NEWARK, N.J. -- New Jersey Bell said it has arranged for a CoreStates Financial Corp. subsidiary to handle in-person payments by residential phone customers.
The arrangement is with Buypass Corp., a CoreStates unit in Atlanta that processes point-of-sale transactions. The deal adds 50 branches of New Jersey National Bank, also a CoreStates unit, to New Jersey Bell's network of payment agents.
New Jersey Bell, a subsidiary of Bell Atlantic Corp., said the bank offices are temporarily replacing 45 retailing locations that have dropped out of the payment agent program. The telephone company said it expects to sign other locations "in the near future."
Retailers Stay in Program
Some 220 retail outlets, typically grocery, convenience, and hardware stores, have agreed to continue taking New Jersey Bell payments under the Buypass umbrella.
The Buypass system also will accelerate the crediting of accounts. Cash or check payments made by 1 p.m. will be credited the next day, those after 1 p.m. on the second business day.
Under the prior system, it took two days or more to credit accounts. New Jersey Bell said 10% of its customers pay in person, and 70% of their payments arrive before 1 p.m.
