Magazine article American Banker

First City Bancorp. Plans to Market Inexpensive System to Groceries

Magazine article American Banker

First City Bancorp. Plans to Market Inexpensive System to Groceries

Article excerpt

DALLAS--First City Bancorp. Inc. said Wednesday it plans to market a point-of-sale system to supermarkets that will allow customers to pay for their groceries with debit and credit cards. The system also will provide a computer check authorization service.

The Houston-based bank holding company said it will team up with Concord Computing Corp. of Bedford, Mass., which will install the systems and route electronic transactions to First City.

"This type of service is aimed at those merchants that have large volumes of check transactions," said Dennis Jackson, a First City vice president. "That obviously includes grocery stores."

First City plans to begin marketing its point-of-sale system to grocery stores in the next month. Initially, customers with First City's Firstnet or Teller 2 debit cards will be able to use the machine, but Mr. Jackson said the bank plans other networks such as Mpact. The system also will accept MasterCard and Visa credit cards.

Once the system is installed, store customers will be able to withdraw funds from their bank accounts to pay for purchases. The machines will issue the customer a voucher for the dollar amount requested.

The voucher will be used to pay for the goods. While the funds will immediately be transferred out of the customers' account, deposits will not be made into the accounts of retailers until the voucher is cleared.

"Our system is not designed to be integrated with electronic cash registers or optical character readers," Mr. …

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