According to the terms of the agreement, TeleCash will continue processing card-based payments at Ikea’s 43 furnishing retail outlets and restaurants in Germany. Services provided by TeleCash include project management, installation and maintenance of the terminal hardware and processing of all Ikea’s card-based transactions in Germany.Ikea will also use TeleCash’s blacklisting technology to reduce risk associated with non-reconciled debit payments, as well as Telecash’s latest development, an electronic receipt storage device which allows cardholders to sign an electronic signature pad at the POS, as opposed to a paper-based slip, to confirm payment. As part of the agreement, Ikea will have anytime access to TeleCash’s online systems to analyse receipts of card-based transactions at its stores. Ikea operates over 1,500 POS terminals in Germany.
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