Today, at the ABA Bank Card Conference, Vital Processing Services (Vital) announced it has teamed with First PREMIER Bank of Sioux Falls, S.D., to provide a full range of merchant card processing solutions through its Portfolio Management and Merchant Point of Sale services. The agreement enables First PREMIER to access Vital’s full offering of services, from point-of-sale processing through the complete payment cycle.
Under the service agreement with Vital, First PREMIER will convert its merchant portfolio to Vital and will outsource all services, including front- end, back-end and back-office. The back-office, which is marketed by Vital under Operational Fulfillment Services (including the outsourcing of chargeback and retrieval resolution, customer service, data entry, transaction risk management and paper draft capture) was recently developed, and is the latest service addition to Vital, completing its full-service, turn-key product line.
Portfolio Management Services give acquiring banks all the tools needed to manage their merchant portfolio. The Vital product and service line truly offers a complete, front-to-back package, including merchant POS products, electronic authorization and data capture; clearing, settlement and exception processing; merchant accounting, billing, and reporting; and Operational Fulfillment Services.
From a simple fax to a state-of-the-art electronic bulletin board or the Internet, Vital provides multiple methods for acquirers and merchants to access information needed to effectively manage their businesses.
“We are excited about having First PREMIER as a full-service, turn-key client because the bank has been so aggressive in the past in managing and growing its merchant portfolio,” said Fred Gumbel, president and CEO of Vital. “We’re looking forward to the institution’s success in the marketplace.”
“We could not have found a better fit than Vital,” said Miles Beacom, president of First PREMIER Bank’s Credit Card Division. “Vital’s commitment to provide leading-edge technology and high service levels will help enable the bank to successfully grow its portfolio. We want to be at the forefront of the market with Vital because they don’t compete with us for our merchant business.”
First PREMIER Bank, with current assets at $303 million, serves six eastern South Dakota communities with locations in Sioux Falls, Watertown, Castlewood, Kranzburg, Lake Norden and Wakonda. The bank has more than 350 employees. First Premier’s capital ratio is 8.60 percent. First PREMIER’s Credit Card Division, established in 1989, has grown from 88 employees in January 1996 to more than 200.
Vital Processing Services (Vital) is a leading full-service merchant processing company. Its clients include financial institutions that provide credit card processing to their merchant customers. Headquartered in Tempe, Ariz., Vital offers financial institutions operational services that enhance business solutions without competing for their merchant business. Its services include merchant POS products, electronic authorization and data capture; clearing, settlement and exception processing; merchant accounting, billing, and reporting; operational fulfillment services (including the outsourcing of chargeback and retrieval processing); risk management; and customer service. Vital’s Internet address is .
Vital Processing Services is a joint venture between Total System Services, Inc.(NYSE: TSS) (TSYS(R)) and Visa(R) U.S.A.Details