CardReady Launches Agent Bank Program.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 29, 2002 Single Source Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : SSFL SSFL Santa Susana Field Laboratory (Boeing Company, Rocketdyne Propulsion and Power, Ventura, California) ), a financial services provider, today announced that its affiliate, CardReady International, Inc., for which it has exercised a purchase option, has launched an Agent Bank Program, under which it will begin recruiting agent banks for its credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. processing services. Under this new program, CardReady is offering to provide credit and debit card processing services to the merchant customers of small and medium sized financial institutions throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . There are over 10,000 community banks that currently do not offer their merchant customers credit and debit card processing. Those customers must be referred to other institutions that then receive all the fees for providing those services. CardReady's Agent Bank Program will allow those banks to gain income from their merchant customers' credit and debit card processing activities. CardReady's Agent Bank Program offers a joint marketing strategy, marketing materials, and complete sales and customer support. CardReady also provides advanced proprietary Point of Sale technology and automated risk management. Arnold F. Sock, Chief Executive Officer of Single Source Financial Services Corporation commented, "CardReady expects a steady stream of quality merchant accounts from its new Agent Bank Program. Following our strategy to target niche and underserved markets, this new program is just another part of our plan to grow CardReady International into one of the top 75 bankcard bank·card n. A card issued by a bank authorizing the holder to receive bank services and often functioning as a debit card. processors in the United States." Mr. Sock continued, "CardReady's preliminary contacts with potential new agent banks indicate that at least one to two new banks could be added every month. The Agent Bank Program is expected to bring in an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. processing volume of $5,000,000 beginning this June." Single Source Financial Services Corporation Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company's current business focus is the selling of credit card processing services, to "brick and mortar See bricks and mortar. " and Web-based merchants. It currently has three subsidiaries that market to various segments of the market. These include small merchants, large-scale merchants and associations with large merchant member bases, and independent sales organizations This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. who in turn have their merchant clients process with CardReady. CardReady International, Inc. CardReady International Inc., (www.cardready.com) a bankcard processor, currently provides merchant credit card processing services to small and mid-size businesses. As such, CardReady is responsible for the acquisition of merchant processing relationships on behalf of banking institutions. In addition to its core credit card processing services, CardReady recently began offering debit card processing for its merchant clients. For more information, please visit www.mysinglesource.com or www.magnumfinancial.com The matters set forth in this news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from expectations. Contributive factors to such differences include those identified in the company's filings with the Securities and Exchange Commission ("SEC"). |
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