Paymentech, the largest processor of credit card payments for direct marketers, announced the implementation of an electronic payment program for DAMARK International, Inc. DAMARK is a major integrated relationship marketer providing consumers with a wide range of tailored programs, products and services through direct mail and telemarketing channels.
In addition to credit card processing, DAMARK utilizes Paymentech’s electronic check processing (ECP) verification services and receives all merchant reporting via the processor’s recently launched E-mail reporting service. With Paymentech’s “Email Reporting,” DAMARK simply opens E-mail to retrieve merchant reports that arrive every morning. The service, requiring only standard E-mail and PGP encryption software, replaces mailed or faxed reports.
“Paymentech’s direct response unit delivers strong customer service and outstanding product offerings,” said Mark A. Cohn, DAMARK’s president. “No other processor has developed such a robust menu of products geared to the special payment needs of direct response marketers.”
Paymentech, the nation’s third largest electronic payment solutions provider, expects to process over seven million credit card transactions annually for approximately $500 million in sales volume for DAMARK.
According to Kim H. Plahn, vice president of finance for DAMARK, the company also benefits from Paymentech’s specialized chargeback and retrieval program. “This enables DAMARK to focus on customer operations while allowing Paymentech to manage chargeback issues and retrieval requests related to credit card purchases. Paymentech does the work for us and then provides the information we need to proactively resolve a consumer’s issue,” said Plahn.
Paymentech’s automated chargeback management system shields the merchant from this administrative burden. A dedicated chargeback specialist develops a customized solution for direct merchants and manages compliance and arbitration of chargebacks on the merchant’s behalf. Paymentech fulfills all retrieval requests within 24 hours of receipt, maintains an on-line order history database, and fully protects the merchant’s chargeback rights. In 1997 Paymentech customers enjoyed an overall chargeback rate lower than the industry average.
DAMARK International, Inc., headquartered in Minneapolis, is an integrated relationship marketer providing consumers with a range of tailored programs, products and services through direct mail and telemarketing channels. DAMARK offers a variety of membership clubs which provide members with discounts on numerous lifestyle and convenience products. Almost 1.4 million consumers belonged to a DAMARK-managed membership program at the start of 1998. Brand-name, value-priced merchandise is also sold through catalogs in six broad categories: computers, home office, consumer electronics, home decor, home improvements and sports/fitness.
Paymentech , founded in 1985, is the leading provider of full-service electronic payment solutions to the direct response industry. Paymentech () is the third largest processor of bankcard transactions and a leading issuer of commercial cards in the United States.Details