ATLANTA--(BUSINESS WIRE)--Feb. 14, 2005--
73 Store Chain Consolidates Credit and Check Processing
for Improved Cash Flow and Enhanced Customer Service
NOVA Information Systems (NOVA) today announced a commitment from
VF Corporation, the world's largest apparel company, to implement
NOVA's Electronic Check Service (ECS) processing throughout its 73 VF
Outlet stores. Checks accepted at VF Outlet's stores will be converted
at the point of sale to electronic check transactions, utilizing the
Visa POS Check Service. This will allow VF Outlet to consolidate all
of their payment processing and support services through one provider.
VF Outlet has processed credit card transactions with NOVA since 1998.
"We selected Electronic Check Service based on our experience with
NOVA, the flexibility and robustness of their check product, and their
continued commitment to our business," said Nicholas Karetas,
controller, VF Outlet. "Adding check services to our credit card
processing relationship eliminates the confusion associated with
supporting separate credit and check systems from multiple vendors."
"NOVA built a business on the foundation of outstanding products
and unsurpassed customer responsiveness," said Pamela Joseph,
chairman, CEO and president, NOVA Information Systems. "We are
delighted that VF Outlet turned to us for electronic check processing
and we look forward to a continued relationship with them."
"Visa believes the Nova Electronic Check Service will provide
tremendous value to VF Outlet by not only converting paper checks into
electronic transactions, but by using the Visa network to provide the
opportunity to connect with the consumer's checking account for an
authorization before the customer has left the point-of-sale," said
Dante Terrana, director, business development, Visa USA. "In this
manner, the Nova Electronic Check Service provides reduced risk
exposure to VF Outlet where a consumer account may no longer exist or
may not be in good standing."
NOVA's Electronic Check Service converts paper checks into
electronic transactions at the point of sale. Merchants realize faster
access to funds, reduced risk, and reduced costs. Unlike
one-size-fits-all providers, NOVA offers flexible service levels,
including conversion-only, verification, collections and guarantee.
Additionally, because the NOVA Network supports credit, debit,
electronic gift cards, and electronic checks, payment information is
consolidated on reports and statements, and merchants have one
reliable source for all customer support needs.
About VF Corporation
VF Corporation is a leader in branded apparel including jeanswear,
intimate apparel, sportswear, outdoor products and workwear. Its
principal brands include Lee(R), Wrangler(R), Riders(R), Rustler(R),
Vanity Fair(R), Vassarette(R), Bestform(R), Lily of France(R),
Nautica(R), Earl Jean(R), John Varvatos(R), JanSport(R), Eastpak(R),
The North Face(R), Vans(R), Napapijri(R), Kipling(R), Lee Sport(R) and
Red Kap(R). For more information visit www.vfc.com
Visa is the world's leading payment brand and largest payment
system, enabling banks to provide their consumer and business
customers with a wide variety of payment alternatives. Nearly 21,000
financial institutions worldwide rely on Visa's processing system,
VisaNet, to facilitate $3 trillion in annual transaction volume with
virtually 100-percent reliability. Cardholders in more than 150
countries carry more than 1 billion Visa-branded cards, accepted at
millions of locations worldwide. Within the United States, nearly
14,000 financial institutions issue 453 million Visa cards, accounting
for more than $1.1 trillion in annual transaction volume. Visa offers
a trusted, reliable and convenient way to access and mobilize
financial resources - anytime, anywhere, anyway.
NOVA Information Systems, a leader in the payment processing
industry, is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB).
NOVA partners with financial institutions, independent sales
organizations, associations, government agencies and community banks
to offer integrated payment processing services to their merchants and
retailers. NOVA's products include credit and debit card processing
services, software applications, electronic check conversion, gift
card solutions and other value-added services to more than 750,000
merchant locations in the United States, Canada and Europe. For more
information visit www.novainfo.com.
NOVA Information Systems
SOURCE: NOVA Information Systems