Transax Technologies secures $485K in funding

Source: Transax Technologies

Transax Technologies Inc., a Canadian leader of payment processor applications, announces investments of four hundred eighty five thousand dollars ($485,000) to support the growth of its KwikX platform.

"Since the payment types are widening and increasing by the day, it becomes very complex for retailers to achieve standardization of hardware with customized software solutions allowing for the processing of all payment types such as debit, credit, prepaid, gift, loyalty, RFID. Transax Technologies has developed its proprietary KwikX platform to allow retailers to integrate quickly and economically the best programs of the industry. Our retailers can now buy their solutions from different sources without having to sacrifice their independence towards the financial institutions that are used to try to bundle all their services. Since KwikX is open architecture and scalable, our customers can select suppliers for what they do as opposed to who they are", mentioned Jean-Pierre Gagnon, president of Transax Technologies.

Investments cover the following infrastructures:

KwikX Gate: modem pool and/or SSL gateway allowing each of our clients to send all transaction types for authorization. These gateways are fully redundant and sit in our two data centers in Quebec and Ontario to protect for any disaster.

KwikX Connect: integration kit for software or WEB developers or manufacturers of hardware allowing them to process any payment type.

KwikX Terminal: proprietary application residing on the point of sale terminal allowing for the processing of gift, loyalty, RFID, points transactions.

These investments would have not been possible without the contribution of CLD de Lajemmerais, Investissement Québec, Emploi Québec and CAERS, principal partner of Canada Economic Development. "With their support, we can now initiate the commercial phase of our technological innovations" mentioned Jean-Pierre Gagnon.

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