It's about the Value-added Services, Silly
lot has been going on over at Secure Payment Systems (SPS) since we last wrote about them. SPS has been doing some critical investing and is making strides toward being a substantial player in the world of value-added services.
Since we last wrote about Secure Payment Systems ("Starting Over Can Be Fun," 01:10:02 issue) and its unique, single-source product offering of checks and gift cards, it would appear that it has been putting some serious points on the scoreboard.
SPS now offers the largest suite of terminals certified to provide a single source of check conversion and gift cards to peacefully coexist with a credit/debit application. It has completed its feature-rich gift card and check conversion (with and without imaging) certifications on the Nurit terminal family, including the 2085, 2085+, 3000, 3020 and soon to be released 3010, through its frame relay hookup direct to U.S. Wireless/Synapse.
"We are pleased that an important service provider like SPS has developed such desirable value-added service offerings for our terminal platform," said Jim Poulson, Executive Vice President of Sales for Lipman USA.
Additionally, SPS has certified the same applications on the Thales Talento as a Vital-integrated application. That makes its applications available on the Lipman terminals, the Thales Talento and the Tranz line.
Leaving no stone unturned, SPS already is working on a 90-day release for a new set of e-check and gift card certifications on the Verix-based Omni 3300. No one else can say that they offer both check conversion and gift cards on such a wide array of terminal platforms.
Notwithstanding the above, and demonstrating ongoing technical innovation, SPS also has developed its own proprietary set of Windows PC programs designed specifically as "plug and play" electronic check conversion and gift card processing modules for retailers employing Windows-based PC point-of-sale systems.
Not only is SPS on the right track, in some cases it might be laying the track itself!
You may not be aware that First Hawaiian Bank and its Merchant Services Division was one of the original NACHA pilots for offering electronic check conversion directly to its merchant customers.
Well, as of this date, SPS is pleased to announce that First Hawaiian Bank has converted its entire merchant electronic check conversion merchant portfolio over to Secure Payment Systems for all front-end terminal driving, authorization processing and customer service, plus the critical back-end daily ACH settlement and merchant-funding pieces that SPS is proving to be particularly adept at performing.
And SPS is doing all of this without changing its focus on providing outstanding customer service, risk-management systems and support to merchants and sales agents. SPS notes, however, that the evolution of success has many facets.
For instance, SPS has signed an agreement for real-time access to the STAR CHEK verification service to enhance SPS' already sophisticated internal risk management modeling functions. For verification customers, SPS will make this database access point available as a new platform option.
"Once again, this points to our ongoing commitment to spread the playing field and offer a range of choices that individually or collectively make the most sense for our customers and sales agents," says Steve Eazell, Director, National Sales and Marketing, for SPS. "We are delighted to be able to provide this valuable enhancement to extend our suite of service offerings."
Lin Fellerman, Secure Payment Systems' founder, CEO and President, says, "Though we wanted to be able to deliver some exciting news about our expected participation in a rather large program of national proportion, at this stage we feel like we are several weeks early in being able to talk about it without breaking confidentiality.
"Nevertheless, the mystery will be unveiled soon, and it is going to be an honor for us to be able to fully showcase our suite of services."
All of these enhancements have come in the last 11 months. Last year marked the five-year anniversary of Secure Payment Systems, and Fellerman believed that the company had reached a milestone and a critical point in its stage of development.
Fellerman would be the first to tell you that this was not as easy as he had envisioned. He linked his risk-management expertise together with unusual attention to customer service detail to build a portfolio that continues to experience less than 6% annual attrition.
Moreover, he has successfully created a solid sales force with ISOs and acquirer relationships that he nurtured throughout the company's early growth curve. And while Fellerman has flying under the radar, Secure Payment Systems continues to expand and grow at a 40% annual clip.
This little company has grown to be a force in the check services community and is creating a serious stir in the gift card realm as well.
"My take on merchant attrition is a little left of center," he says. "I sense that my competitors believe and behave like it is OK to lose customers, that they in fact expect to lose customers.
"It is that attitude that helps perpetuate what I believe to be an industry average that probably hovers between 20 and 24 percent annual erosion. And it is that thought process that makes sales agents want to work with SPS."
He adds, "Quite simply, we practice what we preach, and that philosophy has to resonate throughout the staff. Everyone simply has to want to save every account as if it is their last. Otherwise, it soon will be."
Fellerman decided that to move his vision down the track, Secure Payment Systems was going to be a major player in the world of value-added services. He decided to utilize the expansive capacity of SPS' transaction-processing capabilities by developing a unique and feature-rich stored-value gift card program.
He also made a critical decision to write the code to allow plug-and-play integration with his proprietary electronic check conversion program. Now the gift card program could be included in every ECC terminal download and vice versa at the ISO's discretion.
"And we're not stopping there," he said. "Another major enhancement will be released at the end of the fourth quarter."
Fellerman also realized that he needed to break into the spotlight of the merchant acquiring sales channel. He knew that he had to find someone to help him dramatically expand the ISO segment of the business and that he needed a savvy, industry veteran who knew the players and was respected by them as well.
He went after and captured Steve Eazell, an experienced executive in the payments industry who had generated a great deal of success in similar ventures, such as CrossCheck, eFunds and PayPoint, by building and helping to manage the growth of national ISO programs.
Steve has helped Lin boost SPS' presence in the merchant acquiring world through advertising and a campaign aimed at contacting key players in the industry.
Overall, the results associated with these decisions are paying substantial dividends.
A lot has been going on over at Secure Payment Systems (SPS) since we last wrote about them. SPS has been doing some critical investing and is making strides toward being a substantial player in the world of value-added services.
Since we last wrote about Secure Payment Systems ("Starting Over Can Be Fun," 01:10:02 issue) and its unique, single-source product offering of checks and gift cards, it would appear that it has been putting some serious points on the scoreboard.
SPS now offers the largest suite of terminals certified to provide a single source of check conversion and gift cards to peacefully coexist with a credit/debit application. It has completed its feature-rich gift card and check conversion (with and without imaging) certifications on the Nurit terminal family, including the 2085, 2085+, 3000, 3020 and soon to be released 3010, through its frame relay hookup direct to U.S. Wireless/Synapse.
"We are pleased that an important service provider like SPS has developed such desirable value-added service offerings for our terminal platform," said Jim Poulson, Executive Vice President of Sales for Lipman USA.
Additionally, SPS has certified the same applications on the Thales Talento as a Vital-integrated application. That makes its applications available on the Lipman terminals, the Thales Talento and the Tranz line.
Leaving no stone unturned, SPS already is working on a 90-day release for a new set of e-check and gift card certifications on the Verix-based Omni 3300. No one else can say that they offer both check conversion and gift cards on such a wide array of terminal platforms.
Notwithstanding the above, and demonstrating ongoing technical innovation, SPS also has developed its own proprietary set of Windows PC programs designed specifically as "plug and play" electronic check conversion and gift card processing modules for retailers employing Windows-based PC point-of-sale systems.
Not only is SPS on the right track, in some cases it might be laying the track itself!
You may not be aware that First Hawaiian Bank and its Merchant Services Division was one of the original NACHA pilots for offering electronic check conversion directly to its merchant customers.
Well, as of this date, SPS is pleased to announce that First Hawaiian Bank has converted its entire merchant electronic check conversion merchant portfolio over to Secure Payment Systems for all front-end terminal driving, authorization processing and customer service, plus the critical back-end daily ACH settlement and merchant-funding pieces that SPS is proving to be particularly adept at performing.
And SPS is doing all of this without changing its focus on providing outstanding customer service, risk-management systems and support to merchants and sales agents. SPS notes, however, that the evolution of success has many facets.
For instance, SPS has signed an agreement for real-time access to the STAR CHEK verification service to enhance SPS' already sophisticated internal risk management modeling functions. For verification customers, SPS will make this database access point available as a new platform option.
"Once again, this points to our ongoing commitment to spread the playing field and offer a range of choices that individually or collectively make the most sense for our customers and sales agents," says Steve Eazell, Director, National Sales and Marketing, for SPS. "We are delighted to be able to provide this valuable enhancement to extend our suite of service offerings."
Lin Fellerman, Secure Payment Systems' founder, CEO and President, says, "Though we wanted to be able to deliver some exciting news about our expected participation in a rather large program of national proportion, at this stage we feel like we are several weeks early in being able to talk about it without breaking confidentiality.
"Nevertheless, the mystery will be unveiled soon, and it is going to be an honor for us to be able to fully showcase our suite of services."
All of these enhancements have come in the last 11 months. Last year marked the five-year anniversary of Secure Payment Systems, and Fellerman believed that the company had reached a milestone and a critical point in its stage of development.
Fellerman would be the first to tell you that this was not as easy as he had envisioned. He linked his risk-management expertise together with unusual attention to customer service detail to build a portfolio that continues to experience less than 6% annual attrition.
Moreover, he has successfully created a solid sales force with ISOs and acquirer relationships that he nurtured throughout the company's early growth curve. And while Fellerman has flying under the radar, Secure Payment Systems continues to expand and grow at a 40% annual clip.
This little company has grown to be a force in the check services community and is creating a serious stir in the gift card realm as well.
"My take on merchant attrition is a little left of center," he says. "I sense that my competitors believe and behave like it is OK to lose customers, that they in fact expect to lose customers.
"It is that attitude that helps perpetuate what I believe to be an industry average that probably hovers between 20 and 24 percent annual erosion. And it is that thought process that makes sales agents want to work with SPS."
He adds, "Quite simply, we practice what we preach, and that philosophy has to resonate throughout the staff. Everyone simply has to want to save every account as if it is their last. Otherwise, it soon will be."
Fellerman decided that to move his vision down the track, Secure Payment Systems was going to be a major player in the world of value-added services. He decided to utilize the expansive capacity of SPS' transaction-processing capabilities by developing a unique and feature-rich stored-value gift card program.
He also made a critical decision to write the code to allow plug-and-play integration with his proprietary electronic check conversion program. Now the gift card program could be included in every ECC terminal download and vice versa at the ISO's discretion.
"And we're not stopping there," he said. "Another major enhancement will be released at the end of the fourth quarter."
Fellerman also realized that he needed to break into the spotlight of the merchant acquiring sales channel. He knew that he had to find someone to help him dramatically expand the ISO segment of the business and that he needed a savvy, industry veteran who knew the players and was respected by them as well.
He went after and captured Steve Eazell, an experienced executive in the payments industry who had generated a great deal of success in similar ventures, such as CrossCheck, eFunds and PayPoint, by building and helping to manage the growth of national ISO programs.
Steve has helped Lin boost SPS' presence in the merchant acquiring world through advertising and a campaign aimed at contacting key players in the industry.
Overall, the results associated with these decisions are paying substantial dividends.
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