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20/01/2011 -
Kohl's, a chain of department stores found throughout the U.S., recently announced that it will utilize First Data's payment processing services for its store-brand credit card accounts.First Data will provide credit card processing, customer analytics, risk management services and automated customer service workflow tools during the multi-year arrangement.
"We're pleased to partner with First Data and value their technological capabilities, system flexibility and broad portfolio of innovative services," said Wes McDonald, Kohl's senior executive vice president and chief financial officer. "Choosing a world-class partner for payment processing with an ability to respond to the changing payments landscape was important given the success and on going growth of Kohl's credit card program."
The new partnership with First Data will not affect the chain's credit card arrangement with Chase or its deal with Capital One.
According to Bloomberg News, Kohl's reported that revenue at stores open at least a year rose 3.9 percent in December. The company also raised the low ends of its fourth-quarter and full-year earnings outlook, but both were below analysts' and Wall Street's expectations.
The company is based in Menomonee Falls, Wisconsin, and runs 1,089 stores in 49 states.
