In Other News: SYNCHRONY (La-Z-Boy); SVM (Peoples Trust); CUNEXUS (DCU); and GIFTLOGIC (receipts). SYNCHRONY – Synchrony Financial inked a multi-year extension of its private label credit card program agreement with leading national furniture retailer La-Z-Boy. SVM- Peoples Trust, a federally chartered prepaid card issuer in Canada, has expanded its issuing services to SVM, a leader…
GE Capital Retail Bank and La-Z-Boy inked a five-year extension of their relationship to provide consumer credit card services through many of the home furnishings retailer’s 781 U.S. retail locations. GE Capital Retail Bank provides financial solutions to retailers to help grow their customer sales and will continue to service the account and manage the La-Z-Boy relationship. Customers can apply online or use in-store application kiosks for secure processing and fast credit decisions. GE Capital has helped major retailers and more than 200,000 small- and mid-sized businesses throughout the United States build consumer financing programs that support business growth and customer satisfaction.
CA-based CyberSource reported that fourth quarter revenue soared by 177% to $45.4 million, compared to the same period the previous year. The Company processed a record 1.2 billion billable transactions last year, a 45% increase over 2006. The value of transactions processed was $54 billion, a 57% increase over 2006. Fourth quarter results include two months of Authorize.Net results, as the acquisition closed on November 1st. In Europe, CyberSource is growing its U.K. based operations to target new business opportunities in countries including France, Germany, Netherlands, Spain, Portugal, and Italy. CyberSource added approximately 7,000 net new customers in the fourth quarter, bringing its installed base of customers to approximately 228,000. Customer wins this quarter included Borders Group to provide bank cards, alternative payments processing and fraud protection services for their upcoming Borders.com site, which is expected to launch in early 2008. CyberSource also announced extended support for PayPal Express Checkout to U.K merchants, and released enhanced fraud protection for merchants worldwide who accept PayPal Express Checkout transactions. Other new customers include Air France, Air India Charters, Christian Dior, Juniper Networks, and La-Z-Boy. For complete details on CyberSource’s fourth quarter results visit CardData ([www.carddata.com]).
Wells Fargo Financial Retail Services has awarded La-Z-Boy Furniture Galleries a “Client Award” for its private-label credit card program. The annual award recognizes select clients for success achieved with their consumer private-label credit card program through Wells Fargo Financial Retail Services. The award is based on program participation and credit card sales volume. Wells Fargo Financial Retail Services, headquartered in Des Moines, Iowa, specializes in providing consumer private-label and dual-line credit card programs to retailers in North America. Its parent is Wells Fargo Financial, a unit of Wells Fargo & Company.