Paymentech has partnered with Visa U.S.A. to enable aproximateley 30,000 general retail merchants to accept Visa Purchasing cards. The effort, nearing completion, is part of a broader conversion of certain Paymentech merchants to its Network platform for authorization and electronic data capture (EDC) processing.
According to Visa, this is one of the largest merchant terminal conversion efforts to include Visa Purchasing card acceptance. Visa Purchasing card processing capability includes electronically transmitting additional transaction data (Level II), which is essential for complying with sales and use tax reporting and to streamline expense reconcilation.
“To support the needs of their commercial customers, merchants are requesting the capability to accept purchasing cards, so we are undertaking this conversion to meet their demands and provide them opportunities to improve customer relations and win new business,” said Mary Dees, Paymentech’s group executive for third-party processing. “As a leading issuer of commercial cards, Paymentech has an added interest in expanding the acceptance base to increase the utility of purchasing cards.”
“This move naturally complements our commercial card issuing business.” said James Baumgartner, president of Paymentech’s commercial card unit. “We demonstrate to commercial card prospects our ability to assist them in signing up vendors to accept purchasing cards. Acceptance is critical to our role in acquiring data and translating into information for our customers’ benefit.”
The enhanced purchasing capability is being downloaded as a new application in terminals of small to mid-sized retail outlets. The increased functionality is initially being added to standard POS devices and will ultimately be added to PCs.
Guidelines on accepting purchasing cards are being included in the overall phone training provided with the new aplication. New support materials and manuals will also assist merchants as they begin to accept the cards.
“Paymentech’s upgrade significantly expands acceptance locations for the Visa Purchasing card,” said Cory Gaines, vice president, Commercial Card Acceptance, Visa U.S.A. “Were committed to supporting business suppliers to accept Visa cards and to pass the maximum amount of transaction information wherever possible.”
Paymentech, Inc., founded in 1985, provides full-service electronic payment solutions and is the third largest processor of bankcard transactions in the United States. Paymentech is also a major provider of point-of-sale transaction processing to independant sales organizations and finacial institutions.
Visa is the preferred payment brand and the largest comsumer payment system worldwide. It plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders, and the global economy. Visa is the only comsumer payment system to facilitate $1 trillion worth of purchases of goods and services in a fiscal year. Visa’s nearly 600 million cards are accepted at more than 14 million worldwide locations, including 370,000 ATMs in the Visa/ PLUS Global ATM Network. Visa’s Internet address is [www.visa.com/]