Based in Sturbridge, MA, the company offers merchant credit card processing services, gift and loyalty cards, and check services, including remote deposit.
However, Michael Young, president, entered the business serendipitously. He was providing billing services for medical professionals when, in 1991, he bought an electronic payments business as an add-on. “The electronic payments industry just exploded in all different directions,” Young said, and he soon left the doctors behind.
Young's niche market is small business, predominantly in the northeast. “We focus on what people say you can't get any more – good, attentive customer service not 'get the customer off the phone as soon as possible'” Young explained. “We take our time to find out what people need and do the job right.”
Over 20 years, methods of making payments now include payments via Internet and the growth of debit cards, once solely used at ATMs. Conversion from magnetic stripe to electromagnetic verification (EMV), already used in Europe, is on the way and mobile transactions – paying via smartphone, laptop or tablet – are the latest area of growth, all based in the cloud.
Credit card transactions are a business asset. On-line can provide funding against this income stream if credit is not available from banks, but Young stresses that this is high-rate, sub-prime lending and not long-term. On the plus side, the daily cost can be almost unnoticeable. When a business makes its daily deposit to the bank, On-line takes a small portion off the top to pay the loan, typically $75 on a $1,000 deposit, freeing up cash relatively painlessly.
Young wants to grow the company. He anticipates looking for effective ways of attracting and training good quality sales people, “feet on the street” who can give great personal customer service.
For more information, please visit: www.onlinecreditcard.com
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