Paymark will provide outsourced payment processing services to Eftpos New Zealand (ENZ) for the next five years following a new partnership deal between the two payment providers. 

ENZ has signed an initial contract with Paymark to partially outsource the processing of a significant proportion of their electronic payments.

Paul Whiston, head of sales and marketing at Paymark, said the contract is a significant outcome for both organisations, and one that will benefit NZ merchants.

“Being engaged to provide outsourced switching infrastructure to ENZ is testament to our position as a world class payment and solutions provider. The new contract will also ensure 87 per cent of all card payments in New Zealand being afforded the security and performance standards available through our network.”

ENZ was purchased by global payments company, Verifone Systems, in June 2013 who will continue to operate ENZ as a wholly owned New Zealand subsidiary. 

Peter Hansen, ENZ country manager, said that the partnership is a great example of industry collaboration.

“We are effectively leveraging existing core industry infrastructure in a manner that reduces complexity and duplication for our card issuing customers whilst maintaining the reliability of our domestic card payment processing networks.”

Hansen said that a fundamental principle of the project to upgrade Verifone’s next generation transaction processing platform was the minimisation of the impact for the merchants and financial institutions involved. A valuable step towards achieving this goal is the partnership with Paymark, he said.

Over the next year payment processing services will migrate onto the Paymark network.

Around 40 000 NZ merchants use Eftpos payment technology and transaction processing and related services.