Southwest Airlines has signed a five-year contract with National Processing Co., keeping the company as its processor for MasterCard and Visa credit card transactions, the two companies announced today.
“National Processing is the best in its field when it comes to credit card processing for the airline industry. Just like our own customers, Southwest demands the best when it comes to service and value, so it was only natural that we would continue our relationship for the mutual benefit of both companies,” said Southwest chief financial officer Gary Kelly.
The contract renewal secures National Processing’s place as the nation’s premier provider of processing services for the travel industry. National Processing processes credit card transactions for six of the nation’s 10 largest airlines, including Southwest. It also provides processing and settlement services for every airline ticket sold through the nation’s 48,000 travel agencies.
Southwest chose National Processing to handle its credit card transactions after putting its contract out for competitive bids from the nation’s major processing providers this summer.
“The travel industry has and will continue to be a mainstay of our business. We’re quite pleased that a high-growth industry leader such as Southwest has chosen to continue its relationship,” said National Processing executive vice president Tom Wimsett. “While we’ve been working hard to diversify our customer base with the addition of many smaller customers as of late, we are still committed to the larger customers that have historically provided the bulk of our business. Southwest’s decision to stay with us demonstrates our commitment to this important segment of the market,” Wimsett added.
National Processing handled more than 14 million credit card transactions for Southwest in 1996. Because of the airline’s continued growth, National Processing is currently on track to handle more than 15 million transactions for the airline this year, the two companies reported.
Profile of National Processing Company
National Processing is the operating subsidiary of National Processing, Inc. (NYSE: NAP) and is a leading provider of transaction processing services and customized processing solutions. Deploying technology and applications software, the Company provides products and value-added services which include processing of card and check transactions for merchants, outsourcing of administrative and financial functions, and ticket processing and settlement for providers of travel-related services. National City Corporation (NYSE: NCC), a $52 billion financial services company based in Cleveland, Ohio is the majority owner of National Processing, Inc.
Profile of Southwest Airlines
Southwest Airlines, the fifth largest domestic carrier in terms of Customers boarded, currently serves 51 cities in 25 states. Based in Dallas, Southwest currently operates more than 2,200 flights a day with a fleet of 252 Boeing 737s with an average age of 8.0 years — one of the youngest pure jet fleets in the domestic airline industry.Details