Wildcard Wireless Solutions Inc. has reached agreements with U.S. based, CardReady International Inc. for the sales, support and marketing of its flagship TransAKT CDMA wireless point-of-sale terminal in the United States. Under the agreements, CardReady, a U.S. merchant service provider that is sponsored by Key Bank, will accept and process credit card transactions generated by end users of TransAKT(TM) terminals and will also provide front line customer support. In addition, Wildcard will receive a share of the transaction revenue stream generated by the terminals.
The TransAKT(TM) terminals, which connect to merchant service providers via the United States largest cellular networks, will be available immediately through CardReady’s existing nationwide sales force. Initial rollout of the TransAKT(TM) terminals has already begun with the sale of a small number of wireless terminals to existing CardReady clients who were not happy with the performance of competing wireless products.
In order to facilitate manufacturing of an initial inventory of TransAKT(TM) wireless terminals required for CardReady’s U.S. sales, CardReady has arranged a $350,000 USD financing for Wildcard by way of an inventory secured loan, this will allow Wildcard to avoid equity financing and dilution to support these sales.
In exchange for providing sales, support, and marketing in the United States for the terminals, CardReady and Wildcard have signed a memorandum of understanding (MOU) wherein CardReady has been granted the exclusive distribution rights within the United States for the TransAKT(TM) CDMA wireless terminal and has been designated the Merchant Service Provider of Choice.
Commenting on the alliance, Daniel Pomerleau, Wildcard’s President, states “the partnership with CardReady is the final strategic piece required to rapidly launch our TransAKT(TM) offering in the U.S. and establish our presence within the mobile payments industry. CardReady is an aggressive and rapidly growing Company and we are very pleased to be working with them.” Jim Wilson, co-founder and Director of Marketing & Sales for CardReady states, “While CardReady offers a wireless solution today, I believe much has been needed to improve wireless POS performance, standards and pricing. CardReady receives many complaints about the limited coverage areas available for competing wireless products, and about pricing being too high. Despite the criticisms, wireless POS technology remains in great demand. We have endorsed the TransAKT(TM) terminals produced by Wildcard Wireless as the “1st generation of its kind” and are currently preparing a national sales campaign to launch the terminals.”
CardReady International Inc. was founded in 1998 as a full service provider of Bankcard Processing and related electronic payment services. CardReady sets up businesses to accept credit and debit cards nationally, and provides 24/7 servicing for Merchant customers. CardReady’s partners include KeyBank (US$89-billion in assets) and Vital Processing Services (network supports 25-billion transactions annually). For more information please visit .
About Wildcard Wireless Solutions Inc.
Wildcard is a leading developer of secure wireless electronic payment and communication solutions that add value at the point of sale for consumers, merchants and acquirers alike. The TransAKT(TM) wireless terminal is an integrated PIN Pad secured Point-of-Sale device that attaches to a cellular phone without impacting its normal operation. TransAKT(TM) currently attaches to Motorola’s StarTAC(R)/Timeport(TM) PCS and iDEN(R) family of mobile phones, giving merchants the ability to easily and securely accept multiple methods of electronic payment in the field. For more information please visit [www.wildcardwireless.com].