Tuesday, January 16, 2007
Ollie’s Bargain Outlet Implements NOVA’s Electronic Check Service
By Holly Lytle
Discounter Realizes Improved Cash Flow and Reduced Risk on Check Transactions
Atlanta, GA - 16 January 2007 - NOVA Information Systems (NOVA), a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), today announced that Ollie’s Bargain Outlet, Inc. (“Ollie’s”), Harrisburg, PA., has implemented NOVA’s Electronic Check Service in its 48 stores.
ECS combines the benefits of real-time check authorization and risk mitigation services with back-office image uploads, resulting in improved cash flow and reduced risk.
Ollie’s is able to take advantage of direct DDA access for check processing utilizing existing MICR technology at their point of sale, and upload the check images at the end of the day via a high-speed check imaging device located in their backroom cash office.
“NOVA’s ECS service has helped streamline our check handling and reconciliation process,” said John Swygert, chief financial officer, Ollie’s. ”The implementation went smoothly, and we are already seeing the benefits of electronic check processing.”
“Our ECS solution eliminates the need to install expensive check-imaging devices in every lane,” said Stuart C. Harvey, Jr., president, NOVA. ”Our unique combination of point-of-purchase processing and risk decisioning with back-office image uploads provides a strong return on investment for retailers like Ollie’s.”
NOVA’s ECS solution is available in a choice of service levels, including guarantee, verification, verification with collections, and conversion only. NOVA automatically routes checks through the appropriate processing rail: Direct DDA, the ACH or the Check 21 processing network. NOVA’s solution employs cash office imaging (COI) technology designed to efficiently manage the high speed delivery of check images without the need for monetary back office reconciliation to point-of-sale activity. Retailers use existing in-lane MICR technology to perform real-time financial authorizations, mitigating check acceptance risk and improving cash flow; a high-speed imaging device uploads batches of checks at the end of the day, joining the check image with the original transaction detail. Most retailers will experience same-day settlement and next-day availability of funds.
Multi-lane Retail Check Acceptance Brochure
Learn more about NOVA’s Multi-lane Retail Check Acceptance Solution
Ollie's Bargain Outlet is the Mid-Atlantic's largest retailer of closeout, surplus and salvage merchandise. The privately-held company was founded in 1982 and currently operates 48 stores in Pennsylvania, Maryland, Delaware, Ohio, Virginia, and West Virginia. For more information, visit www.olliesbargainoutlet.com.
NOVA Information Systems, a leader in the payment processing industry is a wholly owned subsidiary of U.S. Bancorp (NYSE: USB). Combined, NOVA and its affiliates First Horizon Merchant Services, euroConex and Elan provide global merchant processing services to financial institutions and clients in the United States, Canada, and Europe. NOVA offers integrated payment processing services to more than 1,000,000 merchants worldwide. For more information, visit www.novainfo.com.
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