<PAGE>   1
                                                                    EXHIBIT 10.3
                                                                    ------------

                      CONSOLIDATED RENEWAL PROMISSORY NOTE

$5,120,000.00                                                 Date: May 29, 1998

         FOR VALUE RECEIVED, PRECISION RESPONSE CORPORATION, a Florida
corporation (the "Borrower") promises to pay to the order of NATIONSBANK, N.A.,
a national banking association (the "Bank") the principal sum of Five Million
One Hundred Twenty Thousand and No/100 Dollars ($5,120,000.00), or so much as
shall be advanced and outstanding from time to time, with interest on the unpaid
principal balance as provided below. Borrower further agrees as follows:

         1.       INTEREST RATE.

                  Interest shall accrue commencing on the date hereof and
continuing thereafter on the outstanding principal balance of this Note at the
floating rate of Adjusted Libor Rate plus one and one-half percent ("Libor +
1.50%).

                  The term "Adjusted Libor Rate" as used herein shall have the
meaning as defined in that certain Mortgage Loan Agreement (the "Loan
Agreement") of even date herewith between Borrower and Bank which is
incorporated by reference herein.

                  Interest shall be calculated on the basis of a 360 day year
counting the actual number of days elapsed.

         2.       PAYMENTS.

                  (a) INTEREST. Commencing on September 1, 1998, and continuing
         on the 1st day of each December, March, June and September thereafter
         until the Maturity Date (the "Payment Dates"), Borrower shall remit to
         Bank payments of all accrued interest.

                  (b) PRINCIPAL. Principal payments shall be due on each Payment
         Date together with accrued interest. The amount of the principal
         payment due on each Payment Date shall be in an amount as determined by
         Bank such that constant quarterly payments of that amount would fully
         amortize and pay off the outstanding principal balance by June 1, 2018.

         3. MATURITY. This Note shall mature on June 1, 2005 (the "Maturity
Date") on which date the entire outstanding principal balance and unpaid
interest shall be due and payable in full.

         4. APPLICATION OF PAYMENTS. Each payment under this Note shall be
applied first to accrued but unpaid interest and the remainder, if any, against
the principal amount outstanding. Payments shall be payable in lawful money of
the United States of America and immediately available funds to the Bank at 100
Southeast Second Street, 15th Floor, Miami, Florida 33131 (or such other place
as Bank may designate), without setoff, counterclaim or deduction of any kind.
If a payment to be made hereunder is stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day,
and such extension of time shall in such case be included in the computation of
interest. "Business Day" means a calendar day other than a Saturday or Sunday or
a legal holiday on which the Bank is closed for the entire day.

         5. PREPAYMENT. Borrower may make prepayments in whole or in part at any
time in accordance with the prepayment provisions and limitations in the Loan
Agreement. Any partial prepayment shall be applied to the principal balance due
at maturity.

         6. LATE FEE. In the event that Borrower fails to remit any payment
required under this Note within ten (10) days of the payment date, then a late
payment fee shall be


<PAGE>   2



due and payable in an amount equal to five percent (5%) of the amount of the
delinquent payment, to be paid immediately together with the delinquent payment.

         7. DEFAULT AND ACCELERATION. This Note shall, at Bank's option, become
and be immediately due and payable in full upon failure to remit any payment of
principal or interest on the date when due or upon the occurrence of an Event of
Default as defined in the Loan Agreement or Mortgage. Borrower shall pay
interest on any principal that has been accelerated at a per annum rate equal to
the Default Rate as specified in the Loan Agreement. No failure by Bank to
exercise such option upon the occurrence of any such event shall affect its
right to exercise it upon the subsequent occurrence of any such event. Borrower
shall pay Bank, on demand, all costs and expenses (including reasonable
attorneys' fees and expenses) in connection with the enforcement of this Note,
whether suit be brought or not. The term "reasonable attorney's fees" as used in
this Note shall include, but not be limited to, reasonable attorney's fees
actually incurred in any and all judicial, probate, bankruptcy, reorganization,
administrative, arbitration or other proceedings, including appellate
proceedings, arising out of the enforcement and/or collection of this obligation
or the Mortgage (as defined below) or other instrument securing this
indebtedness, whether such proceedings arise before or after entry of a final
judgment.

         8. USURY NEGATION. Nothing herein shall be construed or operate so as
to require Borrower to pay interest hereunder in an amount or at a rate greater
than the maximum allowed by applicable law. Should any interest or other charges
paid hereunder result in the computation or earning of interest in excess of the
maximum rate or amount of interest which is permitted under applicable law, then
any and all such excess interest shall be (and the same hereby is) waived by
Bank, and the amount of such excess shall be automatically credited against, and
be deemed to have been payments in reduction of, the principal then due
hereunder, and any portion of such excess which exceeds the principal then due
hereunder shall be paid by Bank to Borrower.

         9. CERTAIN WAIVERS. Presentment, notice of dishonor, protest and all
other notices except as provided in the Mortgage are hereby waived by Borrower
and all sureties, guarantors and endorsers hereof. Each such party hereby agrees
to all modifications, renewals, and any number of extensions of time for payment
of this Note, release of other persons or entities obligated under this Note and
release of any security for this Note, all without notice, and that any such
activities shall not release any of such parties not expressly released in
writing. This Note shall be the joint and several obligation of all makers,
sureties, guarantors and endorsers, and shall be binding upon them and their
successors and assigns.

         10. MORTGAGE. Payment of this Note is secured by, among other things, a
Restated and Modified Mortgage and Security Agreement (the "Mortgage") of even
date herewith, recorded in Public Records of Broward County, Florida, executed
by Borrower in favor of Bank, encumbering certain property situate in Broward
County, Florida as more fully described therein. An Event of Default under the
Mortgage shall constitute a default under this Note.

         11. MANDATORY ARBITRATION. Any controversy or claim between or among
the parties hereto including but not limited to those arising out of or relating
to this Note or any related agreements or instruments, including any claim based
on or arising from an alleged tort, shall be determined by binding arbitration
in accordance with the Federal Arbitration Act (or if not applicable, the
applicable state law), the Rules of Practice and Procedure for the Arbitration
of Commercial Disputes of Judicial Arbitration and Mediation Services, Inc.
(J.A.M.S.), and the "Special Rules" set forth below. In the event of any
inconsistency, the Special Rules shall control. Judgment upon any arbitration
award may be entered in any court having jurisdiction. Any party to this Note
may bring an action, including a summary or expedited proceeding, to compel
arbitration of any controversy or claim to which this Note applies in any court
having jurisdiction over such action.





                                      -2-

<PAGE>   3



                  (a) SPECIAL RULES. The arbitration shall be conducted in the
         city of the Borrower's domicile at time of this Note's execution and
         administered by the Endispute, Inc. d/b/a J.A.M.S./Endispute who will
         appoint an arbitrator, if J.A.M.S./Endispute is unable or legally
         precluded from administering the arbitration, then the American
         Arbitration Association will serve. All arbitration hearings will be
         commenced within ninety (90) days of the demand for arbitration;
         further, the arbitrator shall only, upon a showing of cause, be
         permitted to extend the commencement of such hearing for up to an
         additional sixty (60) days.

                  (b) RESERVATIONS OF RIGHTS. Nothing in this Note shall be
         deemed to (i) limit the applicability of any otherwise applicable
         statutes of limitation or repose and any waivers contained in this
         Note, or (ii) be a waiver by Bank of the protection afforded to it by
         12 U.S.C. SECTION 91 or any substantially equivalent state law, or
         (iii) limit the right of Bank to (A) exercise self help remedies, such
         as (but not limited to) setoff, or (B) foreclose against any real or
         personal property collateral, or (C) limit the right of Bank or
         Borrower to obtain from a court provisional or ancillary remedies such
         as (but not limited to) injunctive relief or the appointment of a
         receiver. Bank may exercise such self help rights, foreclose upon such
         property, or obtain such provisional or ancillary remedies before,
         during or after the pendency of any arbitration proceeding brought
         pursuant to this Note. Neither this exercise of self help remedies nor
         the institution or maintenance of an action for foreclosure or
         provisional or ancillary remedies shall constitute a waiver of the
         right of any party, including the claimant in any such action, to
         arbitrate the merits of the controversy or claim occasioning resort to
         such remedies.

         12. GOVERNING LAW. This Note shall be governed by and construed in
accordance with the law of the State of Florida.

         13. NOTICES. Any notice or demand hereunder may be given in the manner
set forth in the Mortgage.

         14. RENEWAL AND CONSOLIDATION. This Note represents a renewal and
consolidation of the following promissory notes:

                  (a) Promissory Note dated May 23, 1997, in the original amount
         of $3,468,000.00, executed by Atlantic Financial Group, Ltd., a Texas
         limited partnership, in favor of Suntrust Bank, Miami, National
         Association, as previously renewed, which has been assumed on this date
         by Borrower and which has been assigned to Bank on this date, and which
         has a current principal balance of $3,468,000.00.

                  (b) Future Advance Promissory Note of even date herewith in
         the amount of $1,652,000.00 executed by Borrower in favor of Bank.

The original of the aforesaid notes are attached hereto as exhibits.

         15. WAIVER OF JURY TRIAL. BORROWER BY EXECUTION HEREOF AND BANK BY
ACCEPTANCE HEREOF HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND
ALL RIGHTS EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
(INCLUDING BUT NOT LIMITED TO ANY




                                      -3-

<PAGE>   4


CLAIMS, CROSS CLAIMS OR THIRD PARTY CLAIMS) ARISING OUT OF, UNDER, OR IN
CONNECTION WITH THIS NOTE.

                                           PRECISION RESPONSE CORPORATION

                                           By: /s/ JOSEPH E. GILLIS
                                               ---------------------------------
                                           Name: JOSEPH E. GILLIS
                                           Title:  V.P. AND TREASURER



































                                      -4-