Federated Payment Systems
U.S. and Canadian payment processor Federated Payment Systems can provide a wide range of ancillary services to its customers in addition to standard credit card processing. The company, which recently earned a place on the Inc. magazine 500|5000 list of rapidly growing U.S. businesses, offers loyalty programs, cash advances, gift cards, and check acceptance services. Today, Federated Payment Systems serves more than 35,000 customers, including e-commerce providers, retailers, and mobile merchants.
Federated Payment Systems' merchant services include a low-risk option for customers looking to accept personal checks drawn on institutions anywhere in the United States. Its check acceptance service converts checks into electronic payments deposited directly into a merchant's account. The system relies on a line of check readers, including the VeriFone CR600, RDM EC6000i, and MagTek Check Reader. Fully compatible with point-of-sale devices, these readers instantly authenticate and verify the information on a check, allowing merchants to avoid dealing with the hassle of bounced checks.
The company also takes great pride in its customer loyalty programs, which merchants can utilize to increase customer retention, boost product awareness, drive repeat business, track purchasing habits, and effectively target marketing. Conducted with state-of-the-art technology, some of the programs generate loyalty by rewarding customers with free or reduced-price products for repeat business. Others use stored value cards to allow customers to prepay for products and services and receive bonuses or other rewards.