(COMTEX) B: LML SUBSIDIARY TO PROVIDE ELECTRONIC CHECK RE-PRESENTMENT
B: LML SUBSIDIARY TO PROVIDE ELECTRONIC CHECK RE-PRESENTMENT SERVICES
ENTERPRISE-WIDE FOR JCPENNEY
DALLAS, Mar 16, 2000 /PRNewswire via COMTEX/ -- LML Payment Systems
Inc. (Nasdaq: LMLP) is pleased to announce that JCPenney, one of
America's largest department store, drugstore and catalogue retailers,
has selected LML subsidiary CFData Corp. ("CFData") to provide
nationwide Electronic Check Re-presentment processing services and
technology for 825 JCPenney stores, nationwide.
"This contract is especially meaningful to us because we were selected
based on the results of direct, competitive trials. Our process proved
more effective at recovering NSF checks through our Electronic Check
Re-presentment system," said Kat Frey, President of CFData Corp.
"JCPenney is demonstrating leadership in the retailing sector through
its early adoption of this state-of-the-art technology that will soon
be standard practice for all retailers."
Under the program, eligible paper checks returned to JCPenney due to
insufficient funds in the checkwriter's account will be forwarded to
CFData for electronic processing. CFData captures data from the
magnetic MICR line at the bottom of each check, and re-submits the
returned item electronically through the facilities of the Automated
Clearing House (ACH) Network. Electronic items are easier to process,
are re-presented for payment more quickly than paper items, and
generally are given priority in the re-presentment process over paper
checks.
"CFData's Electronic Check Re-presentment has several benefits. We will
recover more money from our NSF checks. We will recover NSF funds
faster and easier. National checkwriter databases will be updated
sooner proving to be beneficial to both JCPenney and our customers.
These efficiencies in our check handling procedures will mean
significant savings to JCPenney. CFData was clearly the best partner
available to help us achieve these goals," said Larry Chin, Accounting
Project Manager, JCPenney.
LML Payment Systems is a financial payment processor specializing in
providing end-to-end check processing solutions for national, regional
and local retail merchants. The company's processing services include
traditional check verification and collection along with electronic
processing services including Electronic Check Re-presentment (whereby
returned paper checks are re-presented for payment electronically) and
Electronic Check Conversion (whereby paper checks are converted into
electronic transactions right at the point of sale). The Company's
intellectual property estate includes U.S. Patent No. 5,484,988 with
regard to a "Checkwriting point of sale system."
SOURCE LML Payment Systems, Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Patrick Gaines, CEO, 604-689-4440, or Investor Relations,
800-888-2260, both of LML Payment Systems Inc.
(LMLP)
GEOGRAPHY: Florida
Texas
California
INDUSTRY CODE: FIN
REA
SUBJECT CODE: CON
OTC
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