Processes More Than 4.6 Million BOC Transactions in August
ATLANTA--(BUSINESS WIRE)--Sept. 17, 2008--Elavon, a wholly-owned
subsidiary of U.S. Bancorp (NYSE: USB) and formerly known as NOVA
Information Systems, sits atop the charts for Back Office Conversion
(BOC) processing, surpassing more than 4.6 million transactions in
August alone, accounting for over $400 million in converted check
volumes. The announcement comes on the heels of ongoing BOC
implementations of Elavon's Electronic Check Service (ECS) solution,
currently installed at more than 1,800 retail locations nationwide.
BOC solutions help eliminate the significant costs and operational
hurdles that point-of-purchase (POP) conversion presented to
retailers. "BOC processing enables merchants to realize the
operational efficiencies and financial benefits of electronic check
conversions," said Amy Gutierrez, Vice President Strategic Market
Development at Elavon and a member of NACHA's electronic check
"From national multi-lane retail stores to local storefronts and
regional chains, BOC is having a very positive impact on the way
businesses process checks," said Stuart Harvey, CEO of Elavon.
"Elavon's ability to enhance BOC with our robust solutions that
process all checks and provide next-day funding delivers a true value
proposition to retailers."
L'Occitane, an all natural, luxury bath and body retailer, has
implemented Elavon's ECS solution at its 166 U.S. locations. "We
explored all of our options when it came to making the move to
electronic checks," said Wilfrid Poisnel, Chief Financial Officer at
L'Occitane. "We found Elavon's solution to address all of our needs
and couldn't turn our backs on the time and money that their
electronic check solution offered."
More than 40,000 Merchant Locations Nationwide
Elavon works with retailers to tailor processing, conversion and
imaging options that increase operational and financial efficiencies.
More than 40,000 U.S. merchants of all sizes have implemented Elavon's
ECS solution, choosing the right mix of processing methods, security
and convenience. Elavon's flexible choice of options fit any retail
-- The ability to process all checks - consumer, business,
government, etc. - electronically, eliminating the need for
multiple acceptance and handling processes depending on the
type of check presented.
-- Real-time financial processing that automatically and
systematically leverages three processing methods including
direct Demand Deposit Account (DDA) access. Automated
Clearinghouse Processing (ACH), and Check Replacement Document
processing (CRD) using traditional banking networks.
-- A choice of processing methods: point of purchase (POP), back
office conversion (BOC), accounts receivable conversion (ARC).
-- A range of imaging solutions: the point of sale, in the back
office, in a centralized location or via 10 outsourced imaging
ECS item processing centers Nationwide.
-- Customizable risk service levels - from conversion only to
verification and guarantee.
-- Fully automated returns handling that keeps retailers
financially whole throughout the process.
About Elavon: Elavon's Global Acquiring Solutions organization is
a part of U.S. Bancorp. Elavon provides end-to-end payment processing
services to more than one million merchants in the United States,
Europe, Canada and Puerto Rico. Solutions include credit and debit
card processing, electronic check services, gift cards, dynamic
currency conversion, multi-currency support, and cross-border
acquiring. Elavon's services are marketed through multiple alliance
partner channels including financial institutions, trade associations
and ISOs. Elavon has solutions to meet the needs of merchants in
specialized markets including small business, retail, hospitality/T&E,
health care, education and the public sector. Elavon represents the
former brands of NOVA Information Systems and its affiliates FHMS and
euroConex. For more information about Elavon visit www.elavon.com.
CONTACT: Elavon Media Relations
Holly Lytle, 404-606-0129
Elavon Media Relations
Teri Charest, 612-303-0732