U.S. Bank Home   Customer Service   Contact Us   Locations   Careers   About U.S. Bancorp   
U.S. Bank



Related Links
Careers at U.S. Bancorp
Community Relations
Corporate Governance
IR Tool Kit
Print PagePrint Page
E-mail PageE-mail Page
RSS FeedsRSS Feeds
IR ContactsIR Contacts

Printer Friendly Version View printer-friendly version
<< Back
NOVA Enhances Its Electronic Check Service Product with Support for Accounts Receivable Conversion

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.

About NOVA

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
Michelle Graff

SOURCE: NOVA Information Systems

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information. U.S. Bancorp does not undertake an obligation, and disclaims any duty, to update any of the information on or available through this site.

This site is supported through the use of Microsoft Internet Explorer Browser, version 6.x or higher. Use of older or other browsers may cause pages to improperly display. We regret any inconvenience that this may cause.

Privacy Pledge   |   © 2010 U.S. Bancorp Site Map   |   Careers