First Equity Card Looks to TSYS for Turnkey Solutions
TSYS Will Process New Commercial Card Targeted to Millions of U.S. Small Businesses
Columbus, Ga., Sept. 3, 2002 - First Equity Card has selected TSYS®, the leading processor of commercial cards, to process an innovative new commercial credit card specifically designed for businesses with fewer than 10 employees. In a five-year agreement, TSYS will provide processing on TS2®, the most flexible payments processing system in the marketplace. First Equity Card will market its products to 30 million small businesses. There are more than 30 million businesses with 10 or fewer employees throughout the United States.
The new commercial card will give small businesses an independent line of credit, specialized account management reports and additional cards for employees with individualized spending limits. These businesses will no longer need to rely on personal consumer cards for their small-business expenditures.
"We've found that there is a great need for this type of commercial card within the small-business sector. We chose TSYS to help us grow our portfolio because the company has proven leadership in the commercial card market and the industry-leading technology of TS2," said Tim Clarke, CEO of First Equity Card.
"According to the U.S. Department of Labor, small businesses represent nearly all of the self-employed, which is seven percent of the work force. Typically, owners of businesses in this underserved market have not had access to commercial credit cards," said Stanley Pipes, group executive at TSYS. "Whether you have 7,000 employees or seven, controlling overhead costs is important to all businesses, and First Equity Card is well- positioned to enable these small businesses to succeed."
Under the agreement, TSYS and the Synovus® family of companies combine to provide end-to-end services for First Equity Card customers. TSYS will process the cards and handle customer care. Its wholly owned printing company, Columbus Productions, will print cardholder agreements. TSYS' affiliate, Columbus Bank and Trust® (CB&T), will fund receivables, while parent company, Synovus, will process payments remittance.
TSYS is uniquely qualified to service this market. As the recognized leader in commercial card processing, TSYS services 89 percent of all Visa and MasterCard commercial products in the United States, and 100 percent of the U.S. federal government's SmartPay program for governmental agencies and their employees.
Facts about small businesses:
- The U.S. Census Bureau reports that small businesses in 1998 spent about $1.5 trillion in annual payroll; 45.1 percent use personal credit cards, while 33.3 percent use business credit cards.
- In 2000, small businesses showed corporate profits of $946.2 billion.
- The small business market represents more than 99 percent of all employers; employs 51 percent of private-sector workers; 38 percent of workers in high-tech occupations; and nearly all of the self-employed - 7 percent of the work force, according to the U. S. Small Business Administration.
About First Equity
First Equity Card Corporation, located in Blue Bell, Pa., specializes in the provision of business credit solutions, including a highly innovative credit card program designed around the needs of small businesses. First Equity seeks customer relationships with business owners directly and through partnerships with strategic intermediaries and is pursuing business with a proprietary approach known as Information Based Value Management.
About Synovus
Synovus (NYSE: "SNV") is a diverse financial services holding company with more than $17.3 billion in assets based in Columbus, Ga. Synovus provides integrated financial services including banking, financial management, insurance, mortgage and leasing services through 39 affiliate banks and other Synovus offices in Georgia, Alabama, South Carolina and Florida; and electronic payment processing through an 81.1-percent stake in TSYS, one of the world's largest payment services companies. Synovus is No. 5 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in 2002. See Synovus on the Web at www.synovus.com.
About TSYS
TSYS (NYSE: "TSS") (www.tsys.com) brings integrity and innovation to the world of electronic payment services as the integral link between buyers and sellers in this rapidly evolving universe. For more information, contact news@tsys.com.
Contacts:
Eric S. Bruner
TSYS Media Relations
706.644.8457
ebruner@tsys.com
John Yardley
First Equity
Card Marketing Officer
917.374.5004
jy@firstequitycard.com