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Peppercoin Unveils 'Version 3' With Added Flexibility For Pay-As-You-Go, Subscription, Pre- And Post-Pay Use

Posted On: 2/16/2005

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Peppercoin Unveils 'Version 3' With Added Flexibility For Pay-As-You-Go, Subscription, Pre- And Post-Pay Use

WALTHAM, MA - Peppercoin has announced the introduction of "Peppercoin 3.0," the latest version of its Small Transaction Suite. This version includes a number of features that increase its versatility and offer enhanced cashless payment options.

The Peppercoin Small Transaction Suite allows merchants to accept their customers' preferred and trusted payment media , their debit and credit cards , to make small payments. Peppercoin offers a hosted service for merchants that's designed to integrate smoothly with their present payment systems, to increase transaction volumes, revenues and profits for both merchants and financial services institutions. A key to this profit enhancement is the system's ability to reduce transaction processing and customer services costs associated with small payments.

The added functionality of Version 3.0 appeals to John Sowell, chief executive officer of North County Vending (Vista, CA). "As a vending operator, we believe Version 3.0 of Peppercoin's Small Transaction Suite will grow both revenue and profitability, and ultimately afford North County vending the financial flexibility to enter new vending markets that, to date, have been unappealing due to profitability concerns," he said. "By offering consumers flexibility, such as the ability to transact with their preferred cards in a prepaid or pay-as-you-go manner, our sales will increase."

The new Peppercoin system is being implemented by Reino Parking Systems, an international organization headquartered in Australia with U.S. offices in Alameda, CA. "Reino Parking Systems has led the parking industry in providing alternative payment methods," said Mark Ralston, chief operating officer. "However, the continued challenge has always been how to handle transactions of less than $5 profitably, and in a way that is accepted by consumers.

"Peppercoin provides the only small payments solution that allows market leaders in the physical world, like Reino, to card-enable cash and coin transactions profitably," Ralston observed. "With the Small Transaction Suite, consumers can pay for on-street parking with their preferred credit and debit cards in the manner most appealing to them, whether it's on a prepaid, pay-per-use or subscription basis."

Peppercoin extends the existing credit and debit payment system to enable acquiring and issuing banks, payment processor, and the credit card associations to capture a greater share of small-payment transactions, the company explained.

Financial services institutions that offer the Peppercoin Small Transaction Suite to their customers can participate in new revenue streams generated by increased transaction flow to their payment systems. For this reason, key FSIs including First Data Merchant Services, Chase Merchant Services and Moneris Solutions have formed relationships with Peppercoin.

TowerGroup, a major research and consulting firm specializing in the global financial services industry, has graphed the swift rise of cashless payments. "As the market for low-priced electronic transactions gains speed, leading services will distinguish themselves through the ability to support their customers' needs across multiple environments and transaction types," said Ed Koutz, TowerGroup's senior analyst, Emerging Technology Solutions. "'Peppercoin 3.0' is an example of the type of advance that will help move 'user-centric' micropayments into the mainstream."

Peppercoin president Mark Friedman stated that Version 3 establishes the company as the only small-payment services vendor addressing not only the physical point-of-sale, but also the digital and the "mobile" markets. Its ability to support pay-as-you-go, prepaid, subscription and postpaid payment methods provides both merchants and FSIs the broadest range of both "pure" and "blended" small-payment business models from a single suite of payment applications, he added.

Peppercoin's core technology provides an "Intelligent Aggregation" platform for all payments, which permits cost-effective  "edge processing" with real-time performance scaling to handle large transaction volumes.

The "Peppercoin Small Transaction Suite" conforms to the major card issuers' data security requirements, including Visa's "Cardholder Information Security Program," MasterCard's "Site Data Protection," American Express's "Data Security Operating Policy" and Discover's "Discover Information Security and Compliance." It meets the core reliability, availability, security and scalability needs of both merchants and financial services institutions, Peppercoin reported.