NAMM Negotiates Bank Card Rate Reductions for Members

NAMM Members enrolled in the endorsed bank card processing program will save money on monthly fees thanks to a new contract announced today by the International Music Products Association and First National Merchant Solutions.

The following rate changes, effective February 1, 2003, through June 1, 2004, will be reflected in Members' February statements: monthly fees reduced from $7.50 to $6, travel and entertainment card fees reduced from 12 cents each to 10 cents each and debit transaction fees reduced from 12 cents each to 10 cents each. In addition to the rate reductions, First National Merchant Solutions will make a monthly donation of $1 to the American Music Conference (AMC) on behalf of each Member who is participating in the company's NAMM-endorsed program. NAMM estimates these program changes will save its Members currently participating in the program a total of $25,390.

"We're always looking for new ways to help our Members save money and succeed," said Judy Bohlim, director of Membership, NAMM. "And as the size of the NAMM bank card group program increases, we're able to negotiate greater rate savings and maximize the program terms."

NAMM's Member accounts in the bank card program grew to 1,400 merchant accounts, generating more than $200 million in annual credit card and debit sales volume, since the original contract approval in June 2000. The program boasts a 90 percent retention rate and strong growth with an average of 50 new NAMM accounts each month.

For more information about the new bank card program rates or other NAMM Member benefits, interested parties can contact NAMM at 800.767.6266 or log on to www.namm.com.