For Immediate Release:


Date: November 1, 2002
Place: San Diego, California
Contact: Steve Eazell-Director National Sales and Marketing
Phone: 1-866-300-3376
Fax: 1-707-836-1979
Email: seazell@securepaymentsystems.com
Web www.securepaymentsystems.com


Chittenden Bank is Secure with SPS

One of Nation’s Largest Merchant Acquiring Institutions will Use Secure Payment Systems for Check Authorization Services and Gift Card Processing

Secure Payment Systems, one of the nation’s leading check services companies and the only company that provides a truly integrated check conversion and gift card program is pleased to announce that is has signed an agreement with Chittenden Bank, one of the largest merchant acquiring banks in the U.S., to provide merchants with additional value added services, including check guarantee, check conversion and gift cards.

Chittenden Bank, Vermont’s largest financial institution will offer Secure Payment Systems’ expanded suite of value added services via all of its branch banking locations and will augment an already large array of services sold to its merchant base throughout New England by its direct sales force. Chittenden has been in the credit card processing business for over 30 years, and is one of the top 50 credit card processors in the United States.

“We are extremely pleased to provide our extended suite of value added services to such a highly respected institution,” commented Steve Eazell, Director-National Sales and Marketing for Secure Payment Systems, “and we think this is a natural fit for all parties given our capabilities to provide exceptional customer focus alongside extremely mature risk aversion expertise.”

About Secure Payment Systems, Inc

Secure Payment Systems, Inc. (SPS) (www.securepaymentsystems.com) was founded over 6 years ago by Linden (Lin) Fellerman, former 20 year employee and 10 year President of the Telecredit / Equifax Check Services subsidiaries. With over 25 years of entrepreneurial achievement in transaction processing and risk management systems, Lin fosters a hands-on management philosophy resulting in what may arguably be the lowest merchant attrition rate in the industry. He attributes this success, and a 40% annual growth rate, to unprecedented customer service levels that begin and end with a philosophy that empowers sales agents and employees while rewarding and encouraging unusual attention to detail.

About Chittenden Bank

Chittenden Bank a subsidiary of Chittenden Corporation is Vermont’s largest, full service bank with over sixty offices throughout the state. Chittenden continues to grow and presently have one out of three Vermont households as customers.

Chittenden Corporation also offers Merchant Card Processing services through its four other banks, Flagship Bank located in Worchester, Ma; Bank of Western Mass located in Springfield, Ma; Ocean National Bank located in Kennebunk, Me and Maine Bank & Trust located in Portland, Maine. In addition to Merchant Processing, Chittenden offers other specialty financial services including asset management and trust services, retail brokerage, mortgage servicing, automotive financing, commercial, personal and captive insurance services, commercial payroll processing and the management of retirement plans.

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