Discounter Realizes Improved Cash Flow and Reduced Risk on Check
ATLANTA--(BUSINESS WIRE)--Jan. 15, 2007--NOVA Information Systems
(NOVA), a wholly owned subsidiary of U.S. Bancorp (NYSE:USB), today
announced that Ollie's Bargain Outlet, Inc. ("Ollie's"), Harrisburg,
PA., has implemented NOVA's Electronic Check Service in its 48 stores.
ECS combines the benefits of real-time check authorization and risk
mitigation services with back-office image uploads, resulting in
improved cash flow and reduced risk.
Ollie's is able to take advantage of direct DDA access for check
processing utilizing existing MICR technology at their point of sale,
and upload the check images at the end of the day via a high-speed
check imaging device located in their backroom cash office.
"NOVA's ECS service has helped streamline our check handling and
reconciliation process," said John Swygert, chief financial officer,
Ollie's. "The implementation went smoothly, and we are already seeing
the benefits of electronic check processing."
"Our ECS solution eliminates the need to install expensive
check-imaging devices in every lane," said Stuart C. Harvey, Jr.,
president, NOVA. "Our unique combination of point-of-purchase
processing and risk decisioning with back-office image uploads
provides a strong return on investment for retailers like Ollie's."
NOVA's ECS solution is available in a choice of service levels,
including guarantee, verification, verification with collections, and
conversion only. NOVA automatically routes checks through the
appropriate processing rail: Direct DDA, the ACH or the Check 21
processing network. NOVA's solution employs cash office imaging (COI)
technology designed to efficiently manage the high speed delivery of
check images without the need for monetary back office reconciliation
to point-of-sale activity. Retailers use existing in-lane MICR
technology to perform real-time financial authorizations, mitigating
check acceptance risk and improving cash flow; a high-speed imaging
device uploads batches of checks at the end of the day, joining the
check image with the original transaction detail. Most retailers will
experience same-day settlement and next-day availability of funds.
Ollie's Bargain Outlet is the Mid-Atlantic's largest retailer of
closeout, surplus and salvage merchandise. The privately-held company
was founded in 1982 and currently operates 48 stores in Pennsylvania,
Maryland, Delaware, Ohio, Virginia, and West Virginia. For more
information, visit www.olliesbargainoutlet.com.
NOVA Information Systems, a leader in the payment processing
industry is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB).
Combined, NOVA and its affiliates First Horizon Merchant Services,
euroConex and Elan provide global merchant processing services to
financial institutions and clients in the United States, Canada, and
Europe. NOVA offers integrated payment processing services to more
than 1,000,000 merchants worldwide. For more information, visit
CONTACT: NOVA Information Systems
Michelle Graff, 678-731-5064
SOURCE: NOVA Information Systems