The Citi Cards division of Citigroup Inc. said it has reached an agreement on a long-term renewal of its private-label contract with Staples Inc.
Citi Commerce Solutions, which runs private-label card programs and handles commercial account management, has been providing processing services for all private-label programs of the Framingham, Mass., office products retailers.
The renewal was announced last Wednesday. Both companies also said they implemented an in-store instant-credit process for business customers.
"For new businesses and growing companies, a credit account for office products helps maintain cash flow and in many cases can help build credibility for future credit needs," said Robert Diestel, Staples' director of credit marketing.
Staples has three private-label programs with Citi Cards for consumers and businesses.
Its business credit account with revolving terms, for small and midsize commercial customers, features a dedicated revolving line of credit, allowing clients to pay in full each month or carry a balance. Its business credit account with net-pay terms is a full-balance-due account with a dedicated line of credit for larger businesses, government agencies, and educational institutions that apply payments to specific invoices. The personal credit card has extended terms on larger purchases.
