Sprint Cards

Sprint and eBay have teamed sell Sprint Prepaid PhoneCards. To kick-off the launch of the new store, Sprint has placed one million minutes of prepaid domestic long distance up for bid on eBay with proceeds to benefit a camp for seriously-ill children. Under terms of the program, eBay shoppers will be able to choose from two different denominations, with rates as low as 4.2 cents per domestic minute, if buying a 25 pack of 480 minute cards. The single 120 minute cards will sell $5.40 while single 480 minute cards will sell for $21.60.The proceeds from the million prepaid domestic minutes Sprint donated will benefit Victory Junction Gang Camp. The Yankee Group’s Technologically Advanced Family Study shows that nearly 45% of all U.S. households used prepaid calling cards to make long-distance calls in the past year, up from 41% in 2000.

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Top 10 Mid-Year

At mid-year 2002, the average balance per active account, among the nation’s top ten issuers stood at $2,433. The average year-to-date volume per active account came in at $2,122. Bank One/First USA continued to lead the pack with the highest average balances and volume. Sub-prime specialists Providian, Capital One, and Household carried the lowest average balances and volume.

Top 10 Active Account Analysis
ISSUER BALANCE VOLUME
1. Citigroup $2437 $2444
2. MBNA $2437 $2392
3. Bank One $3340 $3420
4. Chase $2964 $2377
5. Discover $2111 $2034
6. Capital One $1702 $1226
7. Bank of America $2823 $2438
8. Providian $2279 $1105
9. Household $1510 $1676
10. Fleet $2722 $2111
Average: $2433 $2122
Source: CardData (www.carddata.com)

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Credit Store

Sioux Falls, SD-based sub-prime credit card specialist, The Credit Store, reported it has not arranged any new sources of financing or made any other arrangements to enhance its liquidity. As a result, the Company has been withholding payments to many of its unsecured creditors. The Credit Store was unable to extend the maturity of its credit facility with Coast Business Credit and is now in default under the credit facility. Coast has advised the Company that its parent, Southern Pacific Bank, has been under contract to sell a portfolio of loans, including the Company’s credit facility. The Company continues to engage in discussions with its various institutional creditors, including Coast and the potential purchaser of its portfolio of loans, as well as possible new sources of funding looking toward extensions of maturity dates or refinancing of its existing indebtedness. The Company has retained Marotta Gund Budd & Dzera as restructuring advisors to assist the Company in exploring its options.

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Works Procisa

TX-based Works, Inc. released Works Procisa v2.2 this morning. The electronic payment solution helps companies minimize the number of checks they issue and settle payment transactions electronically through use of commercial credit cards. The new version, which is currently available through VISA financial institutions, PNC Bank and SunTrust Bank, offers enhancements that will streamline payment and back-office accounting processes for high-volume transactions and make management of commercial credit card programs easier. One new feature of the Works Procisa solution is a streamlined accounting process which allows transactions with specific suppliers to be automatically tagged with the associated General Ledger codes. Another new feature is enhanced spending visibility which provides a number of enhancements that give authorized managers access to detailed spending activity as it occurs. This includes information on commercial card program spending metrics, such as access to total spending-to-date and average spend and transactions per card.

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Billserv Products

TX-based Billserv has reorganized its product line and will offer its branded “eServ” and “eConsulting” services to billers with either an outsourced or an in-house electronic billing solution. The reorganization and new services are designed to maximize the value of EBPP solutions by leveraging Billserv’s core competency of delivering highly interactive, customer-centric electronic billing services to billers in a hosted environment.

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InterCept 2Q/02

Atlanta-based InterCept reported net second quarter revenues of $55.1 million, a 68% increase compared with $32.7 million for 2Q/01. Net income, excluding a $400,000 charge from consolidation of two of the company’s check processing centers, totaled $5.1 million for the quarter. During 2Q/02, InterCept did not record any losses from its 28% ownership in Netzee, as InterCept had previously written down its equity investment in Netzee to zero. InterCept’s merchant services segment produced second quarter revenues of $14.4 million with cost of services coming in at $5.9 million for the quarter. At the end of 2Q/02, InterCept finalized the acquisition of the item and remittance processing division of Affiliated Computer Services. For complete details on InterCept’s 2Q/02 performance visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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ThruComm Sales SVP

FL-based ThruComm has named Bill Caylor, former Senior Manager of Sales at Harris Merchant Services/Moneris Solutions, to SVP of Sales and Marketing. ThruComm, headquartered in St. Petersburg, Fl., is answering the advanced data communications needs of today’s transaction processors, merchants and ATM network providers by delivering an end-to-end managed network specifically suited for the EFT industry.

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Fair Isaac/HNC Merger

Fair, Isaac and HNC Software announced Friday that the U.S. Department of Justice has completed its review of the company’s pending merger and that the waiting period under the Hart-Scott-Rodino Act has been terminated and therefore, the merger is expected to close this morning. The call can be accessed live on the Investor Relations section of Fair, Isaac’s Web site and will be archived on the site for approximately 3 weeks following the call. All interested parties are welcome to attend.

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E-BILLING DEAL

Billserv announced an agreement with CheckFree i-Solutions to resell its CheckFree i-Series e-billing software solution to Australian billing customers that choose to migrate from a hosted electronic bill
presentment to an in-house software solution. The multi-year agreement allows Billserv to further support the Australian market by offering multiple electronic bill presentment and payment support options. Billserv says its ability to offer an in-house solution to the Australian market leverages its existing joint venture with Salmat, Australia’s largest customer communications company.

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