Source: First Data
In a transaction that strengthens its position as an industry-leading check collection and return check management company, TeleCheck Services, Inc., a subsidiary of First Data Corp. (NYSE:FDC), today announced that it has acquired substantially all the assets of ClearCheck, Inc., a full-service provider of return check management systems for major retailers and supermarkets across the United States. Financial terms of the transaction were not disclosed.
The acquisition of ClearCheck allows for significant enhancements to TeleCheck's existing check processing and collections technology and continues the growth momentum in TeleCheck's check collection and return check management business. The ClearCheck services include web-based products and tools that provide clients easy access to view and analyze their check collection portfolio and a streamlined process to handle returned checks.
"Adding the ClearCheck solutions and management team to our portfolio enhances the industry leading risk management and collections capabilities we offer merchants," said Brian Mooney, president of First Data's TeleCheck business. "Checks are a major payment choice for consumers and this acquisition enhances TeleCheck's delivery of end-to-end check solutions that allow merchants to accept consumers' checks while decreasing costs. TeleCheck continues to provide industry-leading solutions for front-end risk assessment, check conversion, settlement and collections."
The ClearCheck business will become part of First Data's Commercial Services segment and will be operated through the wholly owned subsidiary of TeleCheck. The ClearCheck management team and solutions will continue as part of the new organization and TeleCheck expects that current ClearCheck customers will see no change.
"The transaction brings together two successful companies with complementary strengths and is a positive for both companies and their clients," said Eric Bergelson, ClearCheck's CEO. "ClearCheck clients can expect the same commitment to service and technology as we are committed to making any integration seamless."