Seeking Portfolio Expansion, I.C.E. Signs First ISO in New Program

International Card Establishment Inc., which began offering card-processing services a few weeks ago, has signed the first independent sales organization in its ISO program. Midland, Texas-based Foresite Merchant Solutions, formed recently, is I.C.E.'s first ISO client, the company says. Foresite is signing 200 merchant accounts per month, a rate it expects to increase to 500 per month by year's end. The ISO employs 20 sales representatives. At the same time, I.C.E., which also offers terminal-leasing and gift-card programs under the GlobalTech Leasing and Neos Merchant Solutions brands, says it expects to sign more ISOs and sales agents, adding value to a merchant portfolio it says it could ultimately sell in a rapidly consolidating acquiring market. It has also said recently it is seeking to buy merchant portfolios to build its acquiring business. “This partnership is the first of what we believe will be many such alliances that will be formed in the coming months, and will help build the value of our merchant-account portfolio and credit card sevice revenues,” said H. Wain Swapp, chief financial officer at I.C.E., in a statement. A publicly held company traded over the counter, I.C.E. is a registered ISO of Fleet National Bank, a unit of Bank of America, and has a processing arrangement with First Data Merchant Services. Its shares, which traded at around $1.40 a year ago, closed June 13 at 40 cents.