VANCOUVER, British Columbia, Feb. 15, 2011 (GLOBE NEWSWIRE) -- LML Payment Systems Inc. (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® 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.
About First Data (www.firstdata.com/canada)
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
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.