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Table of Contents

Lead Story

The power to pay it forward

News

Industry Update

FTC agrees to settle with TJX

UIGEA - punt or pass?

Welcome to Bank of AmEx

Splitsville for First Data, JPMC

A taxing situation

TJX cyber thieves get slammed

Features

Gather 'round for a tale of business savvy and doom

Prepaid en fuego in Latin America

The golden rule of payments

The long road to payments

Views

Visa's 'campaign' promise

Ken Musante
Humboldt Merchant Services

Education

Street SmartsSM:
Ask and ye shall sell

Jason Felts
Advanced Merchant Services

Preparing to sell a micro deal

Lane Gordon
MerchantPortfolios.com

A clean exit

Adam Atlas
Attorney at Law

Get time on your side

Vicki M. Daughdrill
Small Business Resources LLC

Want to be trusted? Earn it

Nancy Drexler
SignaPay Ltd.

Company Profile

CSH Consulting Inc.

New Products

Processing on the edge

TransNet
Precidia Technologies Inc.

True end-to-end encryption

Hypersafe Secure
Hypercom Corp.

Inspiration

The magic of gratitude

Miscellaneous

POScprit

Departments

Forum

Resource Guide

Datebook

A Bigger Thing

The Green Sheet Online Edition

November 24, 2008  •  Issue 08:11:02

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FirstLook
The golden rule of payments

Golden payment Solutions Inc. Logo

#h4 Golden Payments Solutions Inc..

James C. Lentz, President and Chief Executive Officer
8053 Blvd. 26, Suite J
North Richland Hills, Texas 76180
Phone: 817-788-0809 / 866-856-4232
Fax: 817-788-0111
E-mail: mailto:jimlentz@goldenpayments.com
Web site: www.goldenpayments.com

A t Golden Payment Solutions Inc., timing isn't everything. Jim Lentz, President and Chief Executive Officer at the Texas-based ISO, said timing matters little unless a company has integrity and an educated workforce.

Lentz is confident GPS has all three, since it was approved on Aug. 1, 2008, as a direct ISO for First Data Corp. "This was absolutely a timing thing, but I was confident that my industry knowledge and sales experience would allow GPS to succeed, and this just happened to be right," Lentz said.

GPS is a comprehensive payment processor. The company provides credit and debit card processing, as well as check processing, gift and loyalty programs, and MO/TO to both brick and mortar and e-commerce merchants. GPS' portfolio already contains a number of high-volume, multichain retailers and restaurants.

Speaking the same language

Lentz has been in sales more than 30 years and a merchant level salesperson since 1997; he worked for First Data Corp. and Chase Paymentech Solutions LLC for three years, spending most of that time as a top five sales agent.

But after 9/11, Lentz assisted in the start-up of processor Five Star Merchant Services Inc. and worked there as an agent. He and a colleague wrote 90 percent of the business the first year the company was opened.

But soon after Lentz set up his own sub-ISO with Five Star, a management change at Five Star prompted him to leave and start his own company.

"The bottom line is the company is up and running now, we're signing contracts, growing our business, and I'm already looking to expand my agent base significantly over the course of the next three to six months," Lentz said.

Born and bred

Since 1974, when Lentz sold televisions and appliances in Omaha, Neb., he has always loved sales. "I'm a salesman at heart, always have been, and I speak the merchants' language," Lentz said. "The whole thing is, you've got to have all the bullets in the gun - as a salesman - to go out and get whatever account you're standing in front of and be able to sell to a merchant based on their particular need. It's simply about saving them money and building a relationship."

Lentz expects to continue to expand GPS' footprint. He wants GPS to service mom-and-pop shops doing $10,000 to $15,000 a year in electronic transactions just as much as the companies transacting $10 million.

Lentz understands merchants are constantly fighting higher costs of doing business and believes GPS has the ability to reduce merchants' processing costs.

"Everything costs more tomorrow, and the only way GPS or any of my entities is going to be effective is if they have something unique to offer, and that it is at a better price than what they're paying today," Lentz said.

"With all the transparency we have now, merchants can negotiate with multiple vendors and multiple processors trying to get the best deals," he added.

"Today, it's about who is going to show the merchant what's real and tell them the truth, and that's what I'm looking for in agents and organizations that are going to work with me."

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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