You can't ignore $50 million
I noticed our recent press release, which was picked up by the business wire and several other newspapers and publications, was not covered by The Green Sheet and thought you may be interested in this deal, since there are so few sizeable transactions like this in the ISO space.
Financial Transaction Services
Thank you for informing us of your $50 million growth equity commitment from FTV Capital. The quickest way to get payments industry news posted under "News from the Wire" on our home page is to send a press release to email@example.com. We post releases we receive at that email address throughout each business day. We posted your announcement on Sept. 17, 2010.
Members helping members
GS Online MLS Forum member SLICK STREETMAN made the following post about 10 months ago.
He said he did so because, "I was totally frustrated in my attempts to help my merchant, so I threw it on the [message] board for advice."
Subject: $50,000 fine by Visa for duplicate batches
Due to a computer glitch, a merchant had some duplicate batches. It was discovered early on and the processor reversed the duplicate charges.
Then out of the blue, the merchant gets fined $50,000 about a month after the accident.
So far, we have not been able to find anyone to talk to at Visa. I called their headquarters in San Francisco, and after a week of "passing the buck" they can't seem to lead us to the "powers that be."
The merchant is tired of all the stonewalling and wants to get an attorney.
What would you do?
On Sept. 29, 2010, SLICK STREETMAN posted an inspiring update:
Mr. Steven Peisner saw the post and called me. We discussed all of the details involved, talked with the merchant, the ISO and the POS vendor. Then, Steven said, "Out of my love for our industry, SLICK, I will do what I can to get this fine reversed, and I feel confident that I know the key people at Visa that can make it happen."
In the interim, different obstacles occurred, such as the ISO changing settlement banks, but Steven persevered.
I am happy to announce to my forum family that the merchant called this morning and said, "SLICK, it is time for a celebration!"
I said, "Well, you know ol' SLICK. I'm always ready to party, but what is the occasion?"
He said, "The Visa fine monies were deposited back to my account this morning."
I still have a smile on my face that I can't wipe off.
Thank you, Paul Green, for inventing this forum, and thank you, Kate, Wolf and staff for all you do. And one big, humongous thank you to Sir Steven Peisner!
Thank you for reaching out to enlist the aid of your fellow GS Online MLS Forum members, for acknowledging the generosity demonstrated by Steven Peisner and for sharing the stunning results that ensued. And thank you for appreciating our efforts, too.
Those who want to read the responses of other forum members to this news can visit the MLS Forum and click on the "Some GOOD news to share with the Forum" thread.
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