Magazine article American Banker

First Data Expands in Canada with Merchant Acquiring Unit

Magazine article American Banker

First Data Expands in Canada with Merchant Acquiring Unit

Article excerpt

First Data Corp. has started a merchant acquiring business in Canada, introducing a brand there that it bought in Argentina last year.

The Denver company, the largest payment processor in the United States, announced Tuesday that it had launched Posnet in Canada, targeting merchants of all sizes.

Wayne Clarke, the senior vice president for Latin America and Canada in First Data's international unit, said in a press release that Posnet would let merchants accept credit cards, debit cards, and gift cards, including the smart cards that use the Europay, MasterCard, Visa security standard and a personal identification number.

"With Canada moving toward increased EMV/chip card usage, Posnet is prepared to ensure merchants experience a smooth and easy transition," Mr. Clarke said.

First Data acquired the Posnet name in December when it bought Argencard SA in Buenos Aires, a transaction processor doing business in Argentina and Uruguay.

The company said then it would run the business under the First Data International name, but retained the Posnet brand for point of sale services to merchants and private-label card issuers.

The big U.S. processor did not make an executive available to discuss its start-up strategy for Posnet in Canada, but a spokeswoman wrote in an e-mail message: "We are committed to continuing to expand and strengthen [the] merchant processing business around the world. Posnet is the next step in our strategy to grow our presence in Canada."

She also noted, "Not all segments of the market are served through our current partnerships. However, each of our businesses in Canada is critical to our growth and success."

Posnet offers point of sale systems, online and emerging payment services, authorization, settlement and reconciliation, chargeback administration, fraud prevention, and customer service. …

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