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RBS WorldPay and Revolution Money Inc. yesterday announced an independent sales organization initiative and a merchant-processing agreement in which RBS WorldPay merchants with PIN-enabled point-of-sale equipment can accept Revolution Money's Revolution Card credit card. ISOs will pitch the RevolutionCard product to merchants, and RBS WorldPay and Revolution Money have instituted a revenue-sharing system to compensate ISOs as RevolutionCard transactions are processed, says Ian Drysdale, RBS WorldPay senior vice president of market development. The compensation "would not be that different from what an ISO would receive from American Express or Discover," says Drysdale. RBS WorldPay, which is the U.S. payment-processing branch of the Royal Bank of Scotland Group, began processing RevolutionCard transactions in August. The agreement between the two entities extends the RevolutionCard network to nearly 300,000 online and physical merchant locations. RBS WorldPay changed its name from RBS Lynk in September, according to a company spokesperson. Revolution Money charges merchants 0.5% of each sale as a processing fee, which can save merchants up to 80% in transaction fees, the St. Petersburg, Fla.-based company claims. Revolution Money does not disclose the number of RevolutionCard cardholders, according to a company spokesperson. Revolution Money signed its first merchant-processing agreement with Fifth Third Bank Processing Solutions in February (CardLine, 2/5).
