ECX
In The House
Internet
payment services provider E-Commerce Exchange (ECX) has brought all the credit
card processing functions it previously outsourced to third party processors
in-house. The move enables the company to better ensure quality control and keep
its services competitively priced.
By in-sourcing its credit
card transaction services, ECX will oversee the underwriting and approval of all
merchant accounts. In addition, the company will oversee risk management and
provide all customer support and services. This is the company’s last step in
its efforts to bring all the essential services in-house. As another part of
this effort, ECX began designing, building and hosting merchant Web sites
in-house late last year.
“The move to in-source
these services further underscores ECX’s overall strategy to better serve our
customers,” said Mike Fisher, executive vice president, E-Commerce Exchange.
“By bringing these services in-house, we are able to better monitor them and
ensure the quality of service our customers are receiving. In this business, it
is all about the customer, and ECX is doing all it can to best service our
clients.”
ECX now assumes risk
management for its customers’ merchant accounts, a service previously handled
by a third party provider. In addition to being responsible for all account
activity, the company is now charged with identifying merchants who are
considered high risk, and setting up an appropriate monitoring system. By
monitoring merchant activity and ensuring that only authorized transactions are
processed, ECX is protecting both merchants and credit card users from fraud.
Since its inception, ECX has
provided credit card processing services to more than 80,000 small and
home-based businesses, which are often considered “high risk” by other
organizations. “Because of our long experience in serving new, small and
non-traditional businesses, ECX looks to the vast opportunity that exists in the
risk and believes that this so-called risk is most often outweighed by the
rewards,” added Fisher.
As most Green Sheet
readers know, originally banks were the only organizations that could offer
merchant accounts and services. Today, ISOs, such as ECX, can offer these
services when working with a Visa/MasterCard member bank. In the case of ECX,
the member bank still handles transfer of funds for the transactions processed;
however, ECX will be responsible for the other services to the customer. This
includes establishing a merchant account for the customer, transferring and
monitoring all funds and all customer support and services.
ECX works with two Visa and
MasterCard member banks, the First Bank of Beverly Hills and Minotola National
Bank, to provide funds from transactions to its customers. The company will also
continue its relationship with First Data Corporation, the nation’s leading
transaction processing service provider, for all transaction-related data
processing.
ECX has more than a dozen
affiliated offices and nearly 150 employees nationwide. ECX focuses on markets
not traditionally served by banks and other business-to-business e-commerce
service providers, including small and home-based businesses, business owners
with limited credit, and others considered non-conventional, and therefore
high-risk, by banks. For more information call (800) 748-6318 or visit www.ecx.com.
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