PERTH-based provider of eftpos and payments processing equipment EftNet Technologies is currently seeking a stock exchange listing.
Managing director Marc Abon-nel said 17,250,000 shares would be issued at 20 cents each to generate capital of $3.4 million to fund the company’s expansion program.
Appropriately, investors in the company will be able to pay for their shares by EFTPOS – a first for the ASX.
Mr Abonnel said retail sales using EFTPOS would increase by more than 50 per cent over the next three years.
“EftNet is fully placed to take advantage of this trend,” he said.
“We have the most advanced mobile and fixed point EFTPOS products and have forged strong alliances with retail chains and major financial institutions including American Express, Diners Club, JCB and E-Card ERG Card Systems.”
Mr Abonnel said the growth of frequent flyer and other loyalty programs had encouraged the further use of credit and charge cards by corporate purchasing managers and individuals.
“Bank disincentives to discourage counter and cheque transactions have also stimulated growth in electronic banking,” he said.
“As banks divest themselves of non-core assets, they are increasingly seeking third party providers of information technology using lease and rental agreements.
“This directly benefits companies such as ours, which provides EFTPOS equipment under such terms.”
EftNet’s board of directors includes chairman Mick Bolto, who also serves on the board of ERG Limited.
Major customers include Bank-West, Cash Converters, Foodland Stores, Farmer Jacks, Newspower, Aherns, Gull Petroleum, Eagle Boys Pizza and Shopfast.
The company is exploring opportunities to provide outsourced support of new smartcard and point-of-sale systems entering the market.
