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iPayment files for IPO

Nashville-based iPayment filed a preliminary S-1 Registration Statement with the SEC on Friday.

We are a leading provider of credit and debit card-based payment processing services to small merchants. As of September 30, 2002, we provided our services to approximately 50,000 active small merchants located across the United States. The small merchants we serve typically generate less than $250,000 of charge volume per year and have an average transaction value of approximately $80. These merchants have traditionally been underserved by larger payment processors due to the difficulty in identifying, servicing and managing the risks associated with these merchants. As a result, these merchants have historically paid higher transaction fees than larger merchants.

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