Business Editors
ATLANTA--(BUSINESS WIRE)--October 17, 2008--Radiant Systems, Inc. (Nasdaq: RADS) announced today that it has launched Radiant Payment Services, a new business that provides electronic payment processing services to U.S. hospitality and retail businesses, with the aim of raising the level of customer service in the industry.
Radiant began providing business services with web-based store fronts and gifts cards a number of years ago and has steadily expanded this portfolio over the past few years. Supporting the company?s strategic plan, Radiant Payment Services will continue expanding the recurring services model, which currently comprises a third of Radiant?s revenues. More than 5,000 stores and restaurants are already using Radiant Payment Services.
?Our customers continue to ask our company and our channel partners to provide additional business services,? said John Heyman, chief executive officer of Radiant Systems. ?For more than 20 years, Radiant has been a trusted brand providing the most reliable and innovative point of sale technology in the industry. Now, we are responding to the desire our customers have expressed to us around payment processing. As an integral part of the entire POS solution, this new service was the right next step.?
Radiant?s objective is to raise the level of customer service that is provided to businesses by providing competitive pricing, increased accountability from a single vendor, an exceptionally high level of security for transaction data and overall statement simplification. Radiant is optimistic that business services will be a significant growth vehicle over the coming years.
?Having been a Radiant POS customer for more than two years, we are now able to reduce operating costs by taking advantage of this new payment processing service from them,? said Jack McGrath, controller of The Tobacco Company Restaurant. ?By signing up with Radiant for this service, we have been able to reduce our costs to process credit cards,? McGrath continued. Historically, the relationships between point of sale (POS) and payment-processing companies have not been successful aligning to the level of service that the customer deserves. High customer-turnover rates and low satisfaction with the management of electronic payments have created the opportunity for Radiant to offer an easy-to-understand, integrated, cost-effective solution that is focused on enhancing long-term customer relationships. In addition, as part of this new business service, Radiant has enhanced its relationship with RBS WorldPay and, over time, plans to tightly integrate POS and payment-processing technology, as well as build a more seamless support service for its customers. RBS WorldPay, the U.S. payment-processing arm of The Royal Bank of Scotland group, is a top provider of payment solutions to small and large businesses nationwide.
The launch of Radiant Payment Services will not alter Radiant?s commitment to providing an open POS solution that will continue supporting third-party payment-processing services.
?The Radiant brand has always stood for open solutions,? Heyman stated. ?We will continue to maintain this approach so customers can compare the Radiant Payment Services offering to other services in the market and retain the flexibility to choose the payment-processing service that is best for them.?
Radiant has assembled an extraordinary team of more than 25 people that combines industry experts, technology consultants and sales personnel. This business service is already generating positive returns for Radiant.
About Radiant Systems, Inc.
Headquartered in Atlanta, Radiant Systems, Inc. (Nasdaq: RADS) is a global provider of innovative technology to the hospitality, retail, and entertainment industries. For more than two decades, Radiant's point of sale hardware and software solutions have helped to redefine the consumer experience in more than 100,000 restaurants, retail stores, stadiums, parks, arenas, cinemas, convenience stores, fuel centers and other customer-service venues. Radiant has offices in North America, Europe, Asia and Australia. For more information, visit
www.radiantsystems.com
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About Radiant Payment Services (RPS), LLC
Radiant Payment Services (RPS) sells and services electronic payment processing. Radiant Payment Services was established within the U.S. to enhance Radiant?s POS solutions by providing an integrated, turnkey payment processing solution for a wide variety of payment methods including credit, debit and gift card payments.
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This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are the ability of the Company to effectively integrate the acquired business and its technologies into its existing businesses and products, the risk that the acquired business and technologies do not perform as expected or are subject to liabilities that were not disclosed or identified by the Company prior to closing, the Company's reliance on a small number of clients for a large portion of its revenues, fluctuations in its quarterly results, its ability to continue and manage its growth, liquidity and other capital resources issues, competition and the other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
Customer Inquiries:
3925 Brookside Parkway. Alpharetta, GA 30022 USA
Phone: +1 800-229-0991 or +1 770-576-6000
Email:
inquiries@radiantsystems.com
Website:
www.radiantsystems.com
Radiant Systems, Inc.
Media Contact:
Sherry Spreter, 770-576-6898
sherry.spreter@radiantsystems.com
State Keywords: Georgia
Industry Keywords: Technology; Hardware; Internet; Software; Professional Services; Finance; Retail; Other Retail
Source: Radiant Systems, Inc.
