Equifax to Provide Check Acceptance Services
for Sears at 3000+ Locations in U.S.
ATLANTA, Jan. 21 /PRNewswire/ -- Equifax (NYSE: EFX - news), the leader in retail payment solutions,
today announced that it has formed a strategic partnership with Sears, Roebuck and Co. (NYSE: S - news), to
provide check acceptance services for the retailer's locations in the United States.
Under the terms of this agreement, Equifax Check Solutions will provide check authorization services to the more
than 3,000 Sears locations across the country, including full-line retail stores, auto centers and outlet locations,
as well as National Tire & Battery (NTB), The Great Indoors, Home Services and Sears Hardware.
In addition to authorizing checks presented for merchandise and services, Equifax will assume processing of all
returned check items accepted at the point-of-sale for Sears Card and Discover credit card payments.
Lee Kennedy, Equifax executive vice president and group executive, Payment Services, said, ''The addition of
Sears to our retail portfolio further strengthens and solidifies Equifax's position as the leading provider of check
risk management services to the department store industry.''
Equifax Check Solutions employs the latest state-of-the-art technology, including artificial intelligence and
neural networks. This allows Equifax to check many more variables and transaction characteristics in the risk
assessment process, making better decisions and expediting the point-of-sale experience for the retail shopper.
The conversion of Sears point-of-sale systems will begin within the next thirty days, and complete conversion of
all Sears business units should be completed by June 1999. ''Sears partnership with Equifax will bring more
efficiency and consistency to the check approval system at Sears, making the process simpler and faster for our
customers,'' said Ed Barclay, vice president of Asset Protection for Sears.
Sears, Roebuck and Co. is a leading U.S. retailer of apparel, home and automotive products and services, with
annual revenues of more than $41 billion. For more information about Sears, visit the company's web site at
www.sears.com. |
