Tim Hortons will begin uding Chase Paymentech’s payment solutions allowing for customers to pay with MasterCard PayPass contactless cards. These point-of-sale terminals will also accept conventional swipe cards from MasterCard. Merchants accepting contactless technology are able to accept and process payments quicker, making contactless ideal for the quick service restaurant industry. Tim Hortons is Canada’s largest quick service restaurant chain.
Chase Paymentech Provides Tim Hortons Enhanced Speed and Convenience with Point of Sale Payment Acceptance
Chase Paymentech Will Enable More Than 2,000 Tim Hortons Stores in Canada to Accept MasterCard PayPass® and Support Quick Payment Service
TORONTO, July 17–When customers step up to the front counter or pull up to the 24-hour drive-thru window at their local Tim Hortons, they will enjoy the convenience of paying with their MasterCard® card through the introduction of Chase Paymentech-powered services to be rolled out at more than 2,200 Canadian locations by September 2007.
Tim Hortons is introducing the latest payment solutions from Chase Paymentech as a means to provide payment convenience to consumers. Research indicates that nearly half of adult consumers carry $20 or less in their wallet and that 86 percent want to make cashless transactions more frequently.
Tim Hortons will also feature Chase Paymentech’s payment solutions equipped with MasterCard PayPass card readers at the drive-thru and inside the store. These point-of-sale terminals will accept the newest contactless payment cards, along with conventional swipe cards from MasterCard. Contactless credit cards contain radio frequency technology to transmit payment details to the merchant’s terminal, replacing the magnetic stripe and the need for consumers to swipe the card. Merchants accepting contactless technology are able to accept and process payments quicker, making contactless ideal for the quick service restaurant industry.
“Our customers expect fast, convenient service,” said Paul House, president and chief executive officer, Tim Hortons. “Providing them with the ability to just ‘tap-n-go’ when buying their coffee and food delivers on our commitment to provide customers with the best quality and convenience in the market.”
“Chase Paymentech’s complete and flexible payment processing solutions, including contactless readers, offer merchants like Tim Hortons significant opportunities to improve cash management and satisfy customers,” said Sam Jawad, president, Chase Paymentech Solutions, Canada. “Today’s consumer expects to be able to pay the way they want – and assumes that today’s point of sale experience will be fast, reliable and secure. Contactless payments take this expectation to the next level. Chase Paymentech’s proprietary platform for Tim Hortons makes use of the latest technology in the industry to meet these expectations today and deliver scalability for future growth.”
About Tim Hortons
Tim Hortons is Canada’s largest quick service restaurant chain. Founded in 1964 as a coffee and donut shop, Tim Hortons has evolved to meet consumer tastes, with a menu that now includes premium coffee, flavored cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh baked goods. As of April 1, 2007, Tim Hortons system-wide restaurants numbered 2,724 in Canada and 340 in the United States. More information about the Company is available at http://www.timhortons.com.
Tim Hortons Safe Harbor Statement
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, is forward-looking. Factors set forth in the Company’s Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, including by reference the “risk factors” outlined in the Company’s most recent Form 10-K filed March 9, 2007, in addition to other possible factors not listed or described in the Safe Harbor Statement, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking statements contained in this news release, which speak only as of the date hereof. Except as required by federal or provincial securities laws, the Company undertakes no obligation to publicly release any revisions to the forward-looking statements contained in this release, or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, even if new information, future events or other circumstances have made the forward-looking statements incorrect or misleading. Please review the Company’s Safe Harbor Statement at http://www.timhortons.com/safeharbor.html.
About Chase Paymentech Solutions
In Canada, Chase Paymentech Solutions is headquartered in Toronto, Ontario and is an affiliate of Chase Paymentech Solutions, LLC. As a leading payment processor and a single source for debit and all major credit cards, the company offers a full suite of advanced payment solutions, including point-of-sale and wireless terminals, electronic gift card programs and secure e-commerce capabilities. Learn more at http://www.chasepaymentech.ca.
Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, is the world’s largest merchant acquirer for businesses accepting payments via point-of-sale, hospitality, Internet, catalogue and recurring billing. The privately-held company is an end-to-end processor for merchants of all sizes and industries. The company processed approximately 18.2 billion transactions in 2006, with more than $660.6 billion in annual bankcard and debit volume. Chase Paymentech’s customer base includes more than 600,000 merchants, with nearly 1 million locations across Canada, the United States and around the world.