Question-and-Answer Session
Operator
Thank you. The question-and-answer session will be conducted electronically. (Operator Instructions) And our first question today will come from (inaudible) with Goldman Sachs.
Unidentified Analyst
This is [John] in for Julio. I was just wondering if you could give a little bit more color on what you’re seeing from the AMEX and Discover relationships and what you’re expecting going into 2010 from those?
Bob Carr
I think that those are coming along pretty nicely. The Discover, we’re in the process, well at both AMEX and Discover, we’re in the process of going back to existing acceptors in our network and non-acceptors in our network and trying to sign them up to both programs. We’re seeing also good volume increases, particularly on the AMEX side as the one point program has continued to gain momentum.
We’re pleased with the sign-ups that we’ve achieved of new merchants to both programs substantially all of our merchants are being singed up for Discover. All of our new and probably getting towards 50% of our new merchants that we’re signing up are accepting AMEX as well. In that way the merchants gets all four of the brands with one settlement and one statement, which is attractive to them.
As we look into next year, the big event in terms of financial impact is the potential conversion of our existing AMEX acceptors to our servicing the timing of that remains unclear. But we feel we’re making good progress on signing up new merchants and that progress will potentially have an impact of accelerating that conversion process.
Unidentified Analyst
Got it. Are you still feeling somewhat constrained by the, I guess, the unwillingness of the issuers to perhaps issue new cards right now or is that started to maybe turn a little bit?
Bob Carr
I don’t think that issuance of cards is having a very material impact on our volume. It’s really consumers’ use of those cards. They are certainly on the margin people, who are just losing the last cards that they have or who are maxed out on what cards they have and there are a lot of people, who were in those difficult circumstances.
In terms of transactions though, of 60% of our transactions are for debit cards, so that people accessing their bank accounts in a new way and most people and those who drive for ponderings of actual processing activity, do have at least one card that they still have as a go-to card on the credit side.
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