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."
About First Data
First Data Corp. (NYSE: FDC) is a leading provider of electronic commerce and payment solutions for businesses and consumers worldwide. Serving 4.6 million merchant locations, 1,500 financial institutions and millions of consumers, First Data powers the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes credit, debit, private-label, gift and other prepaid card issuing and merchant transaction processing services; money transfer services; money orders; fraud protection and authentication solutions; check guarantee and verification services through TeleCheck; as well as Internet commerce and mobile solutions. Western Union, together with Orlandi Valuta and Vigo, make up one of the world's largest money transfer networks with more than 271,000 Agent locations in more than 200 countries and territories. The company's STAR Network offers PIN-secured debit acceptance at 1.9 million ATM and retail locations. For more information, visit www.firstdata.com.
ClearCheck, Inc., was founded in 1995, is a privately held company, headquartered in Greenville, South Carolina. The company provides receivable management services to major retailers and supermarkets throughout the United Sates and has just been named one of South Carolina's Fifty Fastest Growing Companies. The leaders of ClearCheck have over 80 years combined experience in the collection and check recovery business.
ClearCheck designs and implements systems that reduce the cost of accepting checks. The effectiveness of a comprehensive check management system is dependent upon the quality of its individual components. Alterations to any of its components, without a "big picture" analysis, produce short-run improvements, but can also diminish long-term effectiveness. ClearCheck believes proper planning and implementation in combination with ongoing operational monitoring is the key to an effective check management system.