Vital Express Enables Acquirers to Approve & Board New Merchants Online in Express Time
Tempe, AZ, November 27, 2001
Vital Processing ServicesŪ (VitalŪ), a recognized leader in technology-based commerce enabling services, today launched Vital Express, a fully hosted, online management tool that gives acquirers the ability to automate their credit review and enrollment operations of new merchant accounts. It provides straight-through processing of a new merchant application, from credit review and approval, to boarding accounts on terminal management and merchant accounting systems.
In a marketing agreement with HNC Software Inc. (Nasdaq: HNCS) announced earlier this year, Vital purchased the services of HNC`s Decision Manager product that has case management and automated decision-making functionality. Integrated into Vital Express, this mature credit-decisioning product allows Vital`s clients to automate their merchant application credit review and acceptance process with expansive business intelligence through a single system. The additional business intelligence allows acquirers to improve underwriting and pricing methodologies and to implement a customized and consistent decisioning practice.
"The speed and ease with which acquirers can board a new merchant account that fits within their specific approval criteria is a crucial element in achieving long-term, profitable merchant relationships. Vital Express enables our clients to get the right merchants up and running more quickly so they can realize revenue from those merchants faster. Vital Express puts a successful business practice into our acquiring client`s back-office operations by integrating the whole merchant application and boarding process through a central point on a single system," said Denise Lewis, executive vice president of Vital`s Products and Marketing Group.
Currently, when a field sales representative of an acquirer or Independent Sales Organization (ISO) wants to close the sale of a new merchant account, it can be an arduous process with a lot of paperwork and waiting time. Now, with a laptop and a wireless modem, that same sales representative can approve a new merchant account within minutes using Vital Express.
Vital Express creates many operational and cost efficiencies for acquirers by avoiding the traditional time-consuming paper process. Essentially, this automated online system minimizes the need for human intervention of processing applications, creating less opportunity for inaccuracies and inconsistencies in the account approval process.
Acquirers and its new merchant customers will experience more efficiency from Vital Express and its broad offering of automated features.
About HNC Software Inc.
HNC is a leading provider of high-end analytic and decision management software that enables global companies to manage customer interactions by converting data and business experiences into real-time recommendations. HNC`s proven software empowers Global 2000 companies in the financial services, insurance, telecommunications, health care, and other industries and governments to make millions of the right mission-critical customer decisions, and take action in real time, substantially improving financial performance, reducing costs and decreasing risk. For more information, visit www.hnc.com.
About Vital Processing Services
Arizona-based Vital Processing ServicesŪ (VitalŪ) is a leader in technology-based commerce enabling services. Vital`s clients include acquirers and merchant service providers that offer electronic payment processing and related services to merchants. Vital provides leading point-of-sale (POS) products and services, electronic authorization and data capture; clearing, settlement and exception processing; accounting, billing and reporting; risk management; and merchant support services. Vital also provides POS equipment management services through its subsidiary Vital Merchant Services and a full suite of Information Services in conjunction with Vital`s wholly-owned subsidiary GRS. Vital is a merchant processing joint venture of Visa U.S.A. and TSYSŪ ("NYSE: TSS"), a global leader in payments processing. Additional information regarding Vital can be found at www.vitalps.com.
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