LML Payment Systems (Nasdaq:LMLP), today announced that wholly owned subsidiary Beanstream Internet Commerce Inc., has entered into an agreement to provide the web-based transaction processing services behind First Data's eCommerce products in Canada.
Using Beanstream technology, First Data will offer Canadian merchants the ability to accept payments through a variety of online transaction processing tools, including website forms, shopping carts, recurring billing, batch processing, and a virtual terminal for Internet, mail order/telephone order and other non face-to-face processing applications. Through the relationship with Beanstream, First Data will also provide merchants with the option to accept INTERAC(R) Online payments through their websites.
"Beanstream has developed a scalable payment platform that can adapt to the custom requirements of larger institutions. We are pleased to have been selected by First Data, a global leader in payment processing, and welcome this opportunity to expand our presence in the Canadian market," said LML President, Craig Thomson.
"First Data aims to set the standard for smooth implementation and integration, uptime and processing speed, fraud protection and Payment Card Industry compliance. Our eCommerce processing technology is designed to allow merchants to create the best possible payment experience for their online customers," said Guy Laurin, Vice President, Payment Solutions, First Data, Canada.
First Data is a global technology and payments processing leader, serving more than six million merchant locations, thousands of card issuers and millions of consumers worldwide.