Entrepreneur Lonnie Passoff, CEO of GREEN, started his rapidly expanding check processing business out of “self defense.” Mr. Passoff got the idea for the company while running his barter business in 2005. Many of the payments Passoff received were in the form of online checks or checks via phone. Passoff was aggravated over the amount of time that processing companies took in presenting check payments to his bank for deposit. “In some cases the checks would be held up by the processor for as long as 4 or 5 days” complained Passoff. “Factor in a weekend or a holiday and it could take me as much as a week for my money to reach my account.” After some research, Passoff concluded that the problem was the system set in place over 15 years ago in which processors use the Account Clearing House (ACH) at the core of processing activities. This got Passoff excited about an entrepreneurial venture that would shift the way the check processing industry works. Today GREEN stands out because they are the “source” of deposit activity and not simply a reseller, as is the tradition with many out dated check processing entities who are still utilizing the antiquated ACH system.

Passoff enlisted the help of close friend, Jeff Denmark. The partners discussed building a technology platform that would allow Passoff to directly process his own checks independent of the traditional procedures that were costing him access to funds. This proprietary technology platform is now the secret to GREEN’s explosive growth. “Jeff is a genius. Companies want their payments presented to their bank as soon as possible.” stated Passoff “GREEN has the answer. By presenting our clients’ checks to the financial institutions within 24 hours of receipt our customers bypass the delay associated with the payment processor side of the transaction. Our technology is the best available in the industry” stated Denmark. “I have over 20 years experience in the technology industry and stay current on technologies as they evolve. GREEN is unique because the technology behind the company was not available when the processing industry adopted the ACH. We are able to leverage advances in technology to the benefit of our clients.”

Passoff realized that the system that he and Denmark had built for the barter business had strong market demand. Passoff offered the service to his barter customers and GREEN became a viable business. As GREEN expanded rapidly, Passoff sold his barter business and assumed the role of CEO of the company that he originally started out of self defense. On August 5th the business eclipsed one thousand customers and continues to grow daily. In July Passoff hired proven sales executive, Blake Weihrauch, to assume the role of VP of Business Development. Passoff said, “Blake has a unique skill set that can take our company across multiple verticals and can move GREEN up-market to increasingly larger companies. We expect that Blake’s strategic thought leadership will take GREEN into the top tier of the market. We have the support staff, technology platform, industry expertise, and ROI justification to attract banner accounts. We look forward to capitalizing on these opportunities quickly.” A number of top companies are already considering GREEN which bodes well for the future of the company. “We are committed to becoming the leader in this space by delivering our customers a product that is faster, cheaper, and greener than any competitor can match” concluded Passoff.

About GREEN

The company began in mid 2007 as a direct source processor with a proprietary technology platform. Customers have been drawn by dramatic reductions in processing times, processing fees, and monthly recurring charges. GREEN has offices in Alpharetta, GA and Sacramento, CA and has the ability to process checks for companies in all 50 states, Canada, and US Territories. GREEN’s services are used by companies from 50 different SIC codes including collection agencies, mortgage companies, online retailers, attorneys, property management companies, finance companies, insurance agencies, and a host of other industries. For information contact info@greenbyphone.com. The company owns www.greenbyphone.com, www.firstcheckfree.com, and www.checkbyphone.net. To date the company has processed in excess of $1 Billion worth of checks; a total that grows hourly.