These merchants require various terminals to process these credit card transactions which are typically provided by the sales organization on a lease basis, thereby providing the sales organization an immediate recouping of its terminal costs as well as any sales commissions, It also provides the merchant the ability to process the most state of the art equipment with a modest monthly payment.
Northern Leasing is perhaps the largest independently owned lease company in this market place in the U.S. However, due to various changes in the market place and the growth of global commerce, Northern Leasing’s customers have expanded to other countries and with that provided the opportunity for NLSI to support these sales organizations in these new markets.
Perhaps the largest growth is in Canada where due to regulatory changes, opened up the credit card processing business to non-bank credit card processors. This immediately provided an opportunity for U.S. based ISO’s to market their products to Canadian business. NLSI is currently providing leasing service to some of the largest ISO’s in Canada as well as a few banks who saw the advantage of selling leasing as opposed to financing terminals to merchants themselves. Elimination of this capital expenditure model for providing terminals immediately added to the bottom line. No need to wait many months to recoup the cost of the terminal. It also relieves the bank of tracking the asset and eliminates the need of a internal
collection department to pursue delinquent merchants. NLSI has only recently entered Canada and is already processing over 1,000 leases a month.
In the southern hemisphere, Northern Leasing was requested by one of its’ domestic partners to support its’ sales efforts in Puerto Rico. This required creating a Spanish version of the lease document as well as insuring the customer service department was staffed with Spanish speaking
The most exciting phase of Northern Leasing’s expansion is the entering the European market place. This was initiated by a portfolio purchase of 75,000 leases from a major manufacturer of terminals in the UK. Northern Leasing created a UK entity called “Forrester UK LLC” and structured the NY office to provide customer service in a timely fashion. Leveraging off this portfolio purchase, a sales initiative was initiated to identify and contact ISO’s within the UK to offer leasing services. Like Canada, the UK merchants had traditionally been offered credit card processing via commercial banks. However in the
last three years the ISO sales model has taken root and is growing at a fast pace. Northern Leasing has initiated an agreement with the UK’s second largest ISO and is currently negotiating with others.
Northern Leasing has made initial contact with other banks and ISO’s in other countries such as Ireland, Germany, Netherlands,Finland and Sweden. Success in these other areas however is dependent on regulatory issues and embedded cultural differences in how business is conducted. Northern Leasing is active in attending European trade shows pertaining to electronic commerce such as “CARTES” held annually in Paris as well as the “European Card Acquiring Forum” held every year in Berlin. As the market place evolves and regulatory rules change, NLSI is positioned to take advantage of any opportunity in any western European country. Northern Leasing seeks to be the world wide leader in terminal financing.
For information, please contact Richard J.Hahn, V.P. of Sales,
richard.hahn ( @ ) northernleasing dot com
Richard J. Hahn
VP of Sales & Marketing
Northern Leasing Systems
132 West 31st Street
NY, NY 10001
e-mail: richard.hahn ( @ ) northernleasing dot com