Barnes & Noble, the nation’s largest retailer of books, will now be utilizing the services of Fifth Third Bank’s subsidiary, Midwest Payment Systems, for credit card processing and Internet-based back office management. Fifth Third will electronically process Visa, MasterCard, Discover, and American Express transactions for all of the retailer’s more than 1,000 stores, which include Barnes & Noble, B. Dalton, Scribner’s, Bookstop, Bookstar, Charlesbank, and Doubleday.
“We found Fifth Third Bank to be the best choice among the top processors in the nation,” reports Darrell Meussner, Vice President & Chief Financial Officer, Retail and Distribution, Barnes & Noble, Inc. “We were looking for a processor with the capability to provide us with custom solutions. Fifth Third’s development capabilities definitely made them stand out. In the back office area alone, we expect substantial cost savings by utilizing Fifth Third’s MVision system.”
MVision, Fifth Third’s internally-developed back office management system, is an Internet-accessible link which enables retailers to receive reports, view transaction and deposit data, handle chargebacks, export card data into other applications, and scan receipts or handwritten documents into the system.
Barry L. Boerstler, Fifth Third Bank Executive Vice President, states, “With millions of credit card transactions per year, Barnes & Noble needed a processor with high volume capabilities. Our in-house data center utilizes the most advanced processing technology available. This partnership will enable us to provide their back office operations with unmatched processing speed and reliability.”
A subsidiary of Fifth Third Bank, MPS was ranked #1 EFT provider by Faulkner & Gray (March, 1999). MPS processes more than four billion ATM, POS and e-commerce transactions per year for more than 60,000 retail locations and financial institutions worldwide, including Federated Department Stores, The Kroger Co., Circuit City, Office Depot, and CompUSA. MPS’ merchant customer base generates more than $40 billion in credit card sales annually.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company, which is Y2K ready, has $41 billion in assets, operates 14 affiliate banks with 647 full-service Banking Centers, including 112 Bank Mart(R) locations open seven-days-a-week inside select grocery stores and 1,400 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Florida, Arizona and Michigan. A leader in e-commerce, Fifth Third expects to process over four billion electronic transactions in 1999. The Bank’s financial strength continues to be recognized by rating agencies with deposit ratings of AA- and Aa2 and commercial paper ratings of A1+ and P1 from Standard & Poor’s and Moody’s, respectively. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors, and Midwest Payment Systems, the Bank’s data processing subsidiary. Investor information and press releases can be viewed at [http://www.53.com]; press releases are also available by fax at no charge by calling 800-758-5804, identification number 281775. The company’s common stock is traded in the over-the-counter market through the Nasdaq National Market System under the symbol “FITB.”
Barnes & Noble, Inc. (NYSE: BKS) operates 521 Barnes & Noble and 448 B. Dalton bookstores. Barnes & Noble stores stock an authoritative selection of book titles and provide access to more than one million titles. They offer books from more than 50,000 publisher imprints with an emphasis on small, independent publishers and university presses. Barnes & Noble is one of the world’s largest booksellers on the World Wide Web ( [http://www.bn.com]), and the exclusive bookseller on America Online (keyword:bn). Barnesandnoble.com has the largest standing inventory of any online bookseller. Barnes & Noble also publishes books under its own imprint for exclusive sale through its retail stores, mail-order catalogs, and Web site.
General financial information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company’s investor relations web site at .