Toronto, ON “ Posera Ltd. (TSX:PAY) (“Posera or the “Company), a leading provider of software solutions for the hospitality industry, today announced it has released its SecureTablePay application enabling safe, secure and stable ˜Pay-at-the-Table’ capabilities. Posera has many years of Canadian and international success in the EMV Chip and PIN1 business.
SecureTablePay has a unique and leading architecture, provides both convenience and security and is already integrated to most of the leading Point-of-Sale applications. SecureTablePay is:
A) Unique Architecture & Rapid Implementation: It is the only semi-integrated EMV and Contactless application allowing restaurant wait-staff to totally manage payments, tips and tables, remotely from a wireless payment terminal. SecureTablePay also incorporates Chip and Signature, with end-to-end encryption for the US market. The semi-integrated approach requires less development effort, and a reduced Payment Card Industry (“PCI) scope, enabling a vastly compressed time to market.
B) Secure: SecureTablePay provides the extraordinary convenience of paying at the table for both restaurant wait-staff and their customers. It also provides a secure solution to the enormous security challenges and financial risks that merchants now face due to the October 2015 liability shift imposed by the payment processors. This liability shift imposes responsibility on merchants for chargebacks relating to fraudulent transactions.
C) Market-Ready: SecureTablePay is integrated to 20 of the largest Point-of-Sale applications worldwide and our solution is already installed in several thousand hospitality merchants across Canada.
In addition, Posera is pleased to announce it has entered into a non-exclusive distribution agreement with a leading US payment processing company for its SecureTablePay application. While the distribution agreement will generate initial license fee revenues, it is primarily a recurring revenue model. The market opportunity for this solution is immense, with over 635,000 restaurants in the US that would benefit from the use of the SecureTablePay technology.
Posera’s CEO Loudon Owen said, “The US retail sector is reaching a threshold of indignation faced with a pervasive amount of fraud and theft of customer identity. Our solution wages war on the criminals and puts the power and control back in the hands of the retailers and consumers. We are particularly pleased to be at the forefront of this vital step in consumer protection and security and to be able to stand alongside a leading payment processor. Owen added, “At the same time, customers are demanding the ability to pay at the table. As soon as customers experience it, we expect this will become a standard practice that customers will demand.
- Industry Terminology Explained: EMV (“Europay, MasterCard and Visa) is a technical standard for smart payment cards, payment terminals and ATM’s (“Automated Teller Machines). Payment cards that comply with the EMV standard are often called Chip and PIN or Chip and Signature cards, depending on the exact authentication methods required to use them. Chip and PIN is the most secure type of technology for credit and debit cards transactions. Rather than physically signing a receipt for identification purposes, the user enters a four-digit Personal Identification Number (“PIN). This number must correspond to the information that is stored on the Chip. Chip and PIN technology makes it much harder for fraudsters to replicate, therefore if a customer’s card is stolen, there will be no fraudulent purchases unless the criminal knows their four-digit PIN.
For more than 30 years, Posera has been supporting merchant business success in the hospitality industry. Posera manages merchant transactions with consumers and facilitates all aspects of payment transactions. Posera’s Maitre ‘DTM and FingerPrintsTM Point-of-Sale (“POS) solutions are trusted by the top fine dining and quick-service hospitality brands around the world.
A TSX company trading under the symbol “PAY, Posera’s full service solutions include integrated and non-integrated debit and credit processing, SecureTablePay which is an EMV compliant PayAt-The-Table application, system hardware integration services, merchant staff training, system installation services, and post-sale software and hardware customer support.
Posera’s POS system software solutions, associated enterprise management tools and debit/credit payment terminals have been deployed in 25 countries and 8 different languages at over 30,000 merchant locations worldwide. Posera’s direct sales force is bolstered by a global dealership network of approximately 80 resellers which translates to approximately 500 representatives selling, supporting and installing its software and related products and services. Posera prides itself on its long and established track record of exceptional customer service and continued technological innovation. Posera’s success is driven by the Company’s unwavering commitment to the business success of its growing base of merchant clients.