First Data Corporation, a global leader in electronic commerce and payment processing, today announced it has entered into an agreement with Kohl's Department Stores (NYSE: KSS) to provide payment processing services for the company's private brand credit card accounts.
The multi-year agreement calls for First Data to provide Kohl's with credit card processing, customer analytics, risk management services and automated customer service workflow tools. Financial terms of the agreement were not disclosed. Kohl's partnership with First Data will not affect Kohl's current credit card arrangement with Chase or the company's previously announced agreement with Capital One.
"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 ongoing growth of Kohl's credit card program."
"Helping drive our customers' success is the ultimate goal of First Data," said Ed Labry, president, First Data - North America. "Our strategic view of the payments industry, our ability to offer the full spectrum of industry-leading services and the expertise of our dedicated employees all play a role in achieving that success."
A conversion date is still being determined.