IP transaction service to benefit EFTPOS Merchants
IP transaction service to benefit Paymark„· EFTPOS merchants
Plans to enhance EFTPOS transaction services for New Zealand merchants are part of a new five-year partnership between Paymark„· EFTPOS provider, Electronic Transaction Services Limited (ETSL), and Telecom.
Under the extended contract, Telecom will continue to support the telecommunications needs of around 60,000 New Zealand merchants connected to the Paymark„· EFTPOS network, while working with ETSL to migrate the current service to Telecom¡¦s IP-based network.
ETSL General Manager, Ron Brown, says the relationship with Telecom and the joint commitment to the development of new technologies is good news for merchants on the Paymark„· EFTPOS network.
¡§The shift to Telecom¡¦s IP-based transaction service promises to streamline payment processing, reduce overall costs and provide far greater flexibility and access,¡¨ he says.
Telecom Corporate Manager, Finance & Business Services, John Boon, says that while the existing network infrastructure remains more than adequate, the benefits of Telecom¡¦s IP-based transaction service are compelling for organisations such as ETSL.
¡§This new capability provides ETSL with tremendous opportunities to evolve the scope of their service and deliver merchants much more than just EFTPOS connectivity services.
¡§There is the opportunity for merchants to use terminals in conjunction with other IP-based applications in future to add a new dimension to their business and streamline services.
¡§We look forward to working with ETSL to implement the change and ensure that ETSL and merchants realise the benefits of Telecom¡¦s IP transaction service capability.¡¨
ETSL is jointly owned by
ASB Bank, Bank of New Zealand, The National Bank and
Westpac. Since 1989, ETSL has been the focal point for the
development of the Paymark„· EFTPOS system which processes
around 90 percent of all electronic retail payment
transactions carried out in New Zealand.