Peppercoin and SunTrust ink micropayments deal

Peppercoin and SunTrust ink micropayments deal

US micropayments firm Peppercoin has inked an alliance deal with SunTrust Merchant Services, a joint venture between SunTrust Banks and First Data Corporation, to deliver a small payments processing service to merchants. Reino Parking Systems has been signed as the first client.

Peppercoin's Small Transaction Suite cuts processing costs for sub-$20 transactions conducted via conventional debit and credit cards. The SunTrust tie-up follows a similar recent agreement with Chase Merchant Services.

Mark Friedman, president of Peppercoin, says: "With our joint solution, SunTrust Merchant Services' 67,000 business clients can immediately convert small cash payments, a $1.32 trillion annual market, to credit and debit card payments."

Barbara Roeber, general manager/SVP, SunTrust Merchant Services, says the firm has recorded "a dramatic increase in demand for small payments capability" in the past six months. "Peppercoin's solution is the only one that supports our merchants' needs for digital, mobile and physical point of sale transactions."

Reino Parking Systems has begun deployment for the processing of credit card transactions at Multispace parking meters in various US locations. The meters will be able to accept payment via credit card and mobile phone and consumers can elect to receive text messages alerting them to expiry times.

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