Hamilton, Bermuda, December 15, 2004. Bermuda-based First Atlantic Commerce FAC) today announced the launch of its new Merchant Referral Program (MRP) enabling referral companies to offer their merchants true international multi-currency payment processing solutions offshore and in Europe.
Aimed at forward-thinking Independent Sales Organizations, Agents, Offshore Service Providers (including business consulting and legal firms and corporate services companies), Technology Businesses, Third Party Processors and Aggregators, FAC’s MRP will enable these entities to take their companies to the next level without adding overhead.
"Our MRP enables referral companies to offer international credit card payment solutions and risk management services to their clients, while earning extra income for their organizations," says Andrea Wilson, CEO. "Residuals and commissions can be paid in the merchant’s settlement currency, including Euro, GBP, CDN and Hong Kong Dollar which is currently not available for US-based referral companies."
There is no cost associated with joining FAC’s program and referral companies can start referring customers quickly and easily. "The emphasis is on automation," says Andrea. "All MRP members will have their own membership number so they can track merchants they refer. They will also receive access to transaction history via the FAC web site where they will be able to review commissions due and merchant transaction history."
Referral companies who become MRP Members will be able to provide their merchants with Verified by Visa and MasterCard SecureCode™ and 3-D Secure™ Payer Authentication solutions in the LACR and Europe. Additionally, merchants will be able to leverage the benefits of an offshore environment, and enjoy multi-currency, multi-jurisdictional settlement, 24 x 7 technical support, fast and easy integration and a truly personalized service.
"FAC has more than 7 years experience with International Internet payment processing and is able to leverage banking partnerships around the world," says Andrea. "We are also aligned to a number of offshore management service companies and often work in tandem with these organizations who can advise on incorporations and the tax benefits associated with the various jurisdictions."
To appeal to varying business requirements, MRP Membership is available for companies falling into one of two categories; Referral Agent whereby referral organizations can earn a one-time fee, or Reseller, which is commission based. Both options provide very competitive rates to MRP Members.
FAC offers international solutions in the Latin American Caribbean Region and in Europe including Bermuda, Panama and Cyprus. The company also offers aggregator solutions for start-up and high-risk business.
FAC has some strict guidelines in terms of the types of merchants it can accept. The check-list for MRP Member merchants is as follows:
a. FDA Approved Pharmaceuticals (some generics accepted)
b. Stored value and pre-paid card funding solutions
c. Telecoms and pre-paid phone cards
d. IATA travel related services
e. Direct online hotel and car reservation sites
f. Software/digital download companies/hardware
g. On-line niche food stores
h. Low-risk retail
i. Realty listing and advertising
j. Marketing and tax consultancies
k. Literature/educational
l. Health/herbal supplements
m. CDs, DVDs and electronic games
n. E-Cash
o. Global charities with on-line presence (JAM)
p. Web hosting companies
q. Well-funded start-ups in the industries listed above
Restricted Businesses
FAC does not process payment transactions for the following types of businesses and products:
a. Adult content or any type of pornography
b. Bond merchants
c. Debt consolidation, low interest credit card products/protection
d. Network or multi-level marketing, including pyramid schemes
e. Outbound telemarketing
f. Subscription clubs that offer 30 day free trials
g. Financial instruments including Premium Bonds, Savings Bonds, travelers cheques and other negotiable instruments
h. Sites promoting or selling firearms, bombs or any terrorist activities
i. Sites promoting hate, racism or any form of discrimination
j. Fireworks or pyrotechnic devices or supplies
k. Live animals
l. Hazardous materials, combustibles or corrosives
m. Human organs, blood or other body parts, tissues or fluids
n. Cash advance services
o. Pawn shops
p. Collection agencies
q. Detective agencies
r. Modeling agencies
s. Ponzi schemes
t. Merchants who have declared bankruptcy within the past 10 years
u. Sites providing any services that are deemed illegal in the country in which they are domiciled.
"In addition FAC follows guidelines produced by the Organization for Economic and Cooperative Development (OECD) and Financial Action Task Force on Money Laundering (FATF) regarding non-cooperative countries and territories," says Andrea.
"FAC also participates in ongoing training from the Electronic Transaction Association, Card Associations such as Visa and MasterCard, and the Merchant Fraud Squad regarding potentially fraudulent activity from various countries around the world that target internet users. The company also works with Banks and Merchants to ensure all parties have a high level of awareness regarding potential fraud."
