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Article: Credit Card Center Hits A High, Then Bottom Falls Out.
- Article from:
- ATM & Debit News
- Article date:
- March 15, 2001
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Credit Card Center, a Philadelphia-based independent sales organization, had quite a year last year, placing at some estimates more than 10,000 ATMs. The company grew quickly into the nation's largest and most aggressive ISO.
But the company's bubble appears to have burst. The ISO has stopped payments on its deployed or warehoused ATMs and is apparently unable to find a partner to underwrite merchant leases for any more ATMs. Moreover, ATM suppliers have stopped shipments to Credit Card Center, and merchants are complaining they are not receiving surcharge revenue.
The ISO appears to have built its business mainly on ATM sales without long-term ...