UPCOMING EVENTS
TIO Wins RFP with Florida’s Turnpike Enterprise to Process Payment Services for Florida Toll Road Drivers
07/21/2010
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“TIO has been selected as one of 3 companies to provide a network of payment locations to assist Florida Turnpike in the transition to All Electronic Tolling (AET) in the State of Florida”
VANCOUVER, British Columbia--(BUSINESS WIRE)--TIO Networks Corp., (TSX-V: TNC) (“TIO”), North America’s leading multi-channel expedited bill payment processor and Florida Turnpike Enterprises (FTE), have partnered to provide payment services to FTE customers in the State of Florida.
“We are pleased to work with an industry leader like TIO Networks to provide a new experience for our SunPass customers”
FTE owns and operates 606 miles of roadways in Florida and has recently announced it plans to introduce All Electronic Tolling (AET) within the state which over time will result in the removal of toll booths and the discontinuation of the option to pay cash on the toll roads.
Annual toll booth transaction volumes exceed 650 million transactions or about 1.7 million transactions per day. Currently there are over 4 million SunPass transponders linked to credit cards for the purpose of paying tolls however over 30% of tolls are paid with cash. To accommodate cash paying customers the Department will introduce a new TOLL-BY-PLATE program. Images of vehicles without a valid SunPass Transponder will be captured and the associated vehicles prepaid TOLL-BY-PLATE account will be debited. These accounts will be replenished using TIO’s network of secure, convenient, fast and reliable payment locations.
Customers without a SunPass Transponder or a Toll-By-Plate account will be issued invoices which can also be paid at TIO’s network of payment locations as well as the networks of two other companies selected by the Florida Department of Transportation (FDOT). Unpaid Toll Violations as well as Uniform Traffic Citations can also be paid.
All payments conducted via the TIO Network, will leverage TIO’s real-time posting capabilities to ensure that customer payments to their accounts or invoices are reflected immediately. A $1.50 service fee applies per transaction.
“We are pleased to work with an industry leader like TIO Networks to provide a new experience for our SunPass customers,” said Florida’s Turnpike Enterprise Director of Toll Operations Richard Nelson. “TIO will provide 1695 locations where customers can reload their SunPass using cash, which combined with the current locations add up to a total of 2702 outlets statewide,” he added.
“This is a win-win scenario for TIO as it is both an entirely new source of revenue and opens a new channel opportunity in other States as more roadways move to a toll system to pay for new road construction and maintenance,” said CEO of TIO Networks Corp., Hamed Shahbazi.
TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor in North America. With over 21,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payment services. www.TIOnetworks.com
Florida Turnpike Enterprises
With 460 miles of beautifully maintained safe toll highways, Florida's Turnpike system includes the Mainline from Miami to Central Florida, as well as the Homestead Extension, the Sawgrass Expressway, the Seminole Expressway, the Beachline Expressway, the Southern Connector Extension of the Central Florida GreeneWay, the Western Beltway, the Veterans Expressway and Suncoast Parkway, and the Polk Parkway. On average, 1.8 million motorists use Florida's Turnpike each day. www.floridasturnpike.com
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
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