First of Omaha Merchant Processing, a wholly-owned subsidiary of First National Bank of Omaha and one of the nation’s leading credit card processors, announced a partnership with TeleCheck Services, Inc. to provide secure, guaranteed electronic check payments to First of Omaha’s merchant customers. With the TeleCheck Electronic Check Acceptance service, First of Omaha merchants will be able to process electronic checks at the point of sale as simply and securely as a credit card transaction. TeleCheck is the world’s leading check acceptance company, and a subsidiary of Atlanta-based First Data Corp.
! At the point of sale, the TeleCheck Electronic Check Acceptance service converts a customer’s paper check into an electronic item, and moves funds through the Automated Clearing House network. The consumer simply signs a printed receipt authorizing the electronic transaction and the canceled paper check, along with a copy of the authorization slip, is returned to the consumer. A complete description of the transaction is included in the check writer’s bank statement for reconciliation purposes. Merchants benefit from the service because the guaranteed funds are delivered directly to the merchant’s account, so they can consolidate bank accounts, streamline operations, improve cash flow and reduce paper handling. Electronic check returns and collections become TeleCheck’s responsibility.
Nick Baxter, president of First of Omaha, commented on the partnership; “The integrated features of ECA(R) combined with guaranteed payment to our merchant clients equates to a more secure and reliable overall process which will undoubtedly provide increased efficiencies for our merchants and their customers-offering more payment flexibility and ease at the point of sale.”
“This partnership marks a significant step for TeleCheck as we continue to expand our presence as an electronic payments processor,” said Jerry Mosbacher, senior vice president of strategic distribution for TeleCheck. “With First of Omaha’s strong market presence, TeleCheck’s products and services will be offered to even more merchants across the country.”
Merchant benefits of the TeleCheck(R) Electronic Check Acceptance(SM) (ECA(R)) service include:
* guarantees payment of all check transactions approved by TeleCheck;
* eliminates returned checks, returned check fees and warranty claims;
* reduces paperwork and trips to the bank;
* improves cash flow through faster closing/balancing and settlement.
About First of Omaha Merchant Processing
First of Omaha Merchant Processing is a premier payment processor specializing in providing service to both the traditional and Internet direct marketing industry, as well as the traditional face to face card acceptance market. First of Omaha provides financial management and payment processing solutions for large and small retailers, restaurants, lodging merchants, petroleum marketers, associations/franchise groups and banks in both the business to consumer and business to business marketplaces. Known for their superior customer service, First of Omaha specializes in providing clients the latest in card processing technologies. Through development of a diversified product line, First of Omaha has become a leader in the merchant processing industry, assisting clients in the reduction of chargebacks and fraud. First of Omaha is a wholly owned subsidiary of First National Bank of Omaha and is one of the few remaining in-house bank processors. First National Bank of Omaha, founded in 1863, is the 32nd oldest nationally chartered bank in existence. First of Omaha’s Internet address is [http://www.foomp.com].
About TeleCheck Services, Inc.
TeleCheck is the world’s leading provider of paper and electronic check services, helping more than 228,000 retail, financial institution, grocery and other industry clients to increase their profitability, reduce risk and streamline operations. TeleCheck’s check acceptance and electronic commerce solutions help businesses safely and efficiently accept payment at the point of sale, by telephone, over the Internet, and through recurring ACH payments. TeleCheck services are offered through a sales and service network in more than 90 cities in the United States and in Puerto Rico, Canada, Australia and New Zealand. In 1999, TeleCheck authorized more than $155 billion in checks, representing 3.1 billion transactions. For more information about TeleCheck, visit the Internet site at [http://www.telecheck.com].