REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this Agreement) is made and entered into as of May 10, 2006, by and among iPayment, Inc., a Delaware corporation (the Company), iPayment of California, LLC, a Tennessee limited liability company, 1^st National Processing, Inc., a Nevada corporation, E-Commerce Exchange, Inc., a Delaware corporation, Online Data Corp., a Delaware corporation, iPayment of Maine, Inc., a Delaware corporation, Cardsync Processing, Inc., a California corporation, Quad City Acquisition Sub, Inc., a Delaware corporation, Cardpayment Solutions, L.L.C., a Delaware limited liability company, iPayment Acquisition Sub LLC, a Delaware limited liability company, TS Acquisition Sub LLC, a Delaware limited liability company, iPayment ICE Holdings, Inc., a Delaware corporation, PCS Acquisition Sub, LLC, a Delaware limited liability company, NPMG Acquisition Sub, LLC, a Delaware limited liability company, iPayment Central Holdings, Inc., a Delaware corporation (collectively, the Guarantors), and Banc of America Securities LLC, and J.P. Morgan Securities Inc. (together, the Initial Purchasers), each of whom has agreed to purchase the Companys 9-3/4% Senior Subordinated Notes due 2014 (the Initial Notes) fully and unconditionally guaranteed by the Guarantors (the Guarantees) pursuant to the Purchase Agreement (as defined below). The Initial Notes and the Guarantees are herein collectively referred to as the Initial Securities.

     This Agreement is made pursuant to the Purchase Agreement, dated May 3, 2006 (the Purchase Agreement), among the Company, the Guarantors, and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(i) of the Purchase Agreement.

     The parties hereby agree as follows:

     Section 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

     Additional Interest Payment Date: With respect to the Initial Securities, each Interest Payment Date.

     Broker-Dealer: Any broker or dealer registered under the Exchange Act.

     Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York are authorized or obligated to be closed.

     Closing Date: The date of this Agreement.

     Commission: The Securities and Exchange Commission.

     Consummate: A registered Exchange Offer shall be deemed Consummated for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the

Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer.

     Effectiveness Target Date: As defined in Section 5 hereof.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

     Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders.

     Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

     Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Initial Securities to certain qualified institutional buyers, as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons pursuant to Regulation S under the Securities Act.

     Exchange Securities: The 9³/4% Senior Subordinated Notes due 2014 and the related guarantees, of the same series under the Indenture as the Initial Securities, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement.

     Guarantees: As defined in the preamble hereto.

     Holders: As defined in Section 2(b) hereof.

     Indemnified Holder: As defined in Section 8(a) hereof.

     Indenture: The Indenture, dated as of May 10, 2006, by and among the Company, the Guarantors and Wells Fargo Bank, National Association, as trustee (the Trustee), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof.