ICVERIFY and First Data Launch Business-to-Business Commerce Software for Merchants; Purchasing Cards Expected to Become Business-to-Business Commerce Standard
April 28, 1998
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OAKLAND, Calif.--(BUSINESS WIRE) via NewsEdge Corporation -- ICVERIFY, Inc. and First Data Merchant Services Corporation (FDMS) today announced their joint release of ICVERIFY for Windows, merchant software enabling acceptance of business-to-business purchasing cards. FDMS will make ICVERIFY Purchasing Card Capable software immediately available through their alliance bank partners and other merchant processing clients. FDMS, a subsidiary of First Data Corporation (NYSE: FDC), handled nearly 5 billion merchant transactions in 1997 on behalf of its alliance bank partners and other merchant processing clients.
The ICVERIFY for Windows Purchasing Card Capable software, which runs on Windows 95 and Windows NT, enables merchants to accept Visa and MasterCard purchasing cards, as well as other credit cards, ATM/debit cards and check transactions. ICVERIFY for Windows Purchasing Card Capable is the only purchasing card product sold by FDMS, which will provide 24-hour help-desk support for merchants using the product.
"FDMS is excited to work with ICVERIFY in providing merchants the technology needed to accept purchasing cards. By adding this functionality, we can offer merchants the ability to improve their cash flow, increase their profits, and expand their customer base by working with corporations who may offer employees purchasing cards. Our partnership with ICVERIFY reflects our commitment to provide the innovative solutions merchants need to address the evolving technologies within the payments industry," said Steve Ryan, Senior Vice President, FDMS Product Development.
Purchasing card transaction volume in the United States totaled $20 billion in 1997, and the volume is projected to double in 1998. Purchasing cards are credit cards that corporations issue to their employees for buying products and services at selected businesses. Purchasing cards substantially reduce the time, paperwork and costs associated with handling requisitions, because purchase orders and invoices are virtually eliminated. Consolidated monthly statements include the details about each transaction that are normally contained in purchase orders and invoices, providing corporations a scaled-down tracking process.
Purchasing cards also benefit cardholders -- businesses and corporations -- by eliminating the costs of creating and mailing expensive paper purchase orders, invoices, and requisitions. Purchasing card statements also provide data that cardholders use to create management reports, and shorten the approval process that frequently delays key purchases.
"The major card brands are telling us that purchasing cards will become the business-to-business standard in the next 12 months. We believe merchants who cannot offer this capability to their customers will begin to lose business," said F. Tom Aden, CEO and president of ICVERIFY. " ICVERIFY decided to support purchasing cards because the business case is truly compelling. PC-compatible software is the logical means to store and transmit all the necessary detailed information that purchasing card reporting requires. Traditional hardware solutions simply do not have the memory capacity to handle the data."
ICVERIFY software stores up to nine years of data, allowing users to print detailed reports or conduct searches for specific transactions. Users can process transactions in real-time, or in batch-mode. ICVERIFY also allows users to exchange data with other applications, such as databases or spreadsheets.
About First Data Corporation
First Data Corporation (www.firstdatacorp.com) is one of the world's leading providers of transaction processing services -- credit, debit and pre-paid card processing; payment systems; electronic commerce and information-based services to both businesses and consumers. In partnership with clients, primarily financial institutions, and a worldwide Western Union agent network, First Data processes the information that allows consumers to pay for goods and services by check or card or any form of payment, except cash - at any point of sale, whether at the retail counter or on the Internet. And, through Western Union, First Data is the global leader spanning more than 150 countries in money transfer services that are convenient, fast and reliable. With an international employee base of more than 36,000, First Data delivers innovative solutions and quality service to a broad base of clients and consumers all needing to transact business - anytime, anywhere.
About ICVERIFY, Inc.
ICVERIFY, Inc., is a privately held, venture capital-funded corporation with U.S. headquarters in Oakland, California, and European headquarters in Munich, Germany. The company is the leading provider of software solutions for authorizing credit card, purchasing card, debit/ATM card and check transactions for merchants. More than 250,000 point-of-sale locations such as Web commerce sites, Internet service providers, retail stores and catalog companies use ICVERIFY. For more information about ICVERIFY, visit www.icverify.com or call 800-666-5777.
NOTE TO EDITORS: ICVERIFY and NetVERIFY are trademarks of ICVERIFY Incorporated in the U.S. and/or other countries. All other trademarks and registered trademarks are property of their respective owners. FDMS is a service mark of First Data Merchant Services Corporation. Windows and Windows NT are trademarks of Microsoft Corporation in the U.S. and other countries.
CONTACT: ICVERIFY Inc. | Tim Roddy, 510/563-6217 | troddy@icverify.com | or | Strategy Associates Inc. | Michele Tirrell, 650/653-2777 | michelet@prstrategy.com | or | First Data Corp. | Melissa Baron, 402/498-2170 | melissa.baron@firstdatacorp.com
[Copyright 1998, Business Wire]
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