LML subsidiary Beanstream pilots new mobile card acceptance product

Solution "designed to fill the gaps"

Beanstream Internet Commerce Inc., a wholly owned subsidiary of LML Payment Systems, is beginning the roll out of a new mobile card acceptance product with card swipe technology and cash/check handling capabilities (view press release). The solution is compatible with iPhone, iPad, iPod touch and Android devices – by inserting a small encrypted reader into the device merchants can take payments on the move. The application can manage card transactions in 150 currencies and also consolidates data from cash and check transactions. The solution is built on Beanstream’s bank neutral payment processing platform so funds can be deposited to any North American financial institution. Cardholder sensitive data is encrypted throughout the transaction process.

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 solution that supports all major processors, all major currencies, all major payment types and multiple languages in a single complete application.”

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