From Deseret News archives:
CEO helped ProPay through rough time
ProPay was founded in 1997 with a service that allowed small businesses to accept credit cards using a fax machine. Before ProPay, few small businesses could afford expensive credit-card processing equipment or wanted to go through the long application process.
In 2000, ProPay launched its first online merchant account, targeting online auctions. The company soon moved into providing services for direct-selling companies, with their large networks of distributors and consultants who need easy, secure ways to process payments.
Despite this promising product, in 2000, ProPay had low revenues, little cash and high costs. That's when Goodrich arrived, implementing a step-by-step strategy to put the company on a secure financial footing.
In addition to direct-sales clients, ProPay now offers payment services to small medical, accounting, legal and other professional offices. Clients are able to sign up to use ProPay by completing a one-page, Web-based application and, if approved, can begin processing payments immediately.
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