TransNet Inc. said it has completed the point of sale system conversion of Dairy Mart Convenience Stores, which has more than 1,000 locations in 11 states.
Data-Capture Leaders 1993 transactions, in millionsFirst Data 720J.C. Penney 624Buypass 437SPS 303Visa 290Envoy(*) 255MasterCard 220TransNet/TPI 191Ceridian(*) 142
(*)Merging with First Data
Source: The Nilson Report
The convenience chain became one of the largest direct-sale customers of TransNet, according to Ralph A. Bianco, vice president of product management and development at the Tampa, Fla.-based payment services company.
TransNet also sells transaction processing services through major banks like Keycorp and NationsBank, and through independent sales organizations.
It supports more than 80,000 terminals, and its monthly volume of 20 million transactions places it among the top 10 providers of draft capture services.
Dairy Mart, which is based in Enfield, Conn., said it chose TransNet for reasons beyond the basic processing of card-based payments and checks, which is only the first phase of a long-term relationship.
"We were looking for a partner not only to provide a solution to our current needs, but also to lead our store automation efforts and develop new ways to utilize the POS network," said James Stroud, Dairy Mart's store automation manager.
Mr. Stroud praised TransNet -- the flagship company in the payment-systems empire of former CoreStates Financial Corp. executive Bipin C. Shah -- for its "technical capabilities, service reliability, solid reputation, and can-do attitude."
Transactions are routed to TransNet through Verifone authorization terminals or electronic cash registers.
Dairy Mart expects to begin accepting credit and debit cards at gasoline pumps early in 1995.
It is also considering other services that TransNet can support, including electronic mail, inventory reporting, and employees' time and attendance.
"Our newly developed petroleum-industry products have been built on a solid foundation incorporating the latest advances in authorization, Tandem [computer], and communications technology," Mr. Bianco said.
TransNet was formed in 1987. It was acquired in 1992 by Transaction Processing Inc., the enterprise formed by Mr. Shah and the Chicago-based investment company Golder, Thoma, Cressey & Rauner.