Banks Looking for ISOs
In issue 97:03:01, we provided you with in-depth information on the companies listed in the Resource Guide under the "Equipment" heading. In the first issue of the year we did the same for "ISOs Looking for Agents." Both were extremely well received. In fact, the first issue of the year is pretty hard to come by so hold on to yours!
Now, we are offering the same service for the organizations listed in the "Banks Looking for ISOs" section of our Resource Guide. We hope this data is useful as you shop around for a banking relationship and we encourage you to contact the banks listed for more information. Banks are listed alphabetically.
American National Bank (ANB):
American National Bank of DeKalb County was previously American Midwest Bank. The Bank has been in existence for more than 30 years and has been processing credit cards for four years.
ANB specializes in start-up, low-volume merchants, including retail, MOTO, and in-home merchants, and has grown to become one of the largest small-merchant programs in the country. The Bank processes debit and credit and has its own proprietary check guarantee program as well as a national leasing program. ANB is the nation's third largest External Sales Agent of AMEX and offers competitive equipment prices.
ANB offers 100% residual above 1.49% on retail merchants and 100% residual above 2.29% for MOTO. The Bank offers $25-$240 up-front commission on ANB Check Guarantee, a $30 up-front commission on its Warranty and Supply Club, and $30 up-front commission on debit, with no application fee for debit.
Application turnaround is expedited by ANB's unique approval system. Sales offices fax the front and back of the merchant application to ANB and within 24 to 48 hours of ANB's receipt of the hard file, the merchant ID number is issued. ANB features a 95%-98% approval rate, including MOTO.
American National Bank is currently recruiting agents nationwide. For information about becoming a representative of ANB, contact Dan Lewis, National Sales Manager; Rich Vertel, President; or David MacAlhaney, Sr. Vice President at (847)823-5100, fax (847)823-2256.
Bridegview Bank & Trust:
Bridegview Bank & Trust is celebrating its 26th anniversary and has been processing credit cards for seven years. Bridgeview Merchant Bankcard officers have a combined 50+ years of experience in the merchant industry and Craig Millington, Senior VP, is the current Director of the ETA.
Bridgeview is a principal member of Visa and MasterCard, and is an External Sales Agent of AMEX. Bridgeview focuses on merchants with credit card volumes of $30,000 per month or less and provides merchant credit and debit processing for all major cards, as well as check verification. Rates are 1.48% for retail and 2.23% for MOTO. Commissions are 100% over buy rate for the life of the account and a 50/50 split on AMEX residuals. Additional residual compensation is available.
Application decisions are rendered in 24 hours and more than 99% of applications are approved. Bridgeview accepts MOTO, home businesses, start-up businesses, and standard retail.
The Bank promotes stability focusing on the fact that neither the bank nor the merchant accounts have ever been sold and Bridgeview has consistently processed with FDR. Bridgeview also provides both English and Spanish applications and supports merchants with bilingual customer service.
Bridgeview is looking for agents nationwide. For information contact Thomas Haleas, Executive VP or Craig Millington, Senior VP at phone: (630)829-9040, fax: (630)810-9963, or e-mail: bridgeviewbank@aol.com, or access them on the Web at http://www.bridgeviewbank.com.
First National Bank in Brookings:
Through a minority ownership interest in First American Payment Systems, Inc., First National Bank in Brookings has established a competitive merchant program which offers credit processing, debit processing, check guarantee, and leasing for all credit levels.
The First American program accepts business from retail, mail order, telephone order, home-based, start-up and Internet merchants. The program has no restrictions on monthly volume or average ticket size, and issues merchant numbers within 24 hours of application receipt. They also offer automatic approval for businesses within 140 SIC codes without credit requirements.
First American rates start at 1.49% and residual income is 100% over the buy rates. There are no monthly processing minimums for merchants. The bank believes in providing strong customer service by offering out-of-warranty terminal repair and replacement at no additional charge to the merchant, free check recovery services, supplies at wholesale cost, free software upgrades, and a customer service center which includes an average answer time of less than seven seconds.
To learn more about First National Bank in Brookings and becoming an agent or direct ISO contact Ellen Hudec, National Sales and Marketing Director at (817)332-2360, or fax (817)332-2379.
First Premier Bank:
First Premier Bank is located in Sioux Falls, South Dakota and services 10 branch locations. They have been issuing and acquiring since 1989 and employ more than 150 employees in their credit card division.
First Premier offers 24 hour customer service, 365 days a year, and is one of six banks nationally recognized by MasterCard for achieving exceptional customer performance.
On the issuing side, the bank issues traditional, secured, business, corporate co-brand, and debit cards and is the nation's 7th largest issuer of secured cards. On the acquiring side, the bank has processed more than $4 billion in transactions since 1995 and has acquired over 100,000 different merchants. First Premier Bank owns 100% of all its portfolios.
Application fee is $90. The agent discount rate is 1.50% for qualified accounts, 2.00% for mid-qualified accounts, and 2.50% for non-qualified accounts. First Premier offers residuals of 100% over the buy rate, based on the qualified discount rate and 50 basis point spread between tiers. First Premier assumes 100% of all liabilities, there is no joint ownership.
For information about becoming an agent with First Premier Bank, contact Gayle Lee, National Sales Coordinator at (602)922-8998 or fax (602)922-7393.
Heartland Bank:
Heartland Bank is a 110-year old bank with a new merchant program, Heartland Card Services (HCS). HCS's distribution channel is comprised of ISOs and Agents, and is managed by six professionals each with 5-15 years experience in the acquiring business and/or the ISO industry.
HCS rates begin at interchange (1.366%) plus 9 cents, plus $1.50 per month, plus commission. Heartland processes credit, debit, ACH, ATM, AMEX, ESA, and Diners and recommends that agents, use CrossCheck check guarantee under their own direct relationship.
HCS claims the industry's lowest "buy rate" and shares income on a percentage basis, from 35% to 80%. The ISO must share the losses in the same proportion as the income. Application fees are $10-$50, normal turnaround is 48 hours; a 2 hour RUSH APPROVAL is available.
ISOs are encouraged to use HCS's proprietary Merchant Application Processing System which captures the merchant application and statements on a notebook computer and transmits them to HCS electronically. Notebooks are supplied at no charge to ISOs who produce the quality and quantity of business required.
HCS processes Internet, home-based, start-up, and high volume businesses and will consider higher risk merchants.
Heartland is recruiting agents nationwide. For information contact Bob Carr, President, at phone: 888-963-3600; fax: 888-963-3200; or e-mail: roc@HeartlandCard.com or access http://www.HeartlandCard.com.
