TELECHECK INTRODUCES THE NEXT GENERATION INTERNET CHECK ACCEPTANCE® (ICA®) SERVICE
MEDIA CONTACTS:
Jeff Fowler
TeleCheck Services, Inc.
713-331-7359
jeff.fowler@telecheck.com
Registration Model Enables Simple and Secure Payments for Online Merchants and Consumers
HOUSTON, June 12, 2002 – TeleCheck Services, Inc., the world’s leading check acceptance company and subsidiary of Denver-based First Data Corp. (NYSE: FDC), today announced that it has enhanced the TeleCheck Internet Check Acceptance® (ICA®) service by adding registration technology. Leveraging technology made available through First Data’s acquisition of ACHEX Inc., TeleCheck expands the fraud screening capabilities of the existing ICA service and makes it easier for merchant’s customers to perform repeat purchases while shopping on the Internet.
“Online merchants want options and security with their non-face-to-face transactions, and consumers frequent retailers where check-out is easy and safe,” said Jerry Mosbacher, senior vice president of strategic distribution for TeleCheck. “The enhanced ICA service allows merchants to accept check payments and offer a total payment package with the latest in online payment security. And, the registration model makes recurring payments simple. TeleCheck’s fraud screening capabilities differentiate the ICA service from other Internet check services, making it an attractive tool for controlling losses from identity theft and check fraud. With ICA, merchants increase profit margins because of the low per-transaction costs and open their virtual shelves to the millions of online consumers who have checking accounts but no credit cards.”
First Data’s enhanced TeleCheck ICA service provides online consumers a mechanism to pay for merchandise through simple and secure Automated Clearinghouse (ACH) payments using their checking accounts. The first time a consumer pays by check with the enhanced ICA service, they complete a brief registration form and TeleCheck utilizes its databases containing millions of records to ascertain and verify the consumer’s identity. By analyzing the information against the records, TeleCheck reduces fraud risks for merchants and consumers. The consumer’s personal information is stored offline throughout the transaction process in TeleCheck’s bank-like security environment.
The verification process lasts only seconds before the consumer is issued a user name and password. Similar to a paper check, the funds are debited from the consumer’s checking account in about two business days. The user name and password make repeat purchases simple, and any TeleCheck accepting merchant honors them.
About First Data and TeleCheck
Houston-based TeleCheck Services, Inc., subsidiary of First Data Corp. (NYSE: FDC), is the world’s leading provider of paper and electronic check services, helping nearly 306,000 retail, financial institution, grocery, convenience store and other industry clients to increase their profitability, reduce risk and streamline operations. As the a leader in electronic commerce and payment services, First Data serves approximately 2.8 million merchant locations, 1,400 card issuers and millions of consumers, making it easy, fast and secure for people and businesses to buy goods and services using virtually any form of payment. With 29,000 employees worldwide, the company provides credit, debit, smart card and stored-value card issuing and merchant transaction processing services; Internet commerce solutions; Western Union® money transfer services and money orders; and check processing and verification services around the world. For more information, please visit First Data on the web at www.firstdata.com, or TeleCheck at www.telecheck.com.
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