Vital Processing Services, a leader in technology-based commerce enabling services, announced that TermNet, one of the largest independent merchant servicing companies in the United States, has entered into a new, long-term, full service processing agreement with Vital.
TermNet has processed the majority of its point-of-sale (POS) transactions with Vital through the years, and the new agreement solidifies their partnership by naming Vital as TermNet’s exclusive Clearing and Settlement processor. TermNet will be converting more than 10,000 merchants to Vital’s Clearing and Settlement and Merchant Accounting System and will continue to grow its POS transactions processed by Vital. The contract extends through 2007.
“This full service partnership is a reflection of Vital’s quality of service, full suite of commerce enabling products and services and dedicated resources to help TermNet succeed in the merchant services marketplace. We are proud to be TermNet’s processing partner,” said Jonathan Palmer, president and CEO of Vital Processing Services.
“TermNet’s partnership with Vital is testament to our commitment to provide both our Financial Services and Transactions Services clients the most competitive products and services, and to deliver them in a manner that exceed their expectations,” said David Stanford, president and CEO of TermNet Merchant Services.
About Vital Processing Services ([http:/www.vitalps.com])
Arizona-based Vital Processing ServicesÂ® (VitalÂ®) is a leader in technology-based commerce enabling services. Vital s clients include acquirers and merchant service providers that offer electronic payment processing services to merchants. Vital provides leading point-of-sale (POS) products and services, electronic authorization and data capture; VirtualNetÃ¤ Internet-commerce services; clearing, settlement and exception processing; accounting, billing and reporting; risk management; and customer service. Vital is a merchant processing joint venture of VisaÂ® U.S.A. and TSYS (NYSE: “TSS”).
TermNet is a vertically integrated payments processor providing payment solutions for virtually all payment types for financial institutions, payroll companies and merchants nationwide. TermNet’s primary business includes Financial Services, which provides a full suite of products and services to financial service organizations including a turnkey credit and debit card issuing program and merchant acquiring; and Transaction Services which provides payment solutions for industry sectors including general retailers, government agencies, business to business and utilities.