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A Thing Concord EFS
Concord EFS

 

The Food Marketing Institute has selected Concord EFS, Inc., as a strategic partner in developing future electronic payment solutions (EPS) and network strategies. Concord will serve as FMI's technical advisor, educator, and innovator on EPS projects targeted to reduce the overall cost of accepting electronic payments in the supermarket industry.

The Food Marketing Institute (FMI) is a nonprofit association conducting programs in research, education, industry relations, and public affairs on behalf of its 1,500 membersófood retailers, wholesalers, and their customers worldwide. FMI's domestic member companies operate approximately 21,000 retail food stores with a combined annual sales volume of $220 billionómore than half of all grocery store sales in the U.S.

"The rapid migration of paper-based payments to the electronic format makes this one of the most dynamic times in the history of the supermarket industry," said Ed Labry, Concord president. "FMI's strong leadership and vision for the future will help accelerate this movement for the benefit of all its members and the industry at large."

FMI's EPS Operating Committee recommended Concord for several reasons including Concord's industry knowledge and experience, established ACH card program, and emerging electronic check truncation program.

In addition, Concord EFS, Inc., has been chosen by Bridgeview Bank & Trust to provide processing services for their merchant acquirer business beginning next year. The exclusive multi-year processing agreement calls for Concord to provide accounting, settlement, and reporting services for over 14,000 Bridgeview B&T merchant clients.

"Concord recognizes that successful outsourcing is as much about service as it is about technology," said Tom Haleas, EVP, Bridgeview Bank & Trust. "We need top-notch processing, but we also want flexibility, and we believe Concord will give us both. We're looking forward to improving and expanding our program with Concord's help."

Historically, Concord has marketed back-end processing services directly to merchants, or via an agent bank program offered through its own merchant bank, EFS National Bank. The agreement with Bridgeview signals a new focus on providing processing services to large principal merchant banks as well as smaller agent banks.

Edward A. Labry, president, Concord EFS, said, "We process for some of the largest retailers in the U.S., but our merchant bank processing has historically been focused on the smaller end of the market. We have the product, the scale, and the expertise to provide a new alternative for large banks seeking to outsource their merchant processing."

Concord provides transaction authorization, data capture, settlement, and funds transfer services to selected markets. Concord's primary activities include providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to supermarket, petroleum, and convenience stores as well as other retailers; and providing gateway processing, ATM driving, and MAC® network access to the financial services industry.

Bridgeview B&T entered the merchant card processing business in 1993 and services the credit card processing needs of more than 14,000 merchants nationwide. In a typical month, Bridgeview B&T processes more than $35,000,000 in credit card sales and is adding new merchants at a rate of 600 to 800 per month.

 

 

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