Since we published our profiles of the banks listed in the "Banks Looking For ISOs/MSPs" section of the Resource Guide, a new bank has entered the picture. You may have noticed Humboldt Bank has added their name to the listing.
While Humboldt Bank has just joined the Resource Guide, the bank was founded in 1989 and initiated their merchant services division in 1993. They have been working with ISOs since 1993 but now they are signing ISOs directly. Humboldt Bank is focusing on attracting independent contractors who may be overlooked by larger ISOs.
Vice President Ken Musante and Executive Vice President Jamie Savant have more than 20 years of experience in the financial services industry. They have worked on the issuing and acquiring sides with companies such as Cardservice, Envoy, and Wells Fargo.
While small merchants are their bread and butter, Humboldt has a wide approval base and accepts a wide range of businesses including start up, MO/TO, and Internet businesses. Applications are approved in 48 hours and include the merchant number. Leases are approved in one day and based on a 48-month lease. The buy rate ranges from .03 to .048. Statement fee is $10.
Humboldt is focusing on treating their ISOs as customers. The bank offers monthly trainings in Sacramento, California. During the one-day session, ISOs go through the complete process of how to set up merchants. Humboldt also has a computer system which handles a combined merchant approval and lease approval. The bank took the merchant application, merchant agreement, lease application and lease agreement and combined them into one document. Phase II of their marketing plan will focus heavily on using the Internet as a way to move the combination application through the approval process. Each ISO will also have a unique web site, which will be used to transmit information updates.
Humboldt is actively growing their organization and are recruiting ISOs with merchant processing experience. Residuals are ongoing and even if the portfolio were to be sold, the ISO will receive an annuity for their services. For more information about Humboldt Bank, please call Jamie Savant at (707) 269-3277.
