TeleCheck Services Inc., the world’s leading check acceptance service and subsidiary of First Data Corp., today announced that it has significantly expanded its check services relationship with Wal-Mart and Sam’s Club stores.
“Over the past year and a half we’ve developed a comprehensive plan for check processing. TeleCheck’s authorization, collections, and the TeleCheck Electronic Check Acceptance® (ECA®) service are integral parts of that strategy,” said Becky Garrett, Wal-Mart director of financial operations.
The expanded relationship encompasses four check service areas. First, Wal-Mart is increasing its use of the TeleCheck ECA service by introducing it into additional markets. The expanded use of the ECA service demonstrates Wal-Mart’s continuing commitment to providing consumers with convenient payment options at the point of sale.
Additionally, TeleCheck is providing Wal-Mart stores with a new way to process paper checks in real time. TeleCheck has the ability to differentiate high and low-risk paper check transactions at the point of sale and process them accordingly. For riskier transactions, TeleCheck is providing Wal-Mart its adaptive decisioning tools, while low-risk transactions are approved via a real-time negative database of returned check information.
TeleCheck is also now the primary provider of check collection services for Wal-Mart and Sam’s Club stores. This augments TeleCheck’s position as a leading provider of paper check collections services.
Finally, TeleCheck will host all shared negative database files for Wal-Mart. TeleCheck will provide returned check data to Wal-Mart, and Wal-Mart’s returned check data will continue to feed TeleCheck’s database.
“We are excited about the opportunity to expand our long-term partnership with Wal-Mart, and as a part of First Data’s point-of-sale strategy, are committed to ensuring our check services contribute to the success of Wal-Mart and meet the needs of their customers,” said Brian Mooney, who leads First Data’s TeleCheck business. “Wal-Mart continues to be a valued partner who shares our vision for focusing on consumer needs.”
