Wednesday, September 17, 2008
Elavon Leaps to Top of Charts for Back Office Conversion
By Holly Lytle
Processes More Than 4.6 Million BOC Transactions in August
September 17, 2008
ATLANTA - September 17, 2008 - Elavon, a wholly-owned subsidiary of U.S. Bancorp (NYSE: USB) and formerly known as NOVA Information Systems, sits atop the charts for Back Office Conversion (BOC) processing, surpassing more than 4.6 million transactions in August alone, accounting for over $400 million in converted check volumes. The announcement comes on the heels of ongoing BOC implementations of Elavon's Electronic Check Service (ECS) solution, currently installed at more than 1,800 retail locations nationwide.
BOC solutions help eliminate the significant costs and operational hurdles that point-of-purchase (POP) conversion presents to retailers. "BOC processing enables merchants to realize the operational efficiencies and financial benefits of electronic check conversions," said Amy Gutierrez, Vice President Strategic Market Development at Elavon and a member of NACHA's electronic check council.
"From national multi-lane retail stores to local storefronts and regional chains, BOC is having a very positive impact on the way businesses process checks," said Stuart Harvey, CEO of Elavon. "Elavon's ability to enhance BOC with our robust solutions that process all checks and provide next-day funding delivers a true value proposition to retailers."
L'Occitane, an all natural, luxury bath and body retailer, has implemented Elavon's ECS solution at its 166 U.S. locations. "We explored all of our options when it came to making the move to electronic checks," said Wilfrid Poisnel, Chief Financial Officer at L'Occitane. "We found Elavon's solution to address all of our needs and couldn't turn our backs on the time and money that their electronic check solution offered."
More than 40,000 Merchant Locations Nationwide
Elavon works with retailers to tailor processing, conversion and imaging options that increase operational and financial efficiencies. More than 40,000 U.S. merchants of all sizes have implemented Elavon's ECS solution, choosing the right mix of processing methods, security and convenience. Elavon's flexible choice of options fit any retail environment, including:
- The ability to process all checks - consumer, business, government, etc. - electronically, eliminating the need for multiple acceptance and handling processes depending on the type of check presented.
- Real-time financial processing that automatically and systematically leverages three processing methods including direct Demand Deposit Account (DDA) access. Automated Clearinghouse Processing (ACH), and Check Replacement Document processing (CRD) using traditional banking networks.
- A choice of processing methods: point of purchase (POP), back office conversion (BOC), accounts receivable conversion (ARC).
- A range of imaging solutions: the point of sale, in the back office, in a centralized location or via 10 outsourced imaging ECS item processing centers Nationwide.
- Customizable risk service levels - from conversion only to verification and guarantee.
- Fully automated returns handling that keeps retailers financially whole throughout the process.
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Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon's services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Elavon represents the former brands of NOVA Information Systems and its affiliates FHMS and euroConex. For more information about Elavon visit www.elavon.com.