CyberGold Signs 60 More

Cybergold, Inc announced that it closed more than 60 new incentives customers in the third quarter, a new record for the Company. “The total number of incentives customers on the Cybergold web site now exceeds 125,” said Nat Goldhaber, President and CEO of Cybergold. “And, as previously reported, we added more than 900,000 new members during the third quarter, for a total exceeding 3.1 million members as of September 30, 1999.”

New incentives customers during the third quarter include CDNOW, Infonautics, Whole Foods, Motley Fool, MapQuest, Big Star, NetGrocer, YesMail, eWanted, Gator, Healthshop and two divisions of NetMarket: AutoVantage and Travelers Advantage.

“We also extended our relationships with key customers including EarthLink Network, MBNA, E-Trade, Uproar, Cendant and Autobytel,” continued Goldhaber. “We intend to continue to expand our field sales organization to keep pace with the increasing opportunity.”

About Cybergold

Cybergold (NASDAQ: CGLD) is a leading provider of Internet-based direct marketing and advertising solutions, including incentive programs that reward consumers with cash for responding to ads and promotions. Cybergold’s nearly 3.5 million members can use the incentive money they earn to buy digital content, services and products. Cybergold consistently ranks among the 100 most visited Web sites, according to PC Data Online. Cybergold’s partnerships include Visa USA, MBNA, AOL, EarthLink, E-TRADE, Quintel and Autobytel. It counts Intel (NASDAQ: INTC) among its corporate investors. Headquartered in Oakland, California, Cybergold also has offices in Dallas, New York, and Washington D.C. For more information, visit [][1].




Credit card competition in the Canadian market is heating up with the entry of cards issued by credit unions. This week, Surrey Metro Savings of Vancouver became the first credit union to launch a new suite of credit cards developed through an east/west consortium formed by VanCity, Canada’s largest credit union, and Mouvement des caisses Desjardins, Quebec’s largest financial co-operative. The range of ‘Community VISA’ cards offers gold card services, low interest rates and travel rewards through Canada 3000. Surrey Metro Savings, as the country’s second largest credit union with 17 branches and 115,000 members, is the first to offer six different ‘Community VISA’ card options to its members. Desjardins and VanCity Community Card Services was formed in August 1998 through an agreement with Credit Union Central of British Columbia to provide credit card services to credit unions across Canada. For more details on the international card market visit Card2000 ([>][1]).

[1]: /card2000/main.html


Official Payments

U.S. Audiotex Corp, a specialist in tax payments via credit cards, has changed its name to Official Payments Corp. The company’s client list includes: the U.S. Internal Revenue Service, the States of New Jersey and California, the District of Columbia and 425 municipal governments across the United States. The firm named Thomas Evans, former CEO of GeoCities, as Chairman and CEO in August and filed for an IPO last month. Yesterday the firm made eight key management additions, most coming from GeoCities. The company enables consumers to use their credit cards to pay, by telephone or through the Internet, personal federal and state income taxes, sales and use taxes, property taxes and fines for traffic violations and parking citations.


Nova 3Q/99

NOVA Corporation reported Thursday record revenues and earnings for the third quarter of 1999 reflecting strong revenue growth from new sales and increased profitability from an aggressive conversion plan.

Revenues of $387.5 million increased 26.1% compared to $307.2 million for the third quarter of 1998. Earnings per diluted share of $0.33 compared to $0.22 per share for the third quarter of 1998, excluding one-time merger related charges incurred in connection with the September 24, 1998, acquisition of PMT Services, Inc. Net income for the third quarter was $23.8 million, an increase of 47.6% from $16.1 million, excluding one-time merger related charges after taxes, in the third quarter of 1998.

Operating income was $45.0 million, an increase of 65.2%, compared to $27.2 million in the third quarter of last year, excluding $11.2 million, ($0.15 per share after tax) of one-time merger related charges incurred. Conversion expenses were $6.4 million, ($0.06 per diluted share after taxes) and $2.6 million for the third quarters of 1999 and 1998, respectively.

For the nine months ended September 30, 1999, NOVA posted revenues of $1.1 billion, up 31.1% from $822.9 million from the same period in 1998. Earnings per diluted share of $0.79 compared to $0.59 per share for 1998, before one-time merger related charges. Net income for the nine months 1999 was $58.3 million, compared to $42.6 million, excluding one-time merger related charges for the same period in 1998.

Commenting on the quarter, NOVA Chairman and Chief Executive Officer Edward Grzedzinski said, “Our revenue growth in the third quarter and year-to-date 1999 confirms the effectiveness of our sales and marketing strategies. This, coupled with our focus and attention to the integration and consolidation of acquired business, has reaped tremendous benefits to NOVA and our shareholders through solid financial performance. In fact, every performance indicator we track, financial and otherwise, is moving in the right direction.”

Mr. Grzedzinski added, “The most encouraging aspect of these results is the fact that it has occurred during a period in which we have completed more account conversions than at any other time in our history. We continue to demonstrate our ability to effectively consolidate acquired business while simultaneously producing double-digit growth in revenues and earnings. This truly underscores the consistent and ongoing execution of our strategies.”

Grzedzinski concluded his comments by saying, “NOVA is where it needs to be to focus on the next stage of expansion – which will involve the cross-sale of additional information and transport services to new and existing clients, and aggressive pursuit of our e-commerce strategy. Our goal is to deliver a range of value-added products and services tailored to meet the specific and unique requirements of the small-to medium-sized merchant.” In April of this year, NOVA, along with equity partners Key Bank and FirstEnergy Corp, teamed with leading business solution providers such as IBM and Hewlett Packard, to launch Econex, LLC. Econex offers e-commerce solutions to businesses of all sizes with special emphasis on the business-to-business market.”

NOVA Corporation, headquartered in Atlanta, Georgia, manages and transports payment and other business information on behalf of retailers, community banks and regional financial institutions. NOVA specializes in providing integrated credit and debit card payment processing services, related software application products and value added services to more than 500,000 merchants in the U.S. NOVA merchant customers typically include small- to medium-sized merchants requiring a full spectrum of processing services. For more information on the Company visit: [][1].

For more information on Nova’s 3Q/99 visit CardData ([][2]).



PayNet Expands to CT & NJ

Cashing an employee payroll check in the Tri-state area just got a little bit easier as the Check Cashers Association of New York, expanded its PayNet payroll service network into neighboring Connecticut and New Jersey, creating the region’s largest such network with over 582 locations.

Introduced in 1996 to the metropolitan New York area, PayNet enabled banks and large employers to out-source their check cashing needs, while it provided employees the opportunity to cash payroll checks at a convenient location near work, home or anywhere in between.

Today, there are 507 PayNet locations in New York City, Long Island, Westchester and Rockland County. The expansion to Connecticut and New Jersey, will add an estimated 75 new locations to the network, making it one of the largest in the Tri-state area.

In addition to check cashing and debit access, all PayNet locations offer a full range of ancillary services such as money orders, utility bill payments, wire transfers, purchase of pre-paid telephone cards and MetroCards.

“PayNet offers greater efficiency and convenience in meeting the payroll needs of banks, large employers, and the employee who wishes to cash a payroll check with the least amount of hassle,” CCANY President James Eustace said. “The expansion of this highly successful program to our neighboring states was the next logical step, and the check cashing associations there were most helpful in making this a reality.”

CCANY represents over 500 licensed check cashers in New York State. The state’s check cashers charge the lowest fee in the country and are regulated by the New York State Department of Banking.


Approve.Net Sold, a leader in providing one-stop solutions for merchants who set up shop on the Internet, has agreed to acquire Approve.Net, a privately held San Diego-based credit card processor.

The acquisition is pending shareholders approval. Terms and conditions were not disclosed. offers real-time credit card processing, shopping cart services, online checking transactions and secure hosting services.

“The acquisition of Approve.Net, Inc., with its subsidiary, Charge Solutions, another San Diego-based Internet Payment Processor and developer of CS-VPOS Payment Processing Software used by many Internet Payment Processors, enables to offer more advanced state-of-the-art programming and features to its rapidly expanding merchant customer base. This acquisition will add many new technologies and capabilities, increasing MerchantOnline’s ability to reach new markets,” said President and CEO Tarek Kirschen. also will retain the key staff and development teams of and Charge Solutions, adding to their in-house technical and development capabilities. “Teaming with MerchantOnLine opens new avenues of development that we have only dreamed about in the past. Our name soon will be synonymous with e-commerce in the very near future,” said Chief Technology Officer, Jim Terhune.

Other gateway processors that have been acquired so far this year are: iCat by Chip processor Intel (Nasdaq:INTC), iMall by Excite (Nasdaq:ATHM), Billpoint by EBAY (Nasdaq:EBAY), Authorize.Net by Go2Net (Nasdaq:GNET), and Econex by Nova Corp. (NYSE:NIS). created a buzz in e-commerce circles earlier this month when it unveiled its newest product, MOLpay(tm), which enables consumers for the first time to make online purchases with their ATM/debit cards. The software and card-swipe device that plugs into a user’s keyboard, opens the world of e-commerce to the estimated 40% of U.S. consumers who do not use credit cards. With MOLpay, customer account numbers are secure with magnetic encryption, and merchants’ transaction fees are substantially reduced.

Founded in 1997,, Inc. is a leader in providing a one-stop solution for merchants who want to set up and maintain a store to sell merchandise on the Internet-the world’s fastest growing marketplace. offers merchants reliable, safe and cutting-edge e-commerce solutions from simple-to-use shopping cart software applications to real-time credit card processing.


Sutton MasterCard

This week, Sutton Group Realty Services Ltd. launched their new Sutton MasterCard cards. Available to Sutton Sales Associates, the Sutton MasterCard is the first company branded credit card in the Canadian real estate market.

“The Sutton MasterCards will reinforce our strong presence in the industry,” said Scott Shaw, President, Sutton Group Realty Services Ltd. “The cards highlight our commitment to providing our Associates with unique marketing products which give them a distinct advantage in an extremely competitive field.”

Created in partnership with Canada Trust, the Sutton Advantage, Gold and Platinum MasterCards offer Sutton Associates the same convenience and worldwide acceptance of the Canada Trust MasterCard cards.

Sutton Group Realty Services Ltd. is a market leader bringing forward innovation and value to both the real estate industry and the consumer. Sutton Group Realty Services Ltd. is a wholly owned subsidiary of Sutton Group Financial Services Ltd., a publicly traded company on the Vancouver Stock Exchange under the symbol SUG.



Electronic Clearing House has signed a five-year processing and software development and license agreement with National Bank Drafting Systems Inc. of Ft. Worth, TX. NBDS is a sales and marketing organization specializing in electronic check processing services with more than 1,500 licensed sales affiliates located throughout the United States. Under this agreement, ECHO will develop and provide an online check processing product which NBDS will market through its network of licensed affiliates and their team of national account representatives.


Metris Signs Madison Direct

Metris Direct Services, Inc., a subsidiary of Metris Companies Inc. , one of the nation’s fastest growing direct marketing companies, and Madison Direct Marketing, LTD., a direct marketing services company, have entered into an agreement through which Madison will offer two of Metris’ products to their targeted customer file.

Under the terms of a recently signed agreement, Metris will become the exclusive provider of credit monitoring and card registration programs to Madison. Madison will market DirectAlert(SM) and Fraud Alert Services(SM) beginning in November.

DirectAlert is a service that gives members an easy-to-read copy of their credit bureau report, automatic report updates and informational newsletters every quarter. DirectAlert further helps customers understand their credit report and credit standing by providing a toll free line for members staffed with industry-certified representatives.

Fraud Alert Services is a card registration service which is intended to provide a sense of security for members by protecting all of their credit and debit cards in the event their cards are lost or stolen.

“This relationship enables Metris to enter into a distribution channel already carved out by an established direct marketing business,” said Metris President and CEO Ronald N. Zebeck. “This alliance further demonstrates our commitment to expanding our fee-based offerings.”

Madison Direct Marketing, LTD., is a marketing service company which utilizes data base technology to deliver effective communications to targeted groups.

Metris Companies Inc. is an information-based direct marketer of consumer credit products and fee-based services. Based in St. Louis Park, Minnesota, Metris also has operations in Phoenix, Ariz.; Jacksonville, Fla.; Champaign, Ill.; Baltimore, Md.; and Tulsa, Okla. It employs approximately 3,000 people.

Visit Metris on the Internet at [][1].



SmartCash ATM Installations

Greenland Corporation announced the sale and installation of three SmartCash ATM machines in Atlanta, Georgia, Hickory, North Carolina, and Baltimore, Maryland.

Dr. Lou Montulli, CEO of Greenland Corporation stated, “As anticipated in our September 22, 1999, news release, Greenland Corporation completed the sale and installation of three SmartCash ATM machines in Atlanta, Georgia, Hickory, North Carolina, and Baltimore, Maryland in early October. The installations were at a multi-purpose grocery store, a small casino that provides services including lotto and check cashing, and an adult entertainment facility. All machines feature check cashing, ATM, and money order services.”

Dr. Montulli further indicated that announcements regarding future installations and other developments would be forthcoming.

Greenland Corporation is a manufacturing corporation with existing product and product under development. The Company is currently introducing an automated payroll check — cashing machine with full ATM functionality, and money order dispensing services. A future service to be included with the machine is payday advances.


Diebold Mid-East

Diebold Middle East announced Wednesday that it has completed its Middle Eastern distribution network. Diebold has appointed distributors and service partners in Bahrain, Egypt, Jordan and Palestine, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and United Arab Emirates. Diebold also announced yesterday the appointment of Hassan Hares as business development manager for the Middle East region. For the past five years, Hassan has been general manager of Electronic Banking Systems, at Alhamrani Universal Company, Diebold’s distributor in Saudi Arabia.


ATM Online Purchases

NACHA confirmed Wednesday it is developing a test program in which consumers will pay for Internet purchases by using their ATM cards combined with digital signatures instead of PINs. The electronic payments association said it found that 80% of U.S. households have ATM cards but cannot use them to make purchases on the Internet. In the pilot, a participating consumer would use a private key to generate digital signatures. The private key is securely stored in a chip on a device such as a smart card or within a web application. When making an Internet purchase, the consumer would use his or her ATM card number; but instead of using a PIN, the consumer would digitally sign an electronic authorization form. The form is then sent to the consumer’s financial institution, where the digital signature is verified. The merchant would then receive confirmation, the consumer’s checking account would be debited through a participating ATM network, and the payment would be settled through the ACH Network. The pilot program will also develop business practices and operational rules that will allow regional and international ATM networks to communicate with each other to approve consumer purchases. Current participants in the pilot include Citigroup, STAR, AmeriNet, Inc., Internet Revenue Network, PULSE, eFunds Corporation, and UTM Systems. Technical and security consulting is being provided by Certicom, and additional legal advice is being provided by the Georgia State University eCommerce Institute. A full-scale pilot program, conducting real transactions, is scheduled for the 2nd quarter of 2000.