JCPenney, TeleCheck Announce Agreement for Check Acceptance Services
HOUSTON, Feb. 17 /PRNewswire/ -- Retail giant J. C. Penney This article is about the department store chain. For its founder, see James Cash Penney. For the Irish retail chain branded Penney's, see Primark.
J. C. Penney Company, Inc (NYSE: JCP; most commonly known today by the name JCPenney or simply Company, Inc. (NYSE NYSE
See: New York Stock Exchange : JCP See Java Community Process.
JCP - Java Community Process ) and TeleCheck Services, Inc., the world's leading check acceptance company, today announced that TeleCheck will provide check verification services to the retailer's 1,200 stores. Houston-based TeleCheck is a subsidiary of First Data Corporation (NYSE: FDC FDC - Floppy Disk Controller ).
JCPenney will use TeleCheck's extensive negative database to identify bad checks that are not in its own databases. Additionally, TeleCheck will provide access to its positive databases and risk management system. The TeleCheck service will be used in conjunction with JCPenney's internal check authorization service, which includes the retailer's own database of bad-check writers.
"JCPenney is very customer service oriented. The addition of TeleCheck will enable JCPenney to identify and accept checks from more good check writers, helping us to provide better customer service," said Larry Walck, manager of stores programs at JCPenney.
The transactions that TeleCheck processes for JCPenney's 1,200 national locations will bring additional volume to TeleCheck's databases, already the most comprehensive in the industry. With access to JCPenney's database, TeleCheck can prevent the bad-check writers on the JCPenney database from writing checks to other TeleCheck merchants. TeleCheck's risk management system can predict with unmatched accuracy the probability of a check being good. This will allow JCPenney to accept more checks with less risk.
"We are happy to play such an important role in JCPenney's check acceptance process. Our dedication to providing exceptional value in check authorizations through access to TeleCheck's databases, is an exciting link toward fulfilling the goals of JCPenney and their customers," said Steve Shaper, TeleCheck's chief executive officer.
J. C. Penney Company, Inc. is one of America's largest department store and drugstore retailers, and the nation's largest catalog merchant Catalog merchant is a term for a form of retailing. The typical merchant sold a wide variety of household and personal products, with many emphasizing jewelry. Unlike a self-serve retail store, most of the items are not displayed; customers selected the products from printed . With the acquisition of Eckerd's, the company's drugstore chain is the nation's 4th largest.
The TeleCheck system provides check acceptance, check guarantee and collection services to more than 167,000 retail, financial institution, travel and association clients through a sales and service network with offices in more than 90 cities in the United States, Canada, Puerto Rico, Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . In 1996, TeleCheck authorized over $40.2 billion in checks and processed more than 645 million check inquiries. Additional information on TeleCheck services is available on the Internet at http://www.telecheck.com.
Founded in 1992, Hackensack, NJ-based First Data Corporation is a global leader in payment systems, electronic commerce and information management products and services. First Data and its principal operating units process the information that allows millions of consumers to pay for goods or services by credit, debit or smart card at the point of sale or over the Internet; by check, or wire money -- seamlessly and effortlessly. For more information about First Data, visit the company on the Internet at http://www.firstdatacorp.com.
SOURCE TeleCheck Services, Inc.
/CONTACT: Alisha Park, 713-599-7652, or Marjorie Fowler, 713-267-7303, both of TeleCheck Services, Inc./
/Web site: http://www.telecheck.com/
CO: TeleCheck Services, Inc.; First Data Corporation; J. C. Penney Company,
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