Nothing makes Elavon more elated than customers who say, "Put it on my card." The firm is a major processor of credit and debit card transactions in the US, Brazil, Canada, Mexico, and Europe. A subsidiary of U.S. Bancorp, it offers point-of-sale (POS) authorization and reporting for all major credit and debit cards, as well as gift cards, prepaid cards,and checks. Transactions can be authorized in more than 90 currencies and converted in nearly 50 currencies. Working directly with clients or through affiliations with banks, Elavon serves more than one million clients in the retail, hospitality, airline, health care, education, and public sectors. It processes some 5.5 million transactions daily.
Elavon focuses on broadening its processing capabilities and building its client roster. Growing through acquisitions, the company bought the merchant processing portfolios of Carolina First Bank, MB Financial Bank, Citizens National Bank, and Cambridge Bancorp in 2009 and 2010.
The company is keen on expanding in Europe, where its Elavon Financial Services division provides card transaction and payment processing services to clients ranging from independent merchants to multinational corporations and governments. Latin America is also a target market for growth. In 2010 the company entered into a joint venture with a subsidiary of Citigroup to provide payment services in Brazil.
Elavon previously teamed with the financial services giant in 2009 when it acquired Citibank's Diners Club Card merchant-location portfolio in western Europe. The deal included more than 75,000 merchants. Elavon also signed an agreement with Discover to allow Diners Club card acceptance to Elavon's processing services in Europe.
Also in 2009 Elavon joined forced with Santander to launch merchant services in the UK. The following year Elavon again partnered with the Spanish banking giant to expand in Mexico's quickly growing card market. – less
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