CINCINNATI -- Fifth Third Bank's data processing subsidiary, Midwest Payment Systems, is introducing Premier Issue, a stored value gift card program that debuts nationally this month.
MPS processes six billion ATM and POS transactions per year for more than 85,000 retail locations and financial institutions worldwide, including The Kroger Co., Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line.
Like other gift cards, Premier Issue will electronically store dollar amounts and can be used at the point-of-sale similar to a debit or credit card. Retailers can also use gift cards to issue in-store credit to consumers.
Fifth Third's merchant clients will have access to a toll-free interactive voice response unit and a dedicated website where account information is available 24 hours daily. Premier Issue also allows stores to track and display gift card balances as well as retrieve daily reporting on card use, according to a company news release.
"Premier Issue enables us to provide our merchant customers with the ability to increase revenues, reduce the risk of fraud and lower their administrative costs," said Barry L. Boerstler, Executive Vice President, Fifth Third Bank. "It also creates a platform for incremental advertising and promotional opportunities."
Premier Issue is currently being piloted at Galyan's, a national sporting goods retail outlet headquartered in Indianapolis. Galyan's has 22 stores in 18 states throughout the U.S.
