HOUSTON, Aug 23, 1999 /PRNewswire via COMTEX/ -- TeleCheck Services, Inc., the world's leading check acceptance company, has introduced the first integrated payment terminal capable of imaging checks at the point of sale. Called Eclipse(TM), the payment terminal is a major advancement for converting paper checks into electronic funds transfer items, a process known as check conversion. Two leaders in payments technology developed the terminal: TeleCheck and Hewlett-Packard's VeriFone division (NYSE: HWP), the world's leading provider of POS equipment. TeleCheck is a subsidiary of Atlanta-based First Data Corp. (NYSE: FDC).

(Photo: http://www.newscom.com/cgi-bin/prnh/19990823/HSM003 ) Eclipse, capable of processing checks, credit cards and debit cards, is the first integrated payment terminal to securely, conveniently and economically capture name and address information from a check. Eclipse reads the check MICR line (the bank numbers in magnetic ink along the bottom ofthe check) both magnetically and optically, virtually eliminating errors in reading the MICR number. Eclipse can also accommodate smart cards.

The terminal's imaging capabilities enhance the TeleCheck(R) Electronic Check Acceptance(SM) service (ECA(R)), a paper check conversion process that converts MICR information into electronic items, which are processed through the Automated Clearing House network. With ECA, the paper check is handed back to the consumer at the point of sale. Imaging reduces check fraud, improves collection efforts on bad checks and eliminates the need for consumers to show driver's licenses or other identification in most cases.

"With Eclipse, TeleCheck continues to lead the way in electronic check commerce and payment processing. Not only is TeleCheck the first to introduce a retail payment terminal that images, we are the only check acceptance company to offer our own equipment. Eclipse adds a new dimension to offering merchants and other businesses a one-stop solution for payment processing," said Steve Shaper, chief executive officer of TeleCheck.

In addition to imaging, other new features make check and credit card processing simpler and faster than before, including a faster modem and a combination roll/slip inkjet printer capable of printing receipts and information on checks. The increased modem speed reduces communications time and costs for both transaction processing and downloads. And by integrating the combination inkjet printer, TeleCheck can reduce the overall cost of point-of-sale equipment for customers.

The user-friendly terminal has a back-lit touch-screen display and a smaller footprint and uses less cabling, features that reduce clutter and preserve counter space. Eclipse automatically franks paper checks and imprints "VOID" on electronically converted checks.

TeleCheck's proprietary terminal was developed through an exclusive OEM (Original Equipment Manufacturer) agreement with VeriFone. Eclipse will be available through TeleCheck's sales & marketing force and through First Data Merchant Services and its extensive network of financial institution clients.

"The agreement between VeriFone and TeleCheck combines the experience of the world's leading check authorization company with the engineering expertise of the world's leading payment terminal manufacturer," said Pierre Francois Catte, vice president and general manager, Appliance Systems Division, VeriFone. "Together, we have produced a reliable solution that will leadthe movement toward electronic check conversion."

Eclipse eliminates the need for several different machines by processing numerous payment types. TeleCheck plans to market different versions of Eclipse to support specific market segments.

TeleCheck introduced the TeleCheck(R) Electronic Check Acceptance(SM) service (ECA(R)) in June 1998, and the service is now being used at morethan 20,000 TeleCheck merchant locations. Merchants benefit from faster processing, reduced paperwork and improved cash flow. Funds are automatically deposited into their account, reducing time-consuming trips to the bank,and merchants never see a bad check again because all returned checks aresent directly to TeleCheck. With ECA, consumers continue to benefit from thefloat of a paper check, since the electronic check is processed through thebanking cycle in approximately the same amount of time as a traditional papercheck. In addition, since the check writer keeps the physical check, the riskof name, address and other personal information being used fraudulently is substantially reduced.

For additional information on Eclipse, including photo, check TeleCheck's web site at http://www.telecheck.com .

VeriFone (http://www.verifone.com) a division of Hewlett Packard Company, is the leading global provider of secure electronic payment solutions for financial institutions, merchants and consumers. VeriFone has shipped more than 7 million electronic payment systems, which are used in more than 100countries.

TeleCheck is the world's leading provider of paper and electronic check services, helping more than 210,000 retail, financial institution, grocery and other industry clients to increase their profitability, reduce riskand streamline operations. TeleCheck's check acceptance and electronic commerce solutions help businesses safely and efficiently accept payment at the point of sale, by telephone, over the Internet, and through recurring ACH payments. TeleCheck services are offered through a sales and service network in more than 90 cities in the United States and in Canada, Puerto Rico, Australia and New Zealand. In 1998, TeleCheck authorized more than $112 billion in checks, representing 2.2 billion transactions. For more information aboutTeleCheck, visit the Internet site at http://www.telecheck.com .

Atlanta-based First Data Corp. is a leader in payment services, electronic commerce and transaction management products and services. First Data andits principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or stored-value card at the point-of-sale; over the Internet; by check or by wire transfer. For more information about First Data, please visit the Company on the Internet at http://www.firstdatacorp.com .

SOURCE TeleCheck Services, Inc. (C) 1999 PR Newswire. All rights reserved. http://www.prnewswire.com -0- CONTACT: Jalinna Jones of TeleCheck Services, 713-331-7359, or [email protected]; or Marjorie Fowler of Bates Churchill, 713-267-7303, or [email protected], for TeleCheck Services; or Noel Bilodeau of VeriFone, 408-919-4550, or [email protected] /Photo: http://www.newscom.com/cgi-bin/prnh/19990823/HSM003 PR Newswire Photo Desk, 888-776-6555 or 201-369-3467 WEB PAGE: http://www.telecheck.com

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Thanks Anna!