New Payzone managing director Gary Jennison has announced an investment in the business that he believes will benefit retailers.

The company is investing e1m in overhauling Payzone terminals in a move that it claims will shorten transaction times.

“We’re looking to shorten the amount of time it takes to complete a transaction, hopefully increasing the number that can take place in a store,” Jennison said.

He added that if more transactions could be completed on a daily basis, it would go some way to compensate for the commission rates currently being offered for providing commercial services, which have attracted complaints from retailers in recent months.

“We realise that there’s not much for the retailer per transaction, but if we can generate a higher number of transactions then there will be more in it for them,” he said. “Commissions are driven by the utility providers and we work to provide the best possible deal for everyone.”

He added that the company will also be rolling out new pos material in the coming months that he hopes will increase consumer awareness.