Investor Center
Q1 2010 iPayment, Inc. Earnings Conference Call (Live)
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Webcast Q1 2010 iPayment, Inc. Earnings Conference Call (Live) 05/14/10 at 11:30 a.m. ET |
Company Overview
iPayment is an integral part of the credit and debit card processing industry. We provide optimal services to both agents and merchants while mitigating risk through superior customer service, efficient workflow, outstanding relationships, and improvements to technology.
iPayment Technologies, Inc., was formed in 1992 as a California corporation and in 2002 was reincorporated under the name iPayment, Inc. In May 2003 we completed an initial public offering of 5,625,000 shares of common stock raising net proceeds of approximately $75.6 million. Immediately prior to the offering we effected a reverse split of our outstanding common stock of 0.4627 shares for each share outstanding.
We employ 329 full-time personnel, including 16 information systems and technology employees, 34 risk management employees, 213 in operations and 66 in sales and administration. iPayment serves a diverse portfolio, providing processing services to approximately 145,000 small merchants engaged in a wide variety of businesses. No single merchant accounted for more than 3% of our aggregate transaction volume for 2008.
Diversification makes us less sensitive to shifting economic conditions so that the loss of any single merchant does not have a material adverse effect on our financial condition or results of operations. Our agreements with merchants are for one or two years and automatically renew for additional one-year periods unless otherwise terminated. Our sponsoring banks are also a party to these agreements.
