TORONTO -- While Canada's chartered banks and trust companies maintain high profiles in the still-growing ATM industry, TNS Smart Network Inc., a Toronto-based firm, has been quietly building a service network of its own.
TNS, a member of the Interac association, serves 1,000 independent or "white label" ATMs. TNS processes 45,000 to 50,000 transactions daily, totaling over $3 million
Much like the U.S. a few years ago, convenience stores and remote locations represent the primary growth sector for Canada's ATM industry. Chartered banks and trust companies occupy high-traffic ATM sites, so independent retailers provide the next stage of major expansion. A "white label" ATM can generate substantial profit for a convenience store owner, but it also raises cautions as well.
"If the machine fails to dispense cash or some other transaction error occurs, the customer will likely direct his or her wrath at the store owner," said TNS President and CEO Mischa Weisz. "Store owners depend on the transaction switch processor -- that's us -- to track and correct any transaction errors. We've built a good reputation for taking these calls seriously, tracking the problem and finding a solution as quickly as possible."
Transaction switching, while an invisible "backstage" function, is expected to grow in importance as the role of ATMs expands beyond cash dispensing. Industry observers predict that ATM functions will eventually include providing tickets for movies, entertainment and sporting events as well as couponing and sampling, and TNS is positioning itself to take advantage of this development.
"We don't want to be a bank or a trust company or ATM installer," Weisz said. "We're content to work behind the scenes, building a reputation for service and trust, and preparing ourselves for future developments."
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