SAN ANTONIO--(BUSINESS WIRE)--Payment Data Systems, Inc. (OTCBB: PYDS), an integrated electronic payments solutions provider, today announced that it will develop and deploy a wireless mobile payments application branded as “iRemotePay” http://www.iremotepay.com. The application will be initially deployed for the iPhone®, iPad®, and iTouch®. Plans are to implement for Android phones at a future date.
The application will include a card reader device for the iPhone which enables a merchant to process credit card and ACH payments (e-Checks) over the wireless networks from remote locations and view these payment transactions while away from the office.
This application strategy is completely compatible with PDS’ market strategy which targets large enterprises with large customer bases and which have a need for remote payment processing applications on a full-time basis or just for special events. It is also targeted to smaller companies, such as HVAC or plumbing services, that have a need for wireless payment applications.
iRemotePay is unique from other mobile payment solutions in three key ways:
- it is targeted to merchants that have one or multiple devices in their service market but have a need for a common settlement account;
- it will allow the entry and processing of ACH payments (e-Checks); and
- it is processor independent which means iRemotePay can act as a gateway to the merchant’s existing merchant processor who may not be Payment Data.
Additionally iRemotePay will be integrated with our back-office applications which enable the sale to be authorized and approved and then provide real-time access to view the completed transaction by the merchant’s accounting department or at the remote location by the person that entered the information.
iRemotePay also is being deployed with fully encrypted end-to-end transactions. Therefore it is being designed to be fully compliant with all current and future PCI security requirements.
iRemotePay is specifically designed for remote wireless applications. The following serves as a list of examples:
- Special remote events;
- Concerts;
- Taxis and Limousines;
- Plumbers and Electricians;
- Installers and Repairmen;
- Door to Door Sales;
- Utility Companies’ On-Site Collections;
- Flea Market Vendors;
- Any Remote Sales Merchant.
iRemotePay features include:
- Secure Payment Processing with end to end encryption of transaction data;
- Allows our customer to leverage their existing wireless plan;
- Internet-based reporting;
- Back office support for corporate office or remote personnel so each can immediately view transactions as soon as a sale is made;
- Integrated telephone and Web-based transaction reporting through all of our back-office applications such as fraud control and CSR View product;
- Fast merchant setup time - as fast as 24 hours;
- Supports all card types;
- Supports entry and payment for ACH processing (e-checks).
Louis Hoch, President and COO of Payment Data Systems, Inc., said “iRemotePay is a great addition to our mobile-based merchant processing platform. Removing the need for fixed-location card entry terminals and taking advantage of an existing tool that is carried by tens of millions of people and simultaneously provides speed, security, and convenience for both the customer and the merchant representative clearly addresses the needs of the marketplace today and in the future.”
The iRemotePay iPhone application is expected to be available in the 4th Quarter 2011.
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
For additional information, visit www.paymentdata.com. Contact Michael Long for Investor Relations information at 210.249.4040 or email at ir@paymentdata.com.
Website: www.paymentdata.com,
www.ficentive.com,
www.zbill.com
Find
us on Facebook®
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.