Provenco buys customer base from Eftco

Eftpos supplier Provenco has bought an eftpos customer base from dealer Eftco Ltd.

Provenco made the purchase of Eftco's rental base of more than 1500 terminals through its wholly owned subsidiary Provenco Payments.

Under the deal Provenco Payments also has the right to acquire new rental customers from Eftco.

Provenco chief executive officer, David Ritchie said Eftco was one of Provenco's largest resellers of Eftpos terminals and the purchase was a significant opportunity to grow sales and upgrade technology of existing eftpos terminals.

Eftpos card technology is changing internationally and will move away from magnetic stripe cards to chip cards in a bid to cut down on credit card fraud.

Shares in Provenco rose 3c to 82c in morning trade.

- NZPA