Beanstream Inks Services Deal with First Data
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.
Beanstream is a wholly owned subsidiary LML Payment Systems. Through the relationship with Beanstream, First Data will also provide merchants with the option to accept Interac Online payments through their websites.
LML Payment Systems through its Canadian subsidiary Beanstream Internet Commerce and US subsidiaries Beanstream Internet Commerce Corporation and LML Payment Systems Corporation is a provider of financial payment processing solutions for e-commerce and traditional businesses.
The company 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.
Craig Thomson, president of LML, said: â€œBeanstream 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.â€
Guy Laurin, vice president of payment solutions for Canada at First Data, said: â€œFirst 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.â€
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