Yes spindle is no more...
Hi Ken,
I've been asked about this several times lately, so maybe you can get the word out and we can put it to rest. We signed Spindle to a MyECheck Services Agreement, all our agreements include authorization for us to issue a press release regarding the nature of the relationship. The agreement was signed by Bill Clark, CEO of Spindle.
In this type of business only a portion of customers that originally sign up for services ever end end performing. This is due to a number of reasons including banking and integration issues, the customers financial condition etc, so churn is normal in every business of this type. Our customer retention rates have been perfect for customers that actually process real transactions on our system.
Spindle integrated and tested, but they never had and transactions to process, no customers. So apparently now they have been poached by CheckAlt, however this is no loss, they're not the kind of client we are targeting now. I'm watching CheckAlt's customer poaching and possible patent infringing activities though. I intend on pursuing possible infringers in court very soon. Our rapid growth does not come from signing up individual customers, but in larger scale licensing deals and wholesale back-end core processing for banks, that is where the $trillions in processing volume is, and where we are heading.
Thanks,
Ed
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