First Data Retail Management Services, a unit of First Data Corporation, and California-based Avco Financial Services today announced a three-year processing agreement for Avco’s private label card portfolio. Financial terms of the agreement were not disclosed.
Under the agreement, effective Jan. 1, 1998, First Data will provide cardholder and merchant data processing and other card portfolio management services.
“Continuing our relationship with First Data reflects our belief in their commitment to deliver superior processing services and innovative technology to help us achieve our goals for our customers,” said Mary Sikes, vice president of marketing, Avco Financial Services.
“We are pleased that Avco has selected First Data as a strategic partner for its card processing needs,” said Bill Ott, president, First Data Retail Management Services. “This new agreement is evidence of the confidence Avco has in our ability to deliver innovative technology and new products and services to help our clients grow their private label market share and maximize their profits.”
Avco Financial Services, Inc., based in Costa Mesa, Calif., is a wholly-owned subsidiary of Textron Inc., based in Providence, R.I. Avco is dedicated to providing a variety of quality products and services to satisfy the financial and insurance needs of a worldwide audience. Avco has over 1,200 branch offices in 11 countries around the world. The Finance Operation offers secured and unsecured consumer loans, real estate loans and purchases installment contracts offered through retail dealers, such as appliance and furniture stores. This operation also engages in commercial finance programs. The Insurance Operation, Avco Insurance Services, offers credit insurance, auto and renters insurance and other life insurance products to consumers of the Finance Operation and to independent financial institutions. Textron is a $10.5 billion global, multi-industry company with market-leading operations in Aircraft, Automotive, Industrial and Finance.
First Data Retail Management Services delivers specialized credit transaction processing to the private label card industry. It provides retailers and financial institutions clients with innovative, end-to-end solutions that allow them to stimulate and increase sales, enhance revenue and grow market share.
Hackensack, N.J. – based First Data Corporation is a global leader in payment systems, electronic commerce and information management products and services. First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or stored value card at the point of sale or over the Internet; by check or wire money. For further information about First Data, please visit the Internet at [www.firstdatacorp.com].