ATLANTA--(BUSINESS WIRE)--March 15, 2005--
Receivable and Drop Box Businesses to Benefit
from Lower Costs and Faster Funding
NOVA Information Systems (NOVA) today announced the addition of
Accounts Receivable Conversion (ARC) to its Electronic Check Service
(ECS) product line. ARC processing is used in environments where the
check is present, but the consumer is not. This is typical of
receivable payments, monthly service payments, mail order receivables,
and drop-box environments, such as property management companies. NOVA
will convert the check to an electronic transaction and route it
through the ACH network for processing. Funds are settled into the
merchant account with the same speed as credit card deposits,
typically within 24-48 hours.
NOVA's Electronic Check Service has been available in a Point of
Purchase (POP) configuration for face-to-face transactions since 2003,
with over 3,000 merchants currently using the service. The addition of
ARC expands the reach for ECS, while providing receivables businesses
with a solution that improves cash flow and reduces the costs of
handling paper checks. ARC is available as a terminal solution, or
through PC software.
"NOVA has built a strong reputation of unsurpassed service for our
more than 750,000 merchant customers," said Amy Goodson, vice
president business development, NOVA Information Systems. "ECS
presents a strong value proposition to businesses that accept checks,
whether in person, through the mail or a combination of the two. The
ability to consolidate all credit, check and gift card processing and
funding with one solution provider eliminates the confusion associated
with supporting separate systems from multiple vendors."
NOVA's Electronic Check Service converts paper checks into
electronic transactions, either at the point of sale, or in an
accounts receivable environment. 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. NOVA offers
POP and ARC solutions through a variety of delivery methods, including
terminals, PC software, VAR interfaces, and batch-file submittals.
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