Increase in number of deals written and revenue generated allows company to bolster employee ranks by 29% and double the size of its former office footprint
BOSTON -- Merchant Warehouse, a premier provider of merchant accounts and credit card processing solutions, today announced it has moved to One Federal Street, accommodating its need for more space following a year that saw unprecedented growth across its sales channels, within its employee ranks and in the number of transactions it completes annually. The move allows the company to accommodate larger service and support teams and develop more resources to support its expanding sales channels and merchant base. Internally the company grew 29 percent over the last year, with many of those employees being hired to staff customer and agent support teams. The new office will be double the size of the space Merchant Warehouse recently vacated at Two International Place.
“In addition to redefining the way we write business and support our agent channel, we also wanted to refine our position within the industry, and be known as a thought leader”
In addition, the company witnessed its best year in its 12-year history with a 135 percent growth rate on secured deals within the agent and direct sales channels. The agent channel recorded its best-ever month for sales in October with a 125 percent growth over the previous best month, which was October 2009. The direct sales channel made a concerted effort to focus on signing deals that were more profitable for the company, even if that meant signing fewer deals. The strategy paid off as the company saw a double-digit revenue growth and increased profitability across all three sales channels.
“Our focus to become more efficient and effective in how we cultivate leads, sources and accounts has resulted in the type of growth we wanted to see,” said Ryan Zdanis, senior vice president of sales at Merchant Warehouse. “Maximizing our inside resources was a major piece of this puzzle. Moving forward, we’ll utilize these resources to continue to bring in quality accounts which will lead to even better sales figures and total transactions. Merchant Warehouse will continue to be an industry leader in payment processing.”
In July, the company hired Jay Chaudhry as vice president of the partner channel to provide added leadership to grow that channel. This past October, the partner channel saw a 30 percent increase in signing new partners, which led to a 25 percent growth in its staff. Chaudhry equates that growth to more focus on the partner relationship, supporting POS bundled solutions and offering innovative and secure payment solutions that are easy to integrate and improve merchants operating costs. Chaudhry also said there is positive growth in both new merchants signed through its partners and new partner signings. Recent partner channel growth has helped us develop a new and exciting partner program, scheduled for launch early next year.”
“We entered 2010 with a strategy to aggressively grow the company, understanding that growth would come from both organic and new business development initiatives,” said Henry Helgeson, co-CEO of Merchant Warehouse. “With the help and dedication of all of our partners, our outstanding sales agents, our management team and dedicated employees, we achieved and surpassed many of our targeted growth objectives. We’ve strengthened our company with more talented customer service, support and sales employees and are now positioned to provide better support and service to our customers and partners. We are looking forward to another strong year in 2011.”
In conjunction with the move, Merchant Warehouse rebranded the company with a new logo, website and dynamic third-party sales tools including portals, PCI knowledge center, training webinars and marketing materials. In addition, the company made other exciting announcements over the last year. This past September, the company launched Merchant Warehouse University, an online resource center designed to provide industry thought leadership and sales tools to independent sales agents looking to improve their industry knowledge and sales skills. In conjunction with MWU, the company held its first Agent & ISO Conference where agents attended seminars and classes that helped refine their sales and business skills.
“In addition to redefining the way we write business and support our agent channel, we also wanted to refine our position within the industry, and be known as a thought leader,” said Helgeson. “Merchant Warehouse University is the go-to-place for information and education about PCI, the payment processing industry as a whole and becoming a successful agent. The response to MWU so far has been tremendous from agents, prospective agents and industry professionals alike.”
Merchant Warehouse currently serves 80,000 merchants and processes 2.5 billion in transactions and 3.5 billion in processing volume annually.
About Merchant Warehouse
Since 1998, Merchant Warehouse has set the standard for credit card processing by guaranteeing competitive pricing for merchant accounts, software, and equipment, and providing dedicated, high quality customer service. Over 80,000 merchants later, the company continues to lead the industry with groundbreaking technology initiatives: MerchantWARE®, BINsmart™, TransPort™ and MerchantWARE Mobile. Merchant Warehouse has been named the ETA 2009 ISO of the Year, Business Solutions' Best Channel Vendor for 2009 & 2010, is a three-time recipient of the Boston Business Journal Pacesetter Award and is listed on both the INC 5000 and Deloitte & Touche Fast 500. Merchant Warehouse co-CEO, Henry Helgeson, was also named Ernst & Young Entrepreneur of the Year 2009 for New England. The company is committed to community and charitable involvement. For more information, please visit http://merchantwarehouse.com or follow us on Twitter at http://twitter.com/MWarehouse.