IBS Opens Finance Center in L.A.
The Los Angeles fashion community has another finance resource to consider for payment processing and other financial services, as International Bankcard Services (IBS) has opened an office in downtown Los Angeles.
IBS is a merchant-services provider that markets point-of-sale hardware and software systems to bricks-and-mortar as well as e-commerce retailers. The company recently moved into the new Los Angeles Fashion Center on San Pedro Street near Interstate 10.
The company provides wireless and non-wireless payment terminals as well as point-of-sale software integration using programs such as Aldelo for restaurants, Microsoft Dynamics RMS (Retail Management System) and QuickBooks POS for apparel retailers. It also offers e-commerce and phone verification systems.
Rate plans start at 1.29 percent and allow for acceptance of most major credit and debit cards, including MasterCard, Visa, American Express and Discover.
“On an average, we save our merchants at least 1 percent of their [annual] revenues. That’s $10,000 for every $1 million,” said Jared Hungerford, vice president of business development.
The company is backed by HSBC Bank USA, a unit of HSBC Holdings in London.
“Most of our customers come from the fashion community,” Hungerford said.
The company also works with several nonprofit organizations, including AIDS/Lifecycle and the Orphan Foundation.
For every business that donates any sum amount to AIDS/Lifecycle through a participant and opens a new merchant account with IBS or converts an existing merchant account to IBS, IBS will pledge an additional one-time amount of $50, plus 10 percent of its profit margin monthly from the merchant’s account to AIDS/LifeCycle through the same participant.
In return, IBS will start processing rates as low as 1.23 percent (or reduce existing merchant accounts) and lock surcharges to 0.30 percent for one year under the program. The program is effective beginning Aug. 1 for ALC ’09. —Robert McAllister
