Source: eFunds
eFunds Corporation (NYSE: EFD), a leading provider of risk management, electronic payments, ATM and global outsourcing solutions, today announced it has expanded its relationship with Paymentech, a private payment solutions company delivering both on-line and off-line solutions for leading retail organizations. Deposit Payment Protection Services, Inc., a wholly owned subsidiary of eFunds Corporation, and Paymentech have negotiated a contract in which Paymentech will make its SCAN check authorization services available to its top retail and e-commerce customers.
Paymentech processes more payment transactions for retailers than any other company in North America, and more than half of all Internet transactions for retailers. Services are targeted to the traditional point of sale, Internet, catalog and recurring payments, allowing customers to choose how they pay - whether online, in person or via phone. Paymentech provides these services to leading retailers, including more than 60 percent of the direct merchant market in the United States.
"Our relationship with Paymentech will increase the visibility and customer footprint for our SCAN check authorization services, and will allow Paymentech to provide their retail clients with an improved ability to manage risk, lower costs and enhance the customer service experience," said Rahul Gupta, senior vice president and division executive, eFunds.
"Making the SCAN database available to all our merchant channels - including brick and mortar and direct response - is a tremendous benefit," said Larry De Palma, director, product management for Paymentech. "Now all retailers have the opportunity to leverage and contribute multi-channel information to mitigate risk, protect their business and their bottom line."