STRATEGIC PARTNERS
March 21, 2002
LOS ANGELES -- Los Angeles-based Cash Technologies has agreed to install its multi-function ATM-X units at Rent-Way stores in the Western U.S.
Cash Tech's ATM-X will offer multiple e-commerce functions driven by its EMMA transaction processing platform. The agreement with Rent-Way will be the first commercial application of the ATM-X.
This new system will enable Rent-Way customers to cash checks, pay bills, receive prepaid phone cards and other valuable services in addition to standard ATM functions.
An added bonus to customers is that they can actually pay for Rent-Way purchases via ATM-X's bill acceptor.
Bruce Korman, chief executive officer of Cash Tech, said he is excited about establishing ATM-X and the EMMA platform in a retail setting. "Our technology, the result of intensive development efforts and partnerships with leading electronic commerce firms, will harness the existing ATM network to make non-banking and Internet commerce services a convenient reality at ATMs for the first time," Korman said.
In November, a pilot will kick off with the installation of ATM-X units at four Rent-Way stores with expansion to the whole chain to occur over the next 18 months.
"With more than 300,000 customers visiting our stores every week, we believe that this new system can leverage our existing operations to provide new services and valuable additional revenue," said Jeff Conway, Chief Financial Officer of Rent Way.
