David Iafrate, founder and Chief Executive Officer of International Bancard Corp., believes the payments industry is going to get tougher. "We feel that the industry is going to have a tremendous amount of consolidation, and there is going to be more needs for technology and integration services," he said. "If you do not have an integration team and product team, you are going to struggle, because consumers are demanding it of the merchants, and the merchants are demanding it of the processors and ISOs: they want customized solutions that are going to help grow their business."
Iafrate sees International Bancard as well-positioned to help customers whose technology is out of date. He mentioned credit unions and small banks as a sector where not enough resources are being invested in updating antiquated technology, particularly payment-acceptance technology. "With them partnering with International Bancard and leveraging our technology and our platforms, within a very short period of time they can [be utilizing] the latest and greatest in technology to accept payments from their customer base," Iafrate said.
Founded by Iafrate in 2001, the company now serves customers in more than 60 distinct industries, providing payment solutions for credit, debit, automated clearing house, checks and gift cards. It has posted 20 percent growth in volume over the last three years, according to Iafrate, who said the secret to the company's success is that it provides high-touch customer service to small and large ISOs, for such offerings as market insight, payment security knowledge, client care and business relationships, all with the singular goal of helping customers grow and increase their businesses.
The company also offers the International Bancard Partner Club, an exclusive group designed to help top agents by providing premier levels of support. Joining the club offers agents advantages like fast approval times, responsive support, customized marketing and transparent reporting, among other benefits. "We took a little bit different approach," Iafrate said. "We really wanted to drill down to make our agents feel part of our team, part of our family, and give them all the tools that one would need on the service levels ‒ white glove-, Four Seasons-, Ritz Carlton-type service ‒ that when they call, we answer the phone. Because the industry has had so much consolidation, and it's really commoditized, having these experts inside International Bancard for our agents to lean on, and rely on, to help them integrate and engineer the right solution is exactly what I think the industry needs."
Iafrate also noted that International Bancard provides cutting-edge technology for business-to-business transactions, which can help reduce processing fees by 30 percent. "We give customers our front-end software that is able to capture the data properly, submit that data through our gateway and, depending on the amount of the data, give them level one, two or three data pricing," he said. "That is much less expensive on the payment networks than a traditional card-not-present transaction."
Iafrate also pointed out that in some cases, the company is saving the merchants 100 basis points, while not taking profit away from International Bancard or the agents. "So it's not a race to the bottom; it's actually providing a higher level of technology to the end customer, giving them savings. That way the agent and International Bancard can share in those additional profits."
Iafrate believes International Bancard's future success will come down to continuing to develop mutually beneficial, long-term working relationships. "We are going to continue to grow our business, and we have done it by partnering with good people and companies and by keeping the highest level of service," he said. "That is what got us this far, and if you give partners and customers good service, they are loyal and they stay with you."
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Chief Executive Officer
Company Profile originally appeared in
The Green Sheet Issue 161202
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180902 - MainStream Merchant Services Inc.
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170702 - Active Software & Hardware Systems
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170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
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150302 - Signature Card Services
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140301 - Meritus Payment Solutions
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131102 - Evo Payments International LLC
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130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
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130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
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121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
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120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
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091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
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090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
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070402 - National Bankcard Systems