Under the agreement, First Commerce will refer its accountholders to Banquest for merchant services: credit card processing, check processing, ecommerce fraud protection, point of sale (POS) systems and business cash advances. Banquest will provide First Commerce accountholders with priority pricing, guaranteeing exclusive reduced rates.
“This is an agreement between two customer and community focused businesses – and everyone stands to benefit,” says Banquest CEO Kevin Frisch. “Executives in both our companies have earned a reputation for being workaholics who will go to any lengths on behalf of even a single client.”
First Commerce Bank and Banquest Payment Systems are both based in Lakewood, New Jersey, and have seen remarkable year-over-year growth.
Unaudited 2013 year-end financial results show that First Commerce had a total of $342.0 million in assets, an increase of $116.0 million over 2012. Net income was $3,522,888 versus $827,467, a year-over-year increase of $2,695,421. Banquest Payment has already crossed the $2 billion mark in its annual processing, and is projected to significantly exceed that amount in the upcoming year.
This relationship was confirmed after First Commerce officials conducted a review of Banquest Payment System’s business model, practices and resources.
“What makes Banquest stand out,” says Michael Weiss, Banquest’s President “is that our company has the resources and leverage to offer rates and services on par with the biggest and best in the industry – while maintaining an individualized personal relationship with each customer.”