Tio Networks, VendTek to work together
2013-02-21 10:00 AT - News Release
See News Release (C-TNC) Tio Networks Corp
Mr. Hamed Shahbazi of Tio reports
VENDTEK SYSTEMS AND TIO NETWORKS ENTER STRATEGIC PARTNERSHIP TO PROVIDE WALK-UP BILL PAYMENT SERVICES TO THE CANADIAN MARKET
Tio Networks Corp., and VendTek Systems Inc. have entered a commercial partnership between the companies. This agreement will enable Tio to rapidly expand its walk up bill pay presence into Canada as Canadian consumers will be able to conveniently pay bills at any of VendTek's 15,000 retail locations across the country.
It will provide VendTek with a new product line, which will enhance its competitive position in Canada. It also allows the company to recapture a segment of the market that had moved away from the traditional pre-paid business in favour of subscription products offered by the new wireless entrants.
"We're excited about this opportunity to partner with VendTek, an established Canadian electronic transaction processing leader to offer more convenient bill-paying services to customers in Canada," said Hamed Shahbazi, Chairman and CEO of Tio Networks. "Canadians will now have the option to pay their bills around the clock at thousands of additional retail locations across the country, all with the option of expedited processing."
Founded in 1988, VendTek is a leading transaction-processing software company, with deep, long-standing relationships with key retailers in Canada. Both Tio Networks and VendTek are committed to meeting the needs of their growing customer bases by leveraging each company's strengths in payments and retail point of sale solutions.
"By adding more bill payment capabilities to our Canadian product portfolio, we are giving pre-paid customers another reason to process their transactions through e-fresh, our state of the art software," said Doug Buchanan, CEO of VendTek. "Whether customers choose to buy a pre-paid product through one of our merchants or elect for a monthly billing option with their service provider, VendTek can process their transaction. It increases the Canadian market size for the company."
VendTek has built its international success through alliances with key partners like Tio Networks, pairing the flexibility, scalability and reliability of its technology with its collaborative approach from beginning to end. This relationship with Tio gives Vendtek an immediate product advantage in the Canadian marketplace.
Tio Networks has already seen great success extending its bill-payment processing capabilities in other North America markets through relationships with U.S. partners such Moneygram International and ACE Cash Express. Tio now has the opportunity to repeat this success in Canada with VendTek and its significant retail portfolio.