CHICAGO, IL, October 25, 2004 – Moneris Solutions, one of North America’s largest electronic transaction processors, today announced the delivery of its enhanced debit program, which provides access to multiple networks and enables merchants to accept online and offline debit cards.
Debit card usage in the United States has grown rapidly during the past decade. Packaged Facts, a market research publisher, says the debit card has grown from accounting for 274 million transactions in 1990 to 10.47 billion transactions in 2003. According to payments industry newsletter, The Nilson Report, the number of debit cards in circulation worldwide reached one billion in 2003 and debit card sales volume will double by 2007.
“Debit cards have become the fastest-growing consumer payment method and an essential revenue-generating tool for merchants,” said Larry Wine, president of Moneris Solutions U.S. Group. “Although the acceptance of debit transactions is relatively similar to that of credit card transactions, merchants are often challenged by the regional limitations of some debit networks as well as the requirements of online transactions.”
“Our flexible debit acceptance program helps merchants overcome these challenges to quickly begin experiencing the benefits of reduced costs, increased sales and increased customer loyalty. We are committed to providing our merchants with the full range of point-of-sale solutions – from credit and debit to gift and loyalty – they need to sustain a competitive edge,” continued Wine.
Accepting debit and ATM cards for payment enables merchants to provide their customers with additional flexibility. Moneris’ enhanced debit offering supports:
Access to multiple debit/ATM networks: No matter where in the U.S. a merchant’s business is located, Moneris Solutions has national and regional networks that support debit card processing. Moneris provides access to major debit card networks, including Interlink, Maestro, NYCE, PULSE (TYME), SHAZAM, STAR (Honor, MAC, Cash Station), and AFFN.
Online Debit Transaction: An online debit transaction occurs when a cardholder’s debit card is swiped and a Personal Identification Number (PIN) is used to authenticate the transaction. Moneris delivers the pinpad, a piece of encrypted hardware, required to support this type of debit transaction. The Moneris debit program supports a broad range of terminals and pin pads available for use on Paymentech, Vital, and First Data Merchant Services (FDMS).
Offline Debit Transaction: Offline debit cards with the VISA® or MasterCard® logo on the front of the card can be accepted just like a Visa or MasterCard credit card. Acceptance of these cards does not require a pinpad and can be used as a debit card for online transactions, or as a credit card for offline transactions.
Merchants can turn to Moneris for all point-of-sale payment needs. Moneris Solutions delivers point-of-sale hardware, proprietary software, e-commerce solutions, Web-based financial reporting, and the necessary services and support so that merchants can be equipped to accept credit and debit cards as well as paper and electronic checks. In addition to payment processing solutions, Moneris also offers gift and loyalty programs.
About Moneris Solutions
Moneris Solutions ( www.monerisusa.com) has a 30-year history as one of North America’s largest electronic transaction processors, delivering advanced payment card processing capabilities through point-of-sale hardware, payment processing software, e-commerce solutions and a gift and loyalty program. Moneris provides transaction-processing services nationwide through numerous agent banks and serves the small to medium-sized business market through direct sales and strategic partnerships. A joint investment of the Royal Bank of Canada and the Bank of Montreal, which have assets in excess of $700 billion, Moneris Solutions serves more than 350,000 North American merchant locations and has a staff of over 1,100 employees. U.S. headquarters are located outside of Chicago, IL.
| Marcie Cheney 202-296-2002 x103 mcheney@environics-usa.com |