By Joe Morey
News Editor
A new tribal business was presented to the LCO Tribal Governing Board (TGB) at their weekly meeting Monday, Nov. 18. LCO Technologies Group (LCOTG), a division of LCO Financial Services (LCOFS), is a new payment processing company ready to start taking on merchants.
Trina Starr, Chief Administrative Officer for both LCO FS and LCO TG, told the TGB the new company hopes they will direct tribal enterprises to use LCOTG to help generate additional revenues rather than using outside companies. Starr said the potential is there to be a million dollar per year company if these services are kept in house and offered to outside businesses.
In a letter to enterprise managers, the TGB said LCO Technologies Group is part of the financial services industry, and as the first tribal payment processor in that space (built from the ground up), and as an LCO built and owned product, they would like to see them in place with all entities that are in need and exchange fees/payments.
“This is exciting news for us as a Tribe and what the future holds,” the TGB stated. The letter states that LCOTG will offer competitive rates to current payment processors, and for those entities seeking to have the ability to accept fees/payments immediately, they will help get it set up.
LCO Secretary-Treasurer Bill Trepanier stated that all tribal enterprises should be standard and using the same payment processor.
“We own this company, so we’d be paying ourselves,” Trepanier stated. “This is exciting for the Tribe to own another business with great profit potential.”
Starr said the company will offer services to any business or organization in the area and that LCO Technologies Group will offer these services better. She also said other products that TG will be offering include an underwriting platform, loan management system, lead management and business intelligence.
“LCO TG will benefit the Tribal ecosystem and surrounding counties offering competitive pricing in payment processing,” Starr said.
TGB Member Gary “Little Guy” Clause said just think of the money we will save keeping these services in house just prior to Trepanier making the motion to direct tribal enterprises to utilize the new company. Little Guy seconded the motion, and it passed unanimously 6-0-0. Chairman Taylor also favored the motion but only votes in case of a tie.
“It is exciting to be a part of the growth of FSII and LCOTG,” stated Starr. “It’s fun learning and it’s rewarding building people & skills, and our own Native owned products in the Fintech/Financial Services Industries.”