AMERICAN EXPRESS AND FIRST DATA SIGN MERCHANT SALES AND SERVICING AGREEMENT
Merchants Benefit from Single Source for Statements, Settlement, and Customer Service; Consumers Benefit from Increased Choice
NEW YORK & DENVER, December 17, 2007 -- American Express (NYSE: AXP) and First Data Corp., a global leader in electronic commerce and payment services, today announced the signing of an agreement whereby First Data will offer American Express® Card acceptance as part of an integrated solution for small- and medium-sized merchants. Specific terms and conditions of the agreement are not being disclosed.
Under this unique arrangement, American Express will retain the acceptance contract with participating merchants, establish merchant pricing, and receive the same transactional information it does today. First Data will provide payment processing services to merchants on behalf of American Express for American Express card transactions under the new agreement. New merchants who sign up for the program will receive an easy, cost-effective, all-in-one solution with the convenience of a single source for statements, settlement and customer service for all major card brands. The program will be available to merchants that are new to American Express Card acceptance in the second quarter of 2008.
“First Data continues to bring innovation to the marketplace that is focused on customer-based solutions,” said Brian Mooney, president of First Data Merchant Services. “Through our relationship with American Express, merchants will benefit from a single payment for all major card transactions, consolidated statements, a single point of contact for all customer service, and a one stop shop for all their payment needs.”
“This innovative program with First Data offers small to mid-size merchants the choice of a new way to streamline payment acceptance so that they can focus more time on serving customers and growing their business,” said Kim Goodman, executive vice president, Merchant Services North America, American Express. “Consumers will also enjoy the convenience of being able to use the American Express Card at even more locations and the opportunity to earn valuable rewards whenever they use their Card.”
About American Express
American Express Company is a leading global payments, network, travel and banking company founded in 1850. Merchant Services is the merchant network of American Express, which acquires and maintains relationships with millions of merchants around the globe, which welcome American Express-branded Cards.
About First Data
First Data Corp. is a leading provider of electronic commerce and payment solutions for businesses worldwide. With operations in 38 countries, First Data serves over 5 million merchant locations, 1,900 card issuers and their customers. It 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 merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2.1 million ATM and retail locations. For more information, visit www.firstdata.com.
