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Planet Payment Acquires the Assets of the iPay E-Commerce Processing Business
(December 04, 2008)--
LONG BEACH, NEW YORK -- December 4, 2008 -- Planet Payment [LSE: AIM: PPT and PPTR; OTCQX: PLPM], a leading international multi-currency payment and data processor, today announced the availability of a multi-currency service through its iPAY payment gateway. The Service enables card-not-present merchants to attract and close more international sales by displaying pricing and allowing their customers to pay in their chosen currency, while the merchant continues to receive funding and reporting in United States Dollars.
As merchants look to expand their business by selling internationally, they are in need of solutions that simplify the shopping experience for their customers, including providing customers with the ability to shop, view and pay in the currency that they understand best – their own. The new iPAY multi-currency functionality does just that, effectively turning international browsers into purchasing customers by providing complete price transparency – those from Japan enjoy the clarity of browsing and paying in Yen, while those from Britain enjoy the certainty of paying in British pounds.
The solution works seamlessly within the merchant's existing business processes. All funding remains in the domestic currency and is handled by the merchant's domestic merchant bank, eliminating the need to establish and maintain international entities, or overseas bank accounts, as may be required in other solutions. The solution is currently available through supported partner merchant banks in the United States, with international support through Planet Payment's network of international banking partners anticipated in the future.
This newly added functionality enhances the industry leading iPAY payment gateway, which provides merchants with a robust payment and business-management application, featuring a range of products and services that allow merchants to accept and process payments securely and efficiently. These include: • the ability to process all major credit card types and ACH transfers • a reporting package that provides merchants with a complete and easy-to-read view of all transaction activity • a powerful subscription management capability that allows merchants to manage recurring payments effectively • fraud and chargeback management tools that help merchants minimize the risks of conducting business in a card-not-present environment. Commenting on the launch of iPAY's multi-currency service, Philip D. Beck, Chief Executive Officer of Planet Payment, said: “Planet Payment is pleased to announce the availability of multi-currency pricing through the iPAY Gateway. The solution announced today leverages the flexibility of Planet Payment's Multi-Currency offering with our powerful payment gateway, to create a single payment application that allows merchants to capture more sales from customers around the world.”
The first business to take advantage of the new iPAY service is Golfswitch, an Arizona-based technology company that operates the first and only standardized, global network that is capable of establishing real-time connections between golf courses and those who wish to market and sell tee times and golf vacations.
Ally Mahoney, Business Manager of Golfswitch, said: “Given the global appeal of our product, international customers are an important component of our customer base. We are always looking for new ways to improve our customers' shopping experience -- the new multi-currency service through Planet Payment and iPAY gateway has been a significant addition to our product offering, which we believe will drive new sales and improve our bottom line. Now our customers can view pricing and pay in their home currency, while we receive funding and reporting from our merchant bank in United States Dollars.”
Inquiries:
Planet Payment, Inc.
Philip D. Beck, Chairman and CEO / Joel Mayer, Director of Corporate Development
www.planetpayment.com
Tel: +1 516 670 3200
ICR, Inc. (US PR for Planet Payment)
Brian Prenoveau, CFA / Ashley Ammon MacFarlane
Tel: +1 203 682 8200
Redleaf Communications (UK PR for Planet Payment)
Emma Kane / Samantha Robbins / Rebecca Sanders-Hewett / Henry Columbine
planet@redleafpr.com
Tel: +44 20 7566 6700
About Planet Payment
• Planet Payment's Common Shares trade in the UK on AIM under the symbols PPT for unrestricted Common Shares and PPTR for Reg S Common Shares and in the USA on the OTCQX under the symbol PLPM.
• Planet Payment enables processors, acquiring banks and their merchants to accept process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. The Pay in Your Currency™ service is Planet Payment's suite of multi-currency processing solutions, which includes a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment's BuyVoice™, a mobile payment and commerce solution, allows merchants to accept payments and sell product to customers using any mobile or landline phone. With the iPAY™ gateway, Planet Payment also offers comprehensive Internet processing solutions for credit card and electronic check payments.
• Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, New Castle Delaware, London, Hong Kong, Shanghai and Singapore.
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