"With 90% of today’s merchants still using dial-up POS systems, upgrading merchants to IP and wireless based card transactions represents the single biggest opportunity in a highly competitive market", said Steve Goodrich, CEO for PowerPay. A 2-3 second transaction capability is especially attractive to the retail, hospitality and restaurant markets because of the capability to reduce transaction processing wait time during peak periods.

PowerPay and Verifone®, the leader in point of sale (POS) technology for the credit card industry have created a strategic arrangement to make Verifone® equipment available to all PowerPay merchants that want to upgrade their dial-up systems to IP and wireless high speed (2-3 second) credit card transaction capability. PowerPay will also make this capability available to its other strategic partners that want to offer their business customers this upgrade opportunity.

High-Speed IP Processing

High-speed access to the Internet through broadband or cable connections is rapidly becoming the standard with small and medium sized businesses.

Just as electronic card-swipers changed the way credit cards were processed 20 years ago, the internet, in the form of Broadband, is changing the way merchants manage their payment transactions. PowerPay immediately recognized what this solution provides our customers.

• SPEED - Transactions are completed in 2-4 seconds instead of 12-30 seconds.

• SAVINGS - Communications costs are reduced. Merchants can consolidate phone lines.

• SECURITY - SSL 128 bit encryption in EFT POS terminals provides fraud protection.

PowerPay is being chosen by many of the leading providers of high-speed access to the Internet to be the provider for their merchants wishing to transition to IP-based transaction processing. Our experience with these partners and the leading manufacturers of high-speed card processing equipment puts us at the forefront of this new business opportunity.