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HSBC Forms an Alliance with Debitman Merchant Card Network
PROSPECT HEIGHTS, Ill. -- HSBC - North America’s retail services business today announced it has formed a strategic alliance with electronic payment network operator Debitman Card, Inc. to accelerate growth in Debitman’s debit card platform, known as "The Retailer’s Network."
Merchants participating in The Retailer’s Network enjoy lower cost fees for card transactions. In addition, merchants issuing cards through the network share a portion of the interchange revenue whenever their branded cards are used at any participating merchant. The network’s patent-pending debit card system supports a variety of card programs and can accommodate merchant-specific loyalty programs.
HSBC Retail Services, a leading provider of private label retail cards, will drive growth in The Retailer’s Network through its card program expertise, including handling card program fulfilment and support services.
"Our alliance with Debitman sets the stage for a truly innovative solution in the retail marketplace," said Joseph Hoff, chief executive officer, HSBC Retail Services. "Through the Retailer’s Network, HSBC will offer a unique and cost effective solution to help retailers better address customer trends and reward loyal shoppers."
Merchants who choose HSBC card programs to access The Retailer’s Network receive significant cost savings compared with other card networks. Merchant integration into the Retailer’s Network requires neither point-of-sale modifications nor costly investment in card acceptance equipment. Customers who hold cards for network merchants will use one convenient payment card, linked to their checking account, to pay for purchases and earn retailer loyalty rewards wherever the Retailer’s Network is accepted (currently more than 200,000 locations).
"The alliance with HSBC will accelerate Debitman’s market penetration," said Debitman CEO Mike Grossman. "We anticipate rapid growth in both card-issuing and card-accepting merchants participating in The Retailer’s Network."
About Debitman
Debitman created and operates the Retailer’s Network, the only national, interoperable electronic payment network for retailer-issued debit cards. Founded in 2000 with a commitment to lowering interchange fees for card transactions and generating revenue for card-issuing retailers, the company is privately held and headquartered in San Mateo, California. For more information, visit www.debitman.com.
HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for many of the world’s premier retailers and manufacturers and has more than 60 active merchant relationships. For more information, visit www.hsbcretailservices.com.
About HSBC – North America
HSBC - North America comprises all of HSBC's U.S. and Canadian businesses, including the former Household International businesses. The company’s businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit www.hsbcusa.com.
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