Mobile payment specialist paythru has entered into a partnership with payment solutions provider Pensio that the companies say will benefit retailers wanting to generate revenues from the 73.4 million mobile payment users worldwide.
The paythru/Pensio service provides simple and transparent creation and management of merchant accounts, and the processing of credit card payments on the paythru mobile payments platform.
paythru and Pensio say they have developed the system with merchants front of mind. The account acquiring rate is reviewed at least every six months to ensuire that the best possible rates are always on offer. Merchants also benefit from improved cash flow, as paythru does not hold the merchants money; payment is direct from acquiring bank to the merchant.
paythru and Pensio handle the whole process of setting up a merchant account with acquiring banks, offering multiple acquiring banks if required, and all handled in the merchants name for complete transparency. The system is fast to set-up, typically taking just a few weeks from sign-up to going live.
The service is international and provides multi-currency options, allowing merchants to accept international and local credit cards within Europe. The solution works with all the major credit card suppliers and paythru is a solutions partner for MasterCard and Visa.
The system also offers reporting and account management, allowing merchants to quickly and simply manage their payments. The reporting system includes real-time information on transaction history.
It has been designed so that only one contract sign-up is required, and there is no single point of failure for clearing card payments. The service achieved 99.8% availability during 2008 and is running at 100% for 2009 to date.
paythru is also a highly secure system, being the first mobile payment service that has achieved Level 1 PCI DSS compliance, delivering the same standard of security as retail banks and card issuers. The system uses Thawte SSL and will support 3D secure. All data passing through the system is encrypted, and screening systems are built-in to detect fraud.