DOWNERS GROVE, Ill., Aug. 22, 2012 (GLOBE NEWSWIRE) -- Inc. magazine today ranked Velocity Merchant Services (VMS) number 3,458 on its sixth annual Inc. 500|5000, an exclusive ranking of the nation's fastest-growing private companies. The recognition stems from the company's outstanding three-year sales growth. The list represents the most comprehensive look at the most important segment of the economy - America's independent entrepreneurs. Velocity Merchant Services joins Yelp, yogurt maker Chobani, Giftcards.com, KIND and famed hatmaker Tilly's, among other prominent brands featured on this year's list.
"I'd like to thank all of our dedicated employees for believing in my dream over the last 15 years" says Ms Dema Barakat, President and Founder of Velocity Merchant Services. "Without them, we wouldn't have achieved this level of success. I am truly grateful for their hard work, innovation and commitment to this company."
Like many others featured on this year's Inc. 500|5000 list, Barakat's story is one of true entrepreneurial ambition, dedication and pursuit of success. Starting the company when she was just 19 years old operating out of her parent's basement, VMS has grown along with her to employee over 75 people and occupy its own 30,000 square foot building.
"In this era of credit card payments processing, things are always on the move," remarks Danoush Khairkhah, CEO of Velocity Merchant Services. "While we are extremely excited to be recognized as a top-tier financial services institution, our work is far from complete. We have many steps to take towards securing our place as one of the big players in our industry. With the push to assist merchants in adopting new technologies like NFC, mobile wallet and EMV 'chip and PIN' payments, I see tremendous room for us to grow. The payments landscape will be very different two years down the road."
The list provides VMS insight as to how other companies in the financial services sector are conducting business. "It's enlightening to see employee counts on some of the top performing companies," remarks Nancy Jalajel, Director of Human Resources for Velocity Merchant Services. "It just goes to show you don't find success in numbers. It's the quality of the people you employ."
In a stagnant economic environment, median growth rate of companies listed on the 2012 Inc. 500|5000 list remains an impressive 97 percent. The companies on this year's list report having created over 400,000 jobs in the past three years, and aggregate revenue among the honorees reached $299 billion.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/5000.
"Now, more than ever, we depend on Inc. 500/5000 companies to spur innovation, provide jobs, and drive the economy forward. Growth companies, not large corporations, are where the action is," says Inc. Editor Eric Schurenberg.
ABOUT VELOCITY MERCHANT SERVICES
Since 1998, VMS (http://getvms.com) has remained Illinois' largest inside telesales organization for credit card payments processing. While saving the average business owner between 20-50% on their processing costs, VMS helps them increase their sales by 30% or more by setting them up to accept credit cards, debit cards and gift cards. Customers can also request professional web development services and secure access to capital through their Fast Cash program. They are continuously growing their small business offerings to better serve their merchants.
Find VMS on Facebook (http://www.facebook.com/getvms) for breaking company news and industry updates.
METHODOLOGY
The 2012 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2008 to 2011. To qualify, companies must have been founded and generating revenue by March 31, 2008. They had to be U.S.-based, privately held, for profit, and independent--not subsidiaries or divisions of other companies--as of December 31, 2011. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2008 is $100,000; the minimum for 2011 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at www.inc.com/5000.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=14186
