1st Federal Financial Increases Merchant Account Processing to Over $2,000,000 a Month
LAS VEGAS, NV -- (www.AllPayNews.com) -- February 06, 2007 -- 1st Global Financial Corporation (PINKSHEETS: FGBF) subsidiary 1st Federal Financial Inc. today reported that it is experiencing significant growth in new clients for the company's merchant services offerings. New client growth is primarily attributable to the company's focus on the needs of Hispanic merchants.
"Coming on the heels of the holidays, January is traditionally the slowest month in the merchant services sales arena," said T.A. "Gil" Gillis, President of 1st Global. "I am proud to say that our new President for 1st Federal, Trey Burke, has increased the number of 1st Federal's sales reps and they added over one hundred new merchants just in January for an average of 3.3 new clients per day. January's results bring our total merchant count to approximately 560. On average our merchants process six thousand dollars per month per merchant, providing 1st Federal at this point in time with total transactional processing on approximately $2.4 million per month.
"In addition," continued Mr. Gillis, "1st Federal Advance Funding, Inc. President Melody Higginbothan has funded five merchant advance programs since the first of January for a total of $52,000 with eight applications pending for an additional $100,000 for February.
"As acceptance of our offerings for the Hispanic merchant community accelerates, there is also a resultant attraction of more established agents that want to represent our services," concluded Mr. Gillis. "We look forward to continuing to serve the demand for our credit and debit card processing services in the underserved Hispanic merchant market."
About 1st Global Financial Corporation
Information on 1st Global Financial can be accessed at (http://www.1stglobalfinancial.com). 1st Global Financial Corporation has three operating subsidiaries: 1st Federal Financial, Inc. is the sales and marketing arm of its sister companies' products, providing merchant bankcard and payment processing for merchants (http://www.1stfederalfinancial.com), Debit Cash Card, Inc., whose subsidiary, Debit Cash Card, LLC, is the exclusive worldwide distributor of the stored-value debit card called The Best Cash Card