Chase Merchant Services, L.L.C., a joint venture between The Chase Manhattan Bank and First Data Corporation, today announced an agreement to process Visa and MasterCard sales for Dillard Department Stores Inc. Little Rock-based Dillard’s is one of the top five department stores in the United States, with approximately $7 billion in annual sales volume.
The 5-year merchant processing agreement is effective immediately, and includes transaction authorization and processing, settlement and funding services. The financial terms of the agreement were not disclosed.
“This agreement provides Dillard’s with an opportunity to take advantage of the most innovative technologies available, align itself with a leader in the rapidly changing payment processing industry, and leverage the various marketing opportunities made available through the relationship,” said John Hawkins, vice president, treasurer of Dillard Department Stores.
“We’re pleased to be able to serve the payment processing needs and bring additional merchant servicing opportunities to a retail leader such as Dillard’s,” said Robert F. McNamara, chief executive officer of Chase Merchant Services, based in Melville, N.Y. “Dillard’s selection of Chase Merchant Services reflects positively on our ability to provide the economies of scale and highest degree of innovation that retailers seek for payment processing.”
Strategically positioned in the forefront of a rapidly emerging area of electronic commerce, Chase Merchant Services provides merchants, like Dillard’s, with state of the art technologies, by which they can take advantage of superior processing services and streamlined reporting functions. Through this relationship with Chase Merchant Services, Dillard’s also gains access to top quality customer service and relationship management, as well as valuable marketing opportunities.
Chase Merchant Services is the nation’s largest merchant acquirer, processing nearly 2 billion transactions a year and more than $100 billion in annual credit and debit card sales volume. Chase Merchant Services is a joint venture between First Data Corporation, one of the world’s leading processors of Visa and MasterCard transactions, and Chase, the largest banking company and fourth largest bankcard issuer in the United States.
Dillard’s, with an estimated 32 million bankcard transactions in 1997, currently operates 272 stores in 27 states, and features branded and private label goods in the upper-middle price range catering to a broad spectrum of the population.
The Chase Manhattan Corporation (NYSE: CMB) is the largest banking company in the United States, with over $366 billion in assets. With operations in 52 countries and clients in 180, it has top-tier positions in all important areas of global finance, trading, private banking and information and transaction services, and is the leading bank to corporate America. Domestically, Chase has offices in 39 states and relationships with more than 30 million households – coast-to-coast. Chase is a leader in all financial products and services for consumers, including mortgages, branch banking, credit cards, mutual funds and electronic commerce. Within the tri-state region of metropolitan New York and throughout the state of Texas, it is the leading banker to small business and middle market companies. Chase’s Internet site is [www.chase.com].
Hackensack, N.J. – based First Data Corporation (NYSE:FDC) is a global leader in payment systems, electronic commerce and information management products and services. First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or smart card at the point of sale or over the Internet; by check or wire money. For further information about First Data, please visit us on the Internet at [www.firstdatacorp.com].