CardReady Launches Debit Card Services; The Number of New Sales Agents Doubled in Last Four Months.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 7, 2002

Single Source Financial Services Corporation (OTCBB: SSFL), a financial services provider, today announced that its affiliate, CardReady International, Inc., for which it has just exercised a purchase option, has added the ability for its merchant clients to accept Debit Cards.

In addition to its core credit card processing service, beginning May 6, 2002 CardReady began offering Debit Card processing for its merchant clients. The growing use of Debit Cards by customers in the past few years makes the ability to accept Debit Cards increasingly important for retail merchants.

In addition, CardReady announced that it has added more sales agents during the first four months of 2002, doubling the number of sales agents submitting merchant accounts to CardReady since just December 2001. Typically, new merchant accounts are sourced through CardReady's national network of independent sales agents, who receive a commission on new business generated. CardReady also generates new merchant accounts by referring leads it receives from its website, www.cardready.com, to its sales agents.

Arnold F. Sock, Chief Executive Officer of Single Source Financial Services Corporation, commented, "We are very excited about the addition of Debit Card processing to CardReady's roster of products and services. The development of the Debit Card program reflects more than five months of effort in connecting to the major Debit Card networks. CardReady expects an immediate increase (up to 40%) in the number of merchant applications submitted from its growing stable of agents around the country who have been waiting for CardReady to offer the Debit Card program. This new service by itself is expected to result in growth of $2,000,000 per month in merchant processing volume."

Mr. Sock also stated, "The rapid growth in the number of new sales agents submitting clients to CardReady has resulted in a three-fold increase in the number of new merchants being added each month. The doubling of the number of sales agents is expected to be directly reflected in the growth of merchant processing volume over the next few months of an additional $2,000,000 per month. This increase in business is above what we expect to add because of the new Debit Card program."

Single Source Financial Services Corporation

Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company's focus is the marketing and sale of credit card processing services to "brick and mortar" and web-based merchants. Single Source places its merchant clients with CardReady International, Inc. for credit card processing services. Single Source has just exercised its option to purchase CardReady with the closing to occur by September 1, 2002.

CardReady International, Inc.

CardReady International, Inc., 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.

For more information, please visit www.ssfl.info or www.magnumfinancial.com.