Vital Announces General Availability of POS Check Service with End-to-End Processing Support
Acquirers can enhance the payment processing options for their merchants and enter new merchant markets where cash and check remain the dominant payment form
Tempe, Ariz., May 7, 2002 - Vital Processing Services® (Vital®), a recognized leader in technology-based commerce enabling services, announced today the general availability of its POS Check Service product with full service processing support. From authorization and capture to clearing and settlement of check transactions, Vital's POS Check Service provides an integrated end-to-end processing solution including the ability to fund, bill and statement merchants for check transactions. This product can be incorporated easily into one POS device that accepts multiple forms of electronic payment types including credit, debit, EBT and now check transactions.
Vital's product converts paper checks to electronic transactions at the point of sale. The electronic transaction automatically transfers the amount of the check from the consumer's checking account to the Merchant's bank account. Similar to credit and debit card transactions, Vital's POS Check Service provides direct access to consumer demand deposit accounts or third-party risk management databases for authorizations of check transactions.
Next to cash, checks are the most frequently used method of payment in the United States, according to the Federal Reserve. Vital's POS Check Service enables acquirers to enter new merchant markets where cash and check remain the dominant payment form. Acquirers also gain an opportunity to generate additional revenue through increased transaction volume and hardware sales. Merchants derive many benefits from Vital's POS Check Service including faster payment of funds - typically half the time of paper checks, reduced collection costs and a potential decrease in check fraud and NSF conditions.
"Vital's POS Check Service delivers acquirers and merchants a flexible payment solution that will streamline the check-handling process in a simple, integrated and secure way. Currently, Vital has four of our largest acquiring clients live on the product and several others are currently implementing the product. We are witnessing market demand for a product that adds tremendous value to each party in the acquiring and merchant value chain. Our clients can rely on Vital to process POS Check Service transactions from end-to-end in a timely, reliable and cost effective manner," said Denise Lewis, executive vice president of Products and Marketing for Vital Processing Services.
Vital's POS Check Service provides three processing options to reduce the risk of check fraud: conversion only, conversion with verification services and conversion with guaranteed funds. Merchants have the capability to utilize one or multiple processing options from a single POS device.
Incorporated into Vital's existing Clearing and Settlement system's screens and reporting, Vital's POS Check Service delivers a reporting structure that supports differentiation of these transactions based on the method of authorization, designated Third-Party Check Processor and POS Check Service option utilized. Another value-added feature of the product is that in addition to Vital certified POS terminals, Vital enables full-service support of the POS Check Service through the VAR channel.
About Vital Processing Services
A leader in technology-based commerce enabling services, Vital Processing Services® (Vital®) is the only pure acquirer processor in the industry. Vital's clients include acquirers and merchant service providers that offer electronic payment processing and related services to merchants. Vital provides leading point-of-sale (POS) products and services, electronic authorization and data capture; clearing, settlement and exception processing; accounting, billing and reporting; risk management; and merchant support services. Vital also provides POS equipment management services through its subsidiary Vital Merchant Services and a full suite of Information Services. Vital is a merchant processing joint venture of Visa U.S.A. and TSYS® ("NYSE: TSS"), a global leader in payments processing. Additional information regarding Vital can be found at www.vitalps.com.
Contact:
Virginia Lewis
Director of Corporate Relations
Vital Processing Services
(480) 333-7671
virginia.lewis@vitalps.com
Susan Assadi or Angela Jamison
Gitenstein & Assadi PR
(480) 860-8792
susan@assadi.com
angela@assadi.com