’s customer base is comprised of national brands in the multi-unit Quick Service Restaurants and casual dining segment.
Founded in 1991, PayMaxx offers state-of-the-art products and services to meet a variety of employer needs including Windows- and Internet-based payroll processing, nationwide tax filing, Section 125 and 401(k) Administration, human resources management systems, employee self-service, manager self- service, employee communications, Internet-accessible W-2s, pay-as-you-pay workers’ compensation, health insurance and paycards. PayMaxx processes payroll for employers in all 50 states, for companies with 1-20,000 employees.
Named to Inc magazine’s prestigious Inc 500 list of America’s fastest- growing private companies for four consecutive years, PayMaxx is also the recipient of Smart Business Magazine’s 2001 MVP (Most Valuable Product) Award.Details
Workflow Management, Inc., the nation’s leading outsourcer of graphic services, reported that its iGetSmart.com subsidiary has signed a new 2-year contract to provide electronic vendor management services for The FACS Group, Inc., a division of Federated Department Stores, Inc..
Under the terms of the contract, iGetSmart.com will provide vendor management and fulfillment services for The FACS Group’s graphic suppliers. iGetSmart’s customized technology provides an outsourced, vendor neutral platform to manage print procurement, resulting in cost savings by consolidating suppliers and aggregating volume.
“We are very pleased with this new contact as it represents a significant win for our Workflow Solutions Division,” stated Tom D’Agostino, Sr., Chairman, President and Chief Executive Officer. “Workflow Management has the capabilities to provide numerous solutions for companies seeking to significantly strengthen their operations by targeting and reducing the hidden costs within their supply chain.”
Tom D’Agostino, Jr., President of the Workflow Solutions Division and President and CEO of iGetSmart.com, stated, “We are extremely proud to have been chosen by Federated’s FACS Group. The selection of the iGetsmart system by yet another customer validates the power of a fully customizable and complete end-to-end solution. iGetSmart’s flexibility allows it to simultaneously manage new and existing vendors selected by the FACS Group. The platform, which is vendor neutral, enables our customers to realize meaningful cost savings while working with suppliers of their choosing. We look forward to a long, mutually beneficial relationship with Federated and FACS.”
Mr. D’Agostino, Sr., concluded, “Within the $900 billion corporate outsource industry, our ability to provide a complete end-to-end outsource solution that utilizes our proprietary iGetSmart.com technology drives growth as we increase our market share. We believe the current challenging economic and industry environment will continue, presenting us with opportunities as companies look to reduce costs through outsourcing. We expect to gain additional relationships in the future due to the strong benefits produced by the iGetSmart system.”
About FACS Group and Federated Department Stores, Inc.
FACS, founded in 1989 and headquartered in suburban Cincinnati, services all proprietary credit card accounts on behalf of FDS National Bank for each of Federated’s retail operating divisions. FACS is also responsible for financial services such as insurance, banking and investments, club programs and human resources services such as centralized payroll, employment and benefits processing for all Federated divisions.
Federated, with corporate offices in Cincinnati and New York, is one of the nation’s leading department store retailers, with annual sales from continuing operations of more than $15.5 billion. Federated currently operates more than 450 stores in 34 states, Guam and Puerto Rico, under the names of Macy’s, Bloomingdale’s, The Bon Marche, Burdines, Goldsmith’s, Lazarus and Rich’s, as well as macys.com and Bloomingdale’s By Mail.
NOTE: Information on Federated and its operating divisions is available on the Internet at [www.federated-fds.com].
About Workflow Management, Inc.
Workflow Management, Inc. is the leading provider of end-to-end outsource solutions for print. By providing a variety of print solutions; including the printing of promotional items with a company logo to multi-color annual reports, Workflow has built a reputation of reliability and leadership within the industry. Workflow’s complete cadre of service solutions includes unbiased outsource and enterprise document strategy consulting, full-service print manufacturing and outsourcing; warehousing; fulfillment and Workflow’s proprietary iGetSmartTM system; the industry proven, e-procurement, management and logistics system. Utilizing a customized combination of these services, the Company is able to deliver substantial savings to its customers by targeting and eliminating much of the hidden costs within the print supply chain. And, by outsourcing these non-core business processes to Workflow, customers are able to streamline their operations and focus on their core business objectives.
KingThomason Group, Inc., a diversified financial and insurance services and products company, reported that it has signed an exclusive financial services contract with the Los Angeles Foundation for Medical Care, according to a joint statement by T.E. “Tim” King III, president and chief executive officer, and Hume A. “Tommy” Thomason, chairman of the board. The contract calls for KingThomason to make available a bank specific, private label, Visa medical accounts receivable credit card to those patients of the Foundation’s 9000 physicians and 80 hospitals who have past due accounts payable.
The Foundation’s medical care provider members currently have approximately $1.4 billion in past due non-insurance-covered accounts receivable. Richard Michel, the Foundation’s President and Chief Executive Officer, commenting on medical care providers’ escalating problem of past due accounts receivable, said, “While 75% of our members past due accounts receivable average less than $1,000 and are less then one year old, heretofore there has been no patient-friendly, non-aggressive means to recover these sums even though a 1999 Neilson Report stated that 94% of all consumers, who owe money on accounts that have been written off by their creditors, would pay their bills if there was a reasonable way of making payments. We believe the KingThomason Credit Card Program is a viable answer and will enable our medical care provider members with a vehicle to recover a significant percentage of their outstanding accounts receivable, and we wholeheartedly endorse it.”
King noted that although, as indicated above, there is information to support the thesis that a very high percentage of past due accounts receivable may be recoverable, the Company, for planning purposes, is using only a 25% recovery percentage.
In summary, the Program works as follows. The approved patient has their accounts receivable amount transferred to the Visa Card. The credit limit on the card is for the amount of the balance owed. As the principal is paid down, these monies are placed on deposit at the issuing credit card bank as collateral for any additional charges that may be made on the card and are subsequently defaulted. Twelve months from issuance, the now-performing credit card debt is “seasoned” and portions of the growing asset base, the amount and timing of the sale being at the discretion of the Company, can be sold in a liquid market at par (face value) with 65% of the proceeds accruing to the client physician or hospital, and 35% to KTG. There is also a monthly interest component on the credit card that generates cash flow for both KTG and physicians/hospital clients, and KTG also earns approximately four percent interest on the collateral reserve monies held at the credit card issuing bank.
Thomason, co-founder of KingThomason, commented, “The past due medical accounts receivable problem is nationwide in scope and has now reached what can only be characterized as crisis proportions. Indeed, in California, for example, only 44% of physicians and physicians groups are currently able to meet state solvency standards. Our Medical Accounts Receivable Credit Card Program is specifically designed to help the medical community address this problem, first in Los Angeles County and California, and eventually nationwide.”
About the KingThomason Group, Inc.
King and Thomason founded what is now KingThomason Group, Inc. in 1998 on the belief that there was a growing and unmet need, as well as financial opportunity, in providing proprietary products and services for overlooked and/or underserved financial and insurance niche markets. The past three years have principally been spent in researching, developing, and market testing a wide range of unique products and services for these markets, assembling a group of 6,500 independent agents and brokers, as well as forging the crucial insurance and reinsurance relationships vital to the insurance side of the Company’s business model. KTG’s insurance operations (excluding the sale of non-proprietary insurance products such as “off-the-shelf” life, accident, health, and automobile insurance where KTG simply acts as a traditional insurance broker) actually function as a hybrid insurance company, i.e. KTG is not involved in either adjudication of claims or the issuance of policies, and assumes no insurance underwriting risk.
About the Los Angeles Foundation for Medical Care
Los Angeles Foundation for Medical Care provides medical industry business support, contract negotiations with insurance companies, and member services support to all of their physician/hospital members and strives to maintain the integrity of the patient-physician relationship.Details
Metris Asset Funding Co. has signed an agreement with Merrill Lynch to establish a committed $850 million warehouse facility for the purpose of financing credit card receivables. As a result of this transaction, Metris Companies and its Direct Merchants Credit Card Bank now has approximately $2.1 billion of available funding for new growth in its credit card portfolio. During the fourth quarter, Metris/Direct reported a 46% increase in profits. During the quarter, Metris added more than 290,000 new credit card accounts, including 40,000 from a bank card portfolio acquisition, resulting in a total of 4.9 million accounts at the end of the year. The managed credit card loan portfolio increased by $880 million during the fourth quarter, resulting in a portfolio of more than $11.9 billion at Dec 31. For current and historical performance on Metris Companies/Direct Merchants Bank visit CardData ([www.carddata.com]).
Dollar Rent A Car, a subsidiary of Dollar Thrifty Automotive Group, Inc., is awarding Chrysler, Jeep and Dodge Rewards Visa credit card members triple Rewards Points (three points) for every dollar charged at participating DOLLAR locations.
Through Dec. 31, 2002, each time cardholders charge their DOLLAR rental on a Chrysler, Jeep or Dodge Rewards Visa credit card they will earn three Reward Points on the total amount of the purchase, instead of the usual one Rewards Point.
Rewards Points may be redeemed for Dealer Dollars, which are good at any participating authorized Chrysler, Jeep or Dodge dealership. Dealer Dollars can be used like cash for items such as an oil change or an alignment in the service department, the purchase of quality Mopar parts, a down payment on a new or used vehicle, or even an extended service contract.
Dollar is the newest Chrysler, Jeep and Dodge Rewards Visa Bonus Point Partner. For Complete Rules on these promotions, cardholders can log on to , or .
The Chrysler, Jeep and Dodge Rewards Visa credit cards are products of DaimlerChrysler Services North America LLC and are available only in the United States.
About Dollar Rent A Car
Dollar Rent A Car has more than 400 worldwide locations in 26 countries, with a significant presence in Australia, Canada, the Caribbean and Latin America, including 260 locations in the United States. The company and its licensees have locations at most major airports across the nation, and a fleet of 75,000 vehicles. Through its alliance with Sixt rent a car, Dollar offers service in more than 25 additional countries covering Europe, the Middle East and Africa. DOLLAR worldwide headquarters is located in Tulsa, Okla. For additional information, the DOLLAR Web address is [dollar.com].
CheckFree this morning refuted speculative comments in a Deutsche Bank Alex Brown report regarding CheckFree’s relationship with Wells Fargo. The report, which was issued on Friday, March 15, suggested that Wells Fargo will no longer be using CheckFree’s electronic billing and payment services by the end of the calendar year. Wells Fargo’s Consumer Internet Services said this morning it expects to continue EBPP relationships with CheckFree, Metavante, Spectrum, and others. CheckFree insists that it has a strong partnership with Wells Fargo.Details
MasterCard confirmed it will advertise on this week’s Academy Awards broadcast for the first time. The sold-out Oscar event is the second most watched telecast in the USA with an average of 45 million viewers and is considered the “Super Bowl for Women.” MasterCard will use the event to launch two new spots. As part of its “Priceless” campaign, MasterCard will air one spot titled “Running Errands,” which features the brand’s debit card product, and a second spot titled “Pets,” a brand spot recently filmed in London, England. In “Running Errands,” featuring the MasterCard Debit Card, a determined mother is racing through the streets in an effort to equip her son (who is on his way to school) with the supplies he needs. By using her debit MasterCard instead of checks, she is able to accomplish her errands faster and with fewer hassles, all before her son gets to school. The “Pets’ commercial is set to the tune, “I Gotta Be Me,” recorded by artist Wyclef Jean, and highlights owners’ special affection for their dogs. The brand spot highlights MasterCard’s assistance in helping owners get everything they need for man’s best friend, whether the dogs are getting into trouble or just being themselves. The ads will be supported ad buys in related shows such as the Barbara Walters Oscar show and the arrival and post-Awards show.Details
Citigroup is the only credit card issuer showing up on the latest Jupiter Media Metrix U.S. Top 50 Web and digital media property ratings for February. The listing was previously dominated by Providian, Capital One, and NextCard. Jupiter says Internet usage grew 1.9%, from 110.0 million in January to 112.0 million in February. The key growth categories were traffic increases to site categories relating to Valentine’s Day, taxes and vacations. The Olympics were responsible for spawning several of the entrants on Jupiter’s newcomers list. Citigroup had 8,245,000 visitors during February and ranked as #50.Details
eConnect announced that eConnect will issue one share of eGS stock per 100 shares of eConnect stock to shareholders of record as of April 3, 2002. eGS intends to apply to the American Stock Exchange to go public at a later date this year.
“eGS is currently a privately held subsidiary of eConnect that has been formed with the strategic goal of positioning itself as an Internet agent for future state regulated and licensed games of chance and skill,” said eConnect Chairman and Chief Executive Officer Thomas S. Hughes. “These games will be played from home at Internet web sites that are state licensed or state run with same-as-cash devices such as the eCashPad. eGS anticipates generating an agent fee for various services.”
eGS currently has a service contract with Bentley Communications (OTC Bulletin Board: BTLY), which is focused on establishing same-as-cash services for its Off Track Betting On Line.com web site. As previously announced, Bentley has placed an order with eConnect for 100,000 eCashPads to be delivered this year.
The eConnect eCashPad will deliver same-as-cash payments through the service of PlayersCash smart card as developed by Performance Technologies. Consumers will be able to use their eCashPad to load their PlayersCash smart card through CashMover.net. This will give consumers access to their personal checking account and enable them to move funds to their PlayersCash smart card.
eConnect shareholders should not call Corporate Stock Transfer, as the eGS shares are not currently registered under the Securities Act of 1933 and will be issued to eConnect shareholders by eGS. If you have eConnect shares listed in street name with your broker, then the eGS shares will be issued to your broker, who will then distribute the shares to you. If you have your name and address listed at Corporate Stock Transfer, then eGS will directly mail your eGS stock certificate.Details
G7 Productivity Systems Inc. is proud to announce Microsoft certification of its VersaCheck 2002 family of check creation and personal finance software.
The certification allows G7 to apply the Microsoft(R) Windows(R) XP logo to its VersaCheck(TM) packaging and the company’s Web site. Also, G7 Productivity Systems’ products will be mentioned on Microsoft’s Web site and specifically displayed in a select catalog published by Microsoft(R).
While most other non-Microsoft(R) software offerings only rate as Windows XP “compatible,” VersaCheck(TM) 2002 is certified 100 percent compliant with ALL important functional criteria associated with the new Microsoft(R) Windows(R) XP operating system. This ensures full XP support and interoperability with previous Windows(R) versions.
VersaCheck(TM) 2002 is the #1 check creation software allowing users to manage their personal and business finances and print bank accepted checks using VersaCheck(TM) blank security check paper available at retail stores nationwide. This leads to significant savings (50-80 percent) compared to pre-printed checks available from banks and mail order companies. VersaCheck(TM) 2002 products work stand-alone and with Intuit (NASDAQ: INTU) Quicken(R), QuickBooks(R) and Money. New VersaCheck(TM) 2002 also supports check and draft delivery over the Internet or the telephone as well as settlement of Credit Card payments using a new built-in Credit Card terminal to accept Visa(R), MasterCard(R), American Express(R) and Discover(R). A new feature of VersaCheck(TM) 2002 Premium PLUS is the ability to create paper and electronic invoices and estimates as well as numerous reports and charts.
VersaCheck(TM) 2002 software and blank check paper is available from the company’s Web site at http://versacheck.com and most computer retailers and office superstores.
About G7 Productivity Systems Inc.
The company specializes in publishing and distribution of its line of productivity software titles for home and business users. Main titles are: VersaCheck(TM) 2002 family — “Check Creation and Financial Manager,” WebCommerce(TM) — “Internet Business Builder,” eTransForm(TM) — “Electronic form design and publishing on the Internet” and many more.Details
NAREX Inc. announced that its artificial intelligence-based custom scoring service is significantly reducing roll rates for one of the countryâs largest credit grantors. For the past three months, the service has reduced compound roll across all buckets between 4% and 8%; a direct consequence has been a dramatic reduction in the number of accounts being charged off.
According to NAREX President and CEO Bernhard Nann, the scoring service is producing millions of dollars in collections increases and charge-off reductions for the client. âOur highly sophisticated modeling technology prioritizes thousands of accounts for this client, leading the client to match resources to accounts effectively. Thanks to these analytics, the client has realized millions of dollars in improvements.â
About NAREX Inc.
Established in 1995, NAREX Inc. is the industry leader in collections and recovery analytical solutions. In addition to highly predictive custom scoring models, NAREX offers other unique analytics-driven services such as account placement optimization and collection treatment optimization. Further information about NAREX can be found at [www.narex.com].