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Executive Summary
Select Transaction Services, Inc. ("STS") is a full service electronic payment provider. STS primarily utilizes Vital Systems for authorization services and US Bank for Settlement and reporting services. The STS management team has been in the credit card authorization and settlement business for over 13 consecutive years. STS's employees have worked at most of the major processors at some time over the last 10 years. STS was formed to meet the needs of merchants that have become frustrated by the way many of the large processors now treat their merchants. STS'takes great pride in providing exceptional personal service, integrity and product innovation.
Why do we use US Bank?
U.S. Bank has been providing electronic payment solutions for merchants since 1968, representing over 30 years of industry experience. Currently, they process for more than 90,000 merchants across all fifty states. In 1999 they processed over $27 billion in payments, making them one of the tenth largest acquirers in the country.
Their customer portfolio is very diverse, ranging from very large airline carriers accepting billions of credit card payments annually; to federal and state governmental entities; to direct response or telephone/internet merchants; to tens of thousands of smaller, traditional retailers and hospitality businesses. They have grown from $19.8 to $22.5 to over $27 billion in bankcard sales processed in 1997, 1998 and 1999, respectively.
However, they are more than a processor - they are a respected financial institution and one of the three largest bank-owned acquirers. They are also one of the few processors within the industry who perform all bankcard-processing functions in-house. They do not rely on third party processing.
Specifically, US Bank performs all the following functions in-house: all bankcard interchange and settlement processing; exception item handling (i.e., retrieval requests and chargebacks); accounting and billing; reporting and statement production; new card acceptor implementations and training and customer service. They do this so they can better serve our clients with direct control over these critical processes. You can have confidence in their abilities and feel that you have a responsive partner at your side.
US Bank Strengths
Next business day funds availability* (given bankcard batch deposit closing by designated timeframes and funds credited to a U.S. Bank Direct Deposit Account {DDA}).
A full range of electronic authorization/data capture processing applications and services, as well as wide array of products to meet your business needs.
A wide selection of equipment solutions, including: Electronic Data Capture (EDC) terminals (VeriFone or Hypercom); Electronic Cash Register (ECR) applications; PC software applications; POS Port (VAR's); host-to-host direct transmissions; and customized restaurant and lodging packages.
A variety of innovative products designed to save you time and money, including Merchant Customer Automation and Reporting Environment (C.A.R.E.), an online reporting system; Electronic Check Processing and Gift Cards, designed to replace paper gift certificates.
Complete, detailed reporting on bankcard sales and exception transactions - as well as all credit card deposits at a location, agency and state summary level delivered via Internet access.
Dedicated and experienced US Bank employees in Minneapolis, Denver and Portland deliver credit and debit card products, services and support with an accuracy and clarity that is second to none in the retail payments processing industry. Their dedicated, knowledgeable 24 hour Customer Service Team is able to answer any question you may have regarding your processing.
* For merchants who have a U.S. Bank depository account, funds are posted to the account by 1 AM (Central Time) the following business day, provided that the settlement file is submitted for processing by 5 PM (Central Time). For example, merchant submits settlement file to Vital or U.S. Bank by 5 PM (Central Time) on the 16th business day of the month. Funds would be available on the 17th business day of the month at 1 AM (Central Time).
For merchants not depositing to a U.S. Bank account, funds are sent via ACH and are generally available in approximately 48 hours, depending on depository bank's ACH windows, provided the deposit is made by 5 PM (Central Time). U.S. Bank will deposit funds to any DDA account that is linked via the Federal Reserve banking system.
Additionally, funds can be sent via ACH or federal wire to a bank account of your choosing. In this case, if the merchant deposits sales by 5 PM (Central Time), the funds would be wire transferred to the merchant's bank account the next business day.
Representation on Visa and MasterCard Boards and Committees
As a large issuing and acquiring bank, U.S. Bank has an active voice with Visa and MasterCard boards and committees. They have been a member of the Visa USA and MasterCard International Bankcard Associations for over 30 years, providing card issuing and acquiring services in accordance and compliance with the Association regulations.
U.S. Bank senior management serves on various Visa and MasterCard committees, including the Visa U.S.A. Board of Directors. U.S. Bank representatives will facilitate any issues on behalf of your company with Visa/MasterCard.
top Relationships with Card Associations and Debit Networks
They are members of or are sponsored into all the major national and regional on-line debit card networks, and maintain interfaces with American Express, Discover/NOVUS, JCB, Diners Club and the primary check authorization service companies.
Card Associations
a.) Visa U.S.A
b.) MasterCard International
c.) JCB
US Bank also has indirect links to the following networks:
a.) American Express
b.) Discover
c.) Diners' Club
Debit Networks
a.) Accel
b.) Cash Station
c.) Interlink
d.) Mac
e.) Maestro
f.) Nyce
g.) Pulse
h.) Shazam
i.) Star/Honor
j.) Tyme
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