Citadel EFT, Inc. provides credit card terminals and merchant account services to retailers in North America. The Company is an Independent Contractor for National Payment Processing. Their goal is to continue the expansion of their business through developing their web campaign, joining social networking sites such as Facebook and Twitter, and actively promoting their product. Citadel EFT, Inc. has their headquarters in Tustin, California.
The Company has approximately 1,700 merchant-clients that use their terminals to process credit card transactions. This has allowed Citadel EFT, Inc. to be profitable, even in the Company’s infancy. The Company principally makes their money on “residuals”. The basis of residuals is off a pre-negotiated and contracted percentage rate for each transaction that their merchant-client incurs by their customers. The Company has a standard contract; however, the rates at which they have negotiated with each of their merchant-clients may vary slightly.
Citadel EFT, Inc. mainly garners revenues from the electronic processing of credit, charge, and debit card transactions authorized and captured via third-party networks. Merchants are typically charged for these processing services based on a percentage of the dollar amount of each transaction and in some instances, additional fees are charged for each transaction. Certain merchant customers are charged a flat fee per transaction and may be charged miscellaneous fees. These include fees for handling charge backs, monthly minimums, equipment rentals, sales or leasing, and other miscellaneous services. Citadel EFT, Inc. has no monthly or yearly fees, no monthly minimums, no statement fees, no address verification fees, and low-priced monthly internet-processing fees. They provide a client a free terminal of their choice. They will set a client up for web processing as well.
Citadel EFT, Inc.’s revenues increased by $35,796, or 39 percent, to $127,648 for the three months ended June 30, 2011. This is from $91,852 for the three months ended June 30, 2010. Revenues increased by $104,553, or 42.7 percent, to $349,428 for the six months ended June 30, 2011. This is from $244,875 for the six months ended June 30, 2010. The revenue increased due to a larger number of merchants and transactions.
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