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LML Subsidiary Transforms Mobile Phones Into Secure, Multicurrency Card Terminal and Portable Cash Register
Beanstream Pilots Innovative Mobile Application for Security Conscious Merchants on the Move
VANCOUVER, British Columbia, March 14, 2012 -- 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. The application is available from the Apple app store or at mobile.beanstream.com
About LML Payment Systems Inc. (www.lmlpayment.com)
LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and US subsidiaries Beanstream Internet Commerce Corp and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing verbs such as "aims," "anticipates," "estimates," "expects,"
"intends," "plans," "predicts," "projects" or "targets" or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect the Corporation's actual results include, among others, the impact, if any, of stock-based compensation charges, the potential failure to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect the Corporation's financial results is included in the Corporation's quarterly reports on Form 10-Q and our most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Corporation undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
CONTACT: Patrick H. Gaines - CEO