International Business NewsEnablePay Helps Merchants Eliminate Unnecessary Credit Card Transaction Fees
Savvy retailers feeling the economic pinch on their profits are looking for smart ways to reduce unnecessary spending. One such area - credit card and debit card processing fees - has long been a part of "simply doing business." But these merchant card transaction processing fees have recently come under increasing scrutiny as credit and debit card industry rates have been made more transparent. Recognizing the need to provide a better option to merchants, a group of payment card and financial industry veterans launched a new company - EnablePay - in mid 2007, to help retailers and other merchants keep more of their profits. Today the company is announcing that, following the closing of a $2 million private placement last July, it plans to expand by opening additional offices in New York and Indiana. Merchants looking for savings and better customer service are encouraged to contact EnablePay at 1-866-509-1322 or by visiting http://www.EnablePay.com and to send in their most recent merchant services statement for analysis so they can compare and see exactly what type of savings EnablePay can offer.
EnablePay eliminates several layers of resellers and instead provides a direct service for its merchant customers. The company has a direct relationship with one of the largest processing companies in the world which, combined with its efficient infrastructure, enables merchants to save money. Since EnablePay doesn't rely on independent sales agents, but services each of its merchants directly, it is able to charge one low fixed fee and pass through other expenses at actual cost.
Industry Veterans
The company was founded in mid 2007 by Stephen Erickson, CEO and Patrick Creaven, Chief Compliance Officer. The executive team is rounded out with Chris Dengler, Chief Information Officer; Jeffrey D. De Petro, Chief Operating Officer; and Trent Williams, Chief Marketing Officer. All the executives have held senior management roles in finance, sales and customer service.
Erickson, a former Chief Financial Officer at credit card processing company EVO, has also held executive level positions at Coopers & Lybrand, Goldman Sachs and Bear Stearns. He is a CPA and holds an MBA from NYU's Stern School of Business as well as Bachelors and Masters degrees in accounting from the University of Illinois at Champaign/Urbana.
His vision was to develop a company that could provide a high level of customer service for merchants that wasn't based on middlemen who added little real value to the transaction process. That realization led him to develop a new approach for card processing services that makes card processing services directly available to merchants. EnablePay is the embodiment of Erickson's realization, and he has focused all his financial skills and experience into transforming the merchant services card processing business model.
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