I wanted to reach out and see if you could give me some information about how companies make the list of top processors in the nation. Let me know if you have this information; much appreciated.
Mike DePinto
MiCamp Merchant Services
We use unscientific methods to create the top acquirers list, which we publish each year in our December GSQ. There are numerous reasons why. First, and foremost, there are many companies that decline to share precise data on the number or value of card payments they acquire. There also are often numerous parties to many card payments, which leads to a lot of double counting, and often blurs the line between acquirers and ISOs.
So we start by collecting whatever publically available information we can find on all those companies that were in the previous year's report. These might include, for example, annual reports, consultants' reports, economic studies, statistical releases, news reports, press releases and industry presentations.
We also try to contact some of the folks who have been open with us in the past to get a sense of current year growth trends. We also compare our rankings, when possible, to other published rankings, such as Federal Reserve Bank reports. Lastly, we take calls and emails from readers, like you, who challenge or confirm our assumptions. We endeavor to obtain and consider this feedback before we embark on the next year's report.
Editor
We came across an article in The Green Sheet today that contains some inaccurate information about our company. The article, "UBPS acquisitions further ambitious vision," Jan. 28, 2013, issue 13:01:02, states that we were acquired by UBPS. In actuality we were not acquired. We were in talks but decided to pass [because of compensation issues].
Daniel Custer
Electronic Merchant Systems
Daniel,
We regret that we printed incorrect information about your company. We strive for accuracy in all that we do, but we err on occasion, and we appreciate your pointing out the mistake. We corrected the online version of the article in question by removing mention of your company. Unfortunately, we could not do the same for the print edition because this came to our attention after it had already gone to press. Here is how the corrected text now reads; the full article can be accessed at www.greensheet.com/emagazine.php?story_id=3409:
In December 2012, UBPS completed acquisition of the Texas-based online card processor JetPay Corp. and the Pennsylvania payroll services company A D Computer Corp. UBPS plans to use these investments as a platform from which it will continue to acquire related businesses and further consolidate the small-business payments industry, according to information UBPS provided to investors.
Editor
GS Online MLS Forum member STEVEN_PEISNER began a forum thread on Feb. 1, 2013, titled "Free processing ~ I want it for free," with the following:
"Could you imagine shopping in a store and telling the owner that you want him to sell you everything that you purchase today at cost? Could you imagine sitting down in a restaurant with your family and telling the owner that you want your meal for cost? Could you imagine taking your car into a repair shop and telling the owner that you are only going to pay his actual cost to repair your vehicle? Of course not! There are a thousand examples that I can give in this situation of merchants who feel that we don't deserve to make a dime. My question is this: why do merchants feel that 'we' should provide our services for free?"
A lively discussion ensued. To view the thread and share your views, visit the MLS Forum at www.greensheet.com/forums/viewforum.php?f=1.
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