LML Payment Systems Inc. (Nasdaq:LMLP), today announced that wholly owned subsidiary Beanstream Internet Commerce Inc. has begun limited distribution of an innovative multicurrency, multiprocessor mobile card acceptance product with enhanced credit card swipe technology and cash/check handling capabilities.
The Beanstream application puts a unique spin on technology that allows merchants to swipe credit cards directly on their iPhone, iPad, iPod touch and Android devices. With no more than their phone and a small encrypted card reader, merchants can manage card transactions in 150 currencies while consolidating data from cash and check transactions within the same simple application. The product is built on Beanstream's bank-neutral payment processing platform to ensure businesses can have funds deposited to any preferred North American financial institution.
Beanstream has implemented unique technology developed by its engineers in order to resolve usability and security concerns common with mobile card swipe devices. Merchants can expect faster data load times and accuracy on first swipe. End to end data encryption ensures that cardholder information is protected to industry leading standards, while an enhancement to the device jack guarantees better compatibility with a wider range of phones and mobile protective coverings.
"The demand for mobile payment technology has grown exponentially over the last year. Our application has been designed to fill the gaps left by competing products," said LML President, Craig Thomson. "Existing solutions work with either one processor, one currency or one payment brand. We provide businesses with a truly practical solution that supports all major processors, all major currencies, all major payment types and multiple languages in a single complete application. We expect the end result to be a reliable, cost-effective solution not just for entrepreneurs and start-ups, but also for any larger merchants with a mobile sales force."
The Beanstream mobile application is currently being trialed by select Canadian and US businesses with widespread availability free of charge expected by the end of March.