Toronto-based Posera has inked its second SecureTablePay non-exclusive distribution agreement with one of the largest payment processors in the United States. The agreement will generate initial license fees and monthly recurring revenues for POSERA.
Posera expects the solution to be available once technical certification is completed in approximately 3 months. Upon completion of the technical certifications and when the US Payment Processing partner is ready to launch the SecureTablePay solution, Posera and the US Payment Processor will circulate a joint press release.
SecureTablePay application enables safe, secure and stable “Pay-at-the-Table” (“PATT”) capabilities.
Posera has many years of Canadian and international success in the EMV Chip and PIN1 business. SecureTablePay has a unique and leading architecture, which provides both convenience and security.
The SecureTablePay platform is already integrated to most of the leading Restaurant Point-of-Sale applications worldwide. SecureTablePay is:
It is the only semi-integrated EMV1 and Contactless application allowing restaurant wait-staff to totally manage payments, split checks, tips and tables, remotely from a wireless payment terminal. SecureTablePay also incorporates Chip and Signature, PIN based Debit, Gift Cards, Tap and Pay by Phone 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.
SecureTablePay provides the extraordinary convenience of paying at the table for both restaurant wait-staff and their customers. The card never leaves the Cardholder’s hands reducing the risk of fraud for both the merchant and cardholder. 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 shift transfers the liability to the retail / restaurant merchants for chargebacks relating to fraudulent transactions, where previously chargebacks were a cost incurred by the processor.
SecureTablePay is integrated to 20 of the largest Restaurant Point-of-Sale applications worldwide and our solution is already installed in several thousand hospitality merchants across Canada.
Secure Table Pay allows the POS and Payments Processing to evolve independently in this dynamic industry without the need for re-certification as the US industry evolves through its payment security process.
Secure Table Pay improves speed and accuracy in the Restaurant reducing Tip Adjust errors, improving wait-staff efficiency while increasing Table Turn Rates and profits for merchants, leading to a better overall customer experience.
The market opportunity for this solution is immense, with over 635,000 restaurants in the United States that would benefit from the use of the SecureTablePay technology.
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