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.
Comdata Corporation, , 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), , 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.