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RapidAdvance Names Barry Davis Vice President of Business Development
Bethesda, MD - September 19, 2006: RapidAdvance, an emerging player in the merchant cash advance industry, today announced that Barry Davis, a former principal of First Annapolis Consulting, has joined the company to head its business development efforts.
Barry brings nine years of experience in the merchant acquisition and transaction processing industries to RapidAdvance. During his tenure with First Annapolis, Barry worked closely with the industry's top acquirers, ISOs, transaction processors, and card associations. He has helped hundreds of clients develop sales strategies, grow their portfolios, plan merger & acquisition activities, and he has provided extensive support to companies requiring assistance with litigation and back-office audits.
Prior to entering the merchant acquiring industry, Barry served 10 years of active duty in the US Navy, flying F-14 Tomcat fighter jets in Desert Storm, and teaching midshipmen at the U.S. Naval Academy in Annapolis, MD. After leaving active duty, Barry earned his MBA from Northwestern University's Kellogg Business School.
Barry has worked with RapidAdvance in a consulting role since its inception 18 months ago. During this time, he has helped the company develop its own go-to-market strategy, and he has worked with several customers to help them understand RapidAdvance's value proposition. "I'm joining RapidAdvance because I'm impressed with the professionalism and integrity of the management team, and I think the combination of the company's financial wherewithal, its access to capital, and its approach to serving customer needs will quickly establish RapidAdvance as the leader in the merchant cash advance industry," said Barry Davis.
"The market opportunity for our services remains largely underserved, and we're partnering with a number of the industry's key players to capitalize on these opportunities," states Jeremy Brown, President and COO of RapidAdvance. "Having worked with Barry personally, I know he will add strategic insight into our growth plans, and help us build the relationships we need to increase our market-share."
RapidAdvance serves the acquirers and sponsors of ISO programs. The company does not target independent contractors with non-exclusive relationships among multiple acquirers. RapidAdvance avoids channel conflict by working directly with acquirers and registered ISOs that are higher up in the industry's "food chain". "We're making cash advances easier for ISOs and Acquirers by providing a 'processor-neutral' service that helps merchants stay on their current processing platform without worrying about terminal or back-end conversion issues," adds Barry Davis. "We've built a flexible back-office system that provides a high-level service to acquirers, ISOs, and their merchant customers, and we've put in place the split-funding functionality that automates the daily settlement associated with the product."
