PAI is the key to Rite Aid Corporation (NYSE:RAD)’ turnkey ATM agreement

Posted by George Brook July 3, 2013 0 Comment 895 views

Rite Aid Corporation (NYSE:RAD) has selected Payment Alliance International, the payment-processing solutions provider for providing it with turnkey ATM services at around 1,500 of its locations in the southern and western United States. This program will provide Rite Aid customers’ easy access to cash. This program includes
EMV-ready ATM equipment, branding opportunities for various FI’s and international and domestic transaction processing. Fi’s are always on the lookout for branding avenues and opportunities and PAI said that its largest financial-institution clients have already shown interest in the potential of this agreement from a branding perspective.

This is undoubtedly a win for RAD and its customers. It is also a huge benefit for financial institutions who are seeking to expand their presence in the market that the former operates in. PAI is one of the United States’ largest ATM networks and provides ATM services to over 60,000 locations across the country.

What does ‘Turnkey Solution’ mean?
The need of the hour for businesses is to keep customers happy and make services accessible and convenient. And that is exactly what a turnkey solution does. It is a system that can be integrated into any current business processes without too much of a hassle. It is ready to use immediately upon implementation. It is customized and designed to fulfil processes like billing, training, website design or content management.

For example, if a company is seeking to implement any online billing feature on its official website, its third-party service providers can be used for the processing of every transaction and any technical issues that are linked to this will be handled by them as well. In this example, a turnkey solution gives the company the breathing space to avoid all the hassles of programming these tools in-house or even all the approvals that are associated with developing any billing-system from scratch.

RAD is a retail drugstore-chain in the U.S As of 3 March 2012, it operated 31 drugstores and 4,667 stores across 31 the country and the District of Columbia. The Rite Aid stores sell prescription drugs as well as a range of other merchandise, which it refers to as its front-end products. Providing its customers with ATM’s at it stores is surely a move that will be welcomed by its customers.

About George Brook

George Brook covers money and politics for GDP Insider. George is a veteran journalist who has also covered Congress, national political conventions and presidential politics. George also covers the White House as well as economic and domestic policy for GDP insider. George's reporting has won numerous awards, including two Scripps Howard awards, two National Headliners, two Gerald Loeb Awards, as well as honors from Sigma Delta Chi and the National Press Club.

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