SVS CONVERSION
Comdata Corporation announced its Stored Value Systems subsidiary will provide American
Eagle Outfitters with electronic point-of-sale currency conversion for its
Canadian-based stores. An SVS electronic cash card customer since 1998,
American Eagle Outfitters operates over 600 stores in the United States and
Canada.
“Currency conversion is a critical factor for the growing number of
domestic retailers that are expanding their operations to Canada,” said Mike
Berry, executive vice president and general manager, Stored Value Systems,
Inc. “Shoppers in American Eagle’s Canadian stores will enjoy faster check-
outs, while store managers will benefit from more accurate, error-free
accounting that SVS electronic cash cards provide.”
As the exclusive cash card provider with automatic currency conversion at
the point-of-sale, SVS first introduced the technology in Canadian Pier One
Imports stores last fall. SVS customers with currency conversion sell their
cards in the common currency of the country where the store is located. The
cards can be redeemed in either the United States or Canada. When a shopper
presents an electronic cash card for payment, the SVS system converts the sale
amount to the base currency of the card, deducts the amount of the sale, and
calculates the remaining balance in the base currency. The transaction is
conducted in real-time through the retailer’s point-of-sale device.
“Cross-border shopping is becoming more common today, especially in a
fluctuating economy,” said Berry. “SVS is working with domestic retailers
today to find new ways to capitalize on shopper trends. Our currency
conversion feature is the first in a series of exciting developments we are
introducing that add more value to retailers today challenged with incremental
sales growth.”
As the leading electronic cash card provider, current SVS clients include
some of the nation’s most acclaimed retailers, grocers and petroleum
providers. Current SVS clients include K-Mart, Target, Radio Shack, Kroger,
Lowes and Food Lion, all of which market the SVS product as private-label gift
cards, electronic replacements for traditional gift certificates.
About Comdata
Comdata Corporation, http://www.comdata.com/, is redefining the movement of money
and information through technology for businesses, customers and employees. A
leading provider of transaction and information services, Comdata provides
Comchek(R) credit and debit processing and reporting for commercial fleets and
merchants, SVS electronic cash, gift and chip card programs for retailers and
governmental agencies, Comchek(R) eCash payroll services for food, retail and
other service industries, and point-of-sale equipment for travel plazas and
convenience stores. Headquartered in Brentwood, TN, Comdata employs nearly
2,000 people throughout the United States and Canada. Comdata is a wholly-
owned subsidiary of Minneapolis-based Ceridian Corporation (NYSE: CEN).
About Stored Value Systems, Inc. (SVS)
Stored Value Systems (SVS), http://www.storedvalue.com, is the nation’s leading
provider of retail cash card services and chip card programs. Retailers
across America rely on SVS to create customer loyalty, increase transaction
volumes and strengthen their competitive position in the retailer marketplace.
The people of SVS are the undisputed experts at building retail brands and
keeping satisfied shoppers in stores. Headquartered in Louisville, KY, Stored
Value Systems is a wholly-owned subsidiary of Comdata Corporation.