Telecheck Services Inc. and Banc One Payment Services LLC have formed an alliance that will benefit Banc One's merchant customers.
"Through the Telecheck agreement, Payment Services will enhance our merchant services by being able to offer them a full range of payment processing products through a single source," said David Strider, chairman of Banc One Payment Services. "In addition, offering these services through this alliance provides Payment Services with another revenue stream."
Telecheck will provide check guarantees to client merchants. These guarantees enable merchants to accept out-of-state or new customer checks with only one piece of identification. If any check is returned, Telecheck buys it from the merchant, up to a pre-established warranty limit.
Banc One Payment Services is a subsidiary of Cleveland-based Banc One Corp. Telecheck Services is a subsidiary of First Data Corp.