ECHO Awarded Bid for U-Haul Dealers' Credit Card Processing

21 July 1999

ECHO Awarded Bid for U-Haul Dealers' Credit Card Processing

    AGOURA HILLS, Calif.--July 21, 1999--Electronic Clearing House Inc. announced that U-Haul International, Phoenix, has awarded to ECHO a bid for credit card processing service for its independent dealers who participate in the Preferred Dealer Program.
    "U-Haul awarded this bid for credit card processing service for its independent dealers to ECHO mainly due to their commitment to providing quality customer service throughout the U.S. and Canada on a seven-day, 24-hours-per-day basis," said Layton J. Baker, vice president of field operations support for U-Haul.
    "We're picky about the company we keep, and ECHO has proven through our ongoing relationship the last seven years that they make a good partner."
    ECHO developed and manufactured the software and hardware that provides inventory processing services for U-Haul dealers. ECHO also processes and supports the daily transaction activity for more than 11,000 dealers. ECHO will enhance the software in the system to include credit card processing for the dealers' non-U-Haul activity.
    This will reduce the amount of equipment the dealer must have on his counter and simplify the dealer's day-to-day operations by being able to use ECHO's customer service to support both inventory and credit card functions.
    "We are honored to be chosen by U-Haul from among several national processors who bid to serve the credit card needs of the U-Haul dealer base," stated Joel M. Barry, chief executive officer of ECHO.
    Electronic Clearing House provides credit card processing, check guarantee, inventory tracking services and various Internet services to more than 19,000 retail merchants and U-Haul dealers across the nation.
    ECHO also designs, develops and manufactures software and point-of-sale hardware that is utilized as credit card processing terminals, automated money order dispensers, inventory tracking devices, and casino cash advance systems.

    To take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, readers are hereby cautioned that this release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Actual operations and results may differ materially from those expressed in the forward-looking statements made by the company.