Thomas Butler is Chairman and CEO of PayNet, Inc. Mr. Butler brings more than 15 years of new venture and business operating experience to PayNet.

Before joining PayNet, Inc. Tom was President and COO of Discover Card from 1986 until 1998. During that same period, Mr. Butler was also Chairman of the Board for Discover Bank. Prior to 1986, he was Director of New Ventures and Corporate Planning for Sears, Roebuck & Co. Sears’ strategy for Discover Card and its business plan were part of his responsibilities. In his 12 years as president, he took Discover Card from start-up losses of over $100 million per year to net profit of $550 million in 1998. In this period the Discover Card grew to 38 million consumer accounts, $33.0 billion in outstanding receivables and 3.6 million accepting U.S. merchant outlets. Gross revenues exceeded $4.0 billion with more than 10,000 U.S. employees.

Tom is a 1964 graduate of the University of Notre Dame with a Bachelor of Arts and of Northwestern University in 1966 with an MBA.

William Phelan is President and co-founder of PayNet.

Prior to that Mr. Phelan managed a $1.5 billion investment portfolio consisting mainly of fixed income securities for Trustmark Insurance Company in Lake Forest, IL. In that role he was responsible for managing credit risk and for general portfolio management. From 1993 to 1995 Phelan was an institutional fixed income salesman for Dain Rauscher Securities. From 1988 to 1993 Phelan worked as a Senior Consultant with Ernst & Young providing corporate finance consulting services to privately-held companies. Phelan also worked for IBM from 1987-1988 as a Marketing Analyst in the New Products Group.

In 1992 Phelan received the Chartered Financial Analyst designation and completed an MBA in 1987 from Loyola University Graduate School of Business (Dean’s List) with an emphasis in Finance. He has a Bachelor of Arts degree from Carleton College in Northfield, MN.

Thomas Ware, Senior Vice President Product Development and Marketing, has 20 years experience in banking and equipment finance, including as Senior Vice President, Operations & Chief Credit Officer of American Express Equipment Finance.

Tom became acquainted with PayNet as a potential customer, while serving as Vice President & General Manager of a billion-dollar business unit at CNH (Case) Capital Corporation. In 1987 he founded Sequa Credit Corporation, which is today a subsidiary of Hypercom. His experience includes independent, bank and captive lenders/lessors and covers equipment types ranging from office equipment, telecom, computer and medical to transportation, construction and agricultural. He also has extensive experience with securitization, structuring transactions with rating agencies and surety providers. As Managing Director of PayNet Analytical Services, he is also responsible for PayNet’s Portfolio Benchmarking services.

Tom received a BA with Distinction in Mathematical Economics from Dartmouth College and began his career as a modeler with a consulting firm now part of Mercer Management Consulting. He subsequently earned an MBA from Harvard.

Greg Jaros, Chief Information Officer, was a Principal and co-founder of DiamondCluster International (formerly Diamond Technology Partners) and was a member of DiamondCluster's Solution Delivery practice.

Greg has more than 15 years of experience in the program management of system implementation projects for a broad variety of clients across multiple industries. His focus is in the definition and implementation of information warehouse applications. Over the last 10 years, Greg has been leading and designing projects with an emphasis on data and information modeling, data movement across platforms, data warehousing and presentation of information via the Internet.

Greg has extensive experience managing engagements at all stages of implementation including taking a conceptual project idea, converting it into a high-level project charter, presenting it to senior management, building a detailed implementation plan and implementing the system. His business experience has been in the industries of direct marketing, consumer products and services, retail and insurance.