BUSINESS Contact: Rod Jerred Phone: 905-845-3824 (ext. 5559) Fax: 905-337-5567 e-mail: rjerred@haltonsearch.com \ \ !.! » \i II \ l l«* · l\!;4 r A S InternetSecure safeguards e-commerce transactions Company makes PROFIT magazine' s top 100 list By Lindsey Craig .SPECIAL TO THE BEAVER hanks to an incredible amount of trust from complete strangers around the world, Rick Nugent is an on-line success. In 1995, the Oakville resident of 16 years founded InternetSecure Inc.. a company that processes Internet credit card transactions for e-commerce and bricks-and-mortar merchants. Today, he has merchants in 84 different countries, some of which are so tiny he can barely mark them on a map. The husband and father of two explained that InternetSecure involves purchasers going on-line to his site to buy goods and services from merchant companies, with his firm executing the credit card transactions. "Essentially, we're holding the money from the sale and then paying the company," he said. "I was amazed that companies from around the world would sign with us. amazed that people would trust us." "How did they know we would pay them correctly?" he asked. Nugent, who works a 60-hour week, said the idea for InternetSecure came from reading news articles predicting a booming on-line market. "The papers were awash with arti cles about the Internet, saying that it was going to revolutionize the world," he said. "They'd say, `If someone could just figure out how to process credit cards over the Internet, they'd make a fortune'." And he has. In 1996. IntemetSecure's revenue increased from $135,627 to $5.9 mil lion in 2001, boasting a five-year growth of 4,239 per cent. The incredible success has even landed the company T in 18th position on PROFIT magazine's list of top 100 Canadian entrepreneurs. An honours business graduate from the University of Western Ontario. Nugent first entered the working world in management positions in sales and marketing for high tech companies. By the end of 1994. however, his entrepre neurial calling came forth. "I knew I wanted to go out on my own, but had to figure out exactly what I wanted to do," he said. Nugent's area of expertise seemed a perf ect fit for Internet commerce. "I already understood the banks, I knew a lot about the Internet, and I knew a lot about credit card process ing," he said. And so. in August 1995, InternetSecure was officially launched from Nugent's home. Today it's located in a private office on Speers Road and operates between 7 a.m. and 8 p.m. to account for the different time zones of its merchants. When first starting out. the chairman and CEO said the initial step was to design a system that would process the credit card transactions, adding that InternetSecure was the first company in Canada to conduct such a transaction on the Web. He also had to find a bank willing to work with him. "One of the hardest things to do as a business is accept credit cards. We had to gain the trust of the banks to let us do what we do," he said. Nugent also said his firm now processes payments in both Canadian and U.S. dollars using Visa, MasterCard, American Express and Discover. Another challenge, Nugent said, was that it wasn't until the late '90s that many businesses ventured into e-com merce. "At that point, unless you were Peter C. McCusker · Oakville Beaver Rick Nugent, president of InternetSecure, sees a rosy future ahead for his Speers Road company, which handles Internet credit card transaactions for customers in 84 countries. doing adult sites...there wasn't a whole employees who spend much of their universal. It doesn't matter where you lot out there," he said, adding that day monitoring transactions and live... You can be everywhere." InternetSecure does not support adult- responding to e-mails. Nugent said the As for advice he would give to bud related Web sites including pornogra firm processes payments for everything ding entrepreneurs, Nugent has a few phy and gambling. from parking tickets to kids' hockey words of wisdom. "Unfortunately, that's where the big registration. "It always takes much more time and money is," he chuckled. "People are registering for things on money than you imagined. You have to But in the late '90s, more and more line, they don't want to wait in line any be flexible." non-adult companies did hop on-line to more," he said. He also said, "Your family has to be conduct their business. It was then that Sixty-eight per cent of IntemetSecure's able to commit to it, too. In the begin Nugent realized his company was in business comes from beyond Canada's ning, you can't have the same `niceties' quite good standing. borders and Nugent said it has purchasers of life that you had before." "It kept growing, doubling almost in 151 countries. Finally. Nugent added. "It's also so every year. I guess it really took-off in "I didn't think it would be as inter important to treat people as you would '99," he said national as it has become," he said. like to be treated. It's a small world, Today, InternetSecure has 23 "That's the thing with the Internet, it's don't bum down any bridges." Forvird Stop Refresh AutoFill & SB ® Print Mail : Preference* » -!! www.formerrymaids.com/on/1078 www.mctavishtravel.com z § 3 For the best selection in new or pre-owned vehicles visit... */ ® o n e -click so lu tio n s fo r tra ve l p la nning. iM c T a v is h i n f o r m a t i o n WWW. - ^ glenleven. c o m o a k v ille flo r is t @ a t t c a n a d a .c a T r a v e l s e r v i c e (9 0 5 ) 8 4 7 -2 2 1 0 w w w .s c o o te rs, o n .c a Hopedale Mall 1515 Rebecca Street. 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