Nova Information Systems (NOVA), a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), and American Express (NYSE:AXP) today announced the signing of an agreement under which Nova will sign up and service American Express merchants on behalf of American Express.
Under the terms of the agreement, NOVA will add American Express Card acceptance to the payment processing services offered to merchants. NOVA will provide processing, settlement, customer support and reporting to merchants for all major card brands.
NOVA will have the ability to offer American Express services to the thousands of new U.S. merchants it signs each month. The program is also open to existing NOVA merchants that wish to now add American Express Card acceptance and use NOVA as their single point of contact. With this agreement, NOVA now provides processing services for all major card brands — American Express, Discover Network, MasterCard and Visa — simplifying the process for merchants who would like to have one company to contact regarding any questions or issues.
Under this agreement, NOVA will offer processing and support services to small and mid-size merchants meeting defined processing parameters. American Express will retain the Card acceptance contract with the merchants, continue to set merchant pricing, perform authorizations, and receive the same transactional information it does today. The program will be available to merchants that are new to American Express Card acceptance beginning in the second half of 2008
"NOVA continually strives to improve the customer experience for our many small business clients," said Stuart C. Harvey, Jr., president, NOVA. "The ability to include American Express Card processing and funding in our merchant services package eliminates the complexities businesses face when dealing with multiple providers and expands payment choices for consumers."
"We are proud to offer this new program with NOVA to small to mid-size merchants. Now they have a new way to streamline payment acceptance for all card brands, allowing business owners to focus on meeting the needs of their customers," said Kim Goodman, executive vice president, Merchant Services North America, American Express. "Consumers will also enjoy the convenience of being able to use the American Express Card at even more locations and the opportunity to earn valuable rewards whenever they use their Card."