Another sunbstantial reveue stream in Brazil VendTek unit to distribute GetNet products in Brazil
2014-02-20 09:16 ET - News Release
Mr. Doug Buchanan reports
VENDTEK SYSTEMS ANNOUNCES GETNET CONTRACT AWARD IN BRAZIL
VendTek Systems Inc.'s wholly owned Brazilian subsidiary, Now Prepay Servicos de Informatica Ltda., has signed an agreement with GetNet, which specializes in the development and management of electronic payment solutions and services for businesses using electronic transaction. GetNet is present in over 400,000 retailers throughout Brazil and Chile.
Under this agreement, NPS will have exclusive regional rights to distribute its full product portfolio to merchants who are using the GetNet debit/credit processing solution. NPS will use GetNet's hardware infrastructure to deliver its products.
GetNet, established in 2003 and based in Brazil, is a pioneer of the virtual telephony recharge in Brazil and was the first company to introduce Wi-Fi and broadband sales terminals in the country. In 2006 GetNet created a corresponding banking solution allowing it to reach 100,000 terminals by 2007.
After creating its own processing platform for Visa and Mastercard credit cards, GetNet established a joint venture with Santander Bank, making it the first company to enter the credit card acquirers market that used to belong exclusively to VisaNet (Cielo) and Redecard. Getnet is now majority owned by Santander and is one of three main companies offering merchant services.
We expect this agreement to have a significant impact on the growth of the Now Prepay network in Brazil. It is launching in February 2014 and we expect to be able to sell our products and services to approximately 4,000 new GetNet locations by year-end.
"This agreement represents an enormous opportunity for low-cost growth for our Brazilian operations. GetNet is the fastest growing player in the electronic payment solutions market in Brazil and this agreement enables us to rapidly grow our penetration into the Brazilian market using their hardware and merchant acquisition efforts," Said Doug Buchanan, President and CEO of VendTek Systems Inc. "Historical information from the merchants will also allow us to target premium locations that have higher transaction volumes".