TSYS contract negotiators have hit the target with a major retailer, nailing down a long-term renewal agreement with a company it has done business with since 2000.
TSYS, headquartered in Columbus, said today it has signed a multi-year contract with Minneapolis-based discount retailer Target Corp. to process its lineup of credit and check cards.
Terms of the agreement, including length and financials, were not disclosed. In the past, TSYS has typically inked 10-year contracts with its clients.
Despite the absence of details, TSYS President and Chief Operating Officer Troy Woods signaled that keeping Target in the firm's revenue stream is an important deal.
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"Target is a marquee client for TSYS and a highly valued retail brand," he said. "We have been proud to serve as their partner over the last eight years. The renewal of our long-term agreement is a testament to the TSYS focus on outstanding service, top-quality people and technological innovation."
Target is one of the top five Visa credit-card issuers in the U.S., with 21.4 million accounts on file, according to the Nilson Report, an industry trade publication. Aside from Visa cards, the retailer's portfolio includes Target-brand credit cards, check cards and business cards.
TSYS helped Target launch its Visa card accounts in 2000, then added the Target-brand credit card in 2005.
The first Target store opened in 1962, with its parent company, Dayton Co., entering discount merchandising. The first SuperTarget debuted in 1995. The chain has since grown to 1,613 stores in 47 states, including the recent opening of 26 stores scattered across the U.S.
TSYS is a global credit card and data processor, doing business with banks, retailers and card issuers in North and South America, Europe and Asia.
The company, which will release its first-quarter earnings Monday afternoon, employs about 7,000 worldwide, roughly 4,500 of those in Columbus.