LML Payment Systems Corp. has signed an
electronic transaction processing contract with Sun Foods of
Sun City, Arizona.
LML will provide check authorization processing along with credit, debit
and EBT card authorization and selective routing services to Sun Foods for
five supermarkets located in the Phoenix, Arizona area.
“We are pleased with this contract and look forward to providing these
services to Sun Foods. Checks are a particularly important tender-type for
supermarkets, making this retail segment very attractive to us. We also look
forward to the opportunity to provide additional related check services in the
months ahead,” said Corporation President and CEO, Patrick H. Gaines.
The Corporation, through its subsidiary LML Payment Systems Corp., is a
financial payment processor providing end-to-end check processing solutions
including Electronic Check Conversion (whereby paper checks are converted into
electronic transactions), electronic check verification, electronic check
re-presentment (whereby returned paper checks are re-presented for payment
electronically), and primary and secondary check collection to supermarkets,
grocery stores, multilane retailers, convenience stores and other national,
regional and local retailers. We also specialize in providing selective
routing, including real-time monitoring of check, debit, credit and EBT
transactions for authorization and settlement through our flagship transaction
processing product REPS (Retail Electronic Payment System). The Corporation’s
intellectual property estate, owned by subsidiary LML Patent Corp, includes
new U.S. Patent No. 6,164,528 regarding Internet checking transactions, in
addition to U.S. Patent No. 5,484,988 which describes a “Checkwriting point of
sale system,” which, through a centralized database and authorization system,
is capable of providing and administering various electronic payment services
for customers and businesses. Also included in our intellectual property
estate is a recently received Notice of Allowance from the United States
Patent and Trademark Office for a new patent based upon United States Patent
Application Serial No. 09/562,303. The new patent describes corporate checks
and electronic fund transfers (EFT) and relates to existing U.S. Patent No.
6,164,528 and U.S. Patent No. 5,484,988 (described above).