Payfirma to provide mobile payment processing services

TORONTO, CANADA: Payfirma, a leading player in mobile payments in Canada, has announced an agreement with a leading financial institution, CIBC to offer Payfirma services to CIBC business banking clients who are seeking innovative solutions for accepting payments from clients using mobile devices.

Payfirma offers a range of hardware and software solutions on a single platform to help businesses accept debit and credit card payments in stores, online through their company website, or remotely using smartphones and tablets as mobile terminals.

Leveraging existing assets such as smartphones and tablets lowers the cost of entry for small businesses who are seeking to expand the payment options available to their clients, and also enables businesses to collect payments anywhere with cellular service.

Payfirma also provides businesses with real-time, consolidated reporting on all sales, so that businesses can use the web-based management tool PayHQ to make smarter business decisions about their customers, products and employees.

This agreement comes at a time when digital payments are on the rise, particularly mobile and eCommerce payments.

• Mobile payments worldwide are projected to total $670 billion by 20151

• Online shopping is growing at 25 pc annually in North America

• Businesses that start accepting credit cards typically see a 30 pc increase in sales

Said Michael Gokturk, CEO of Payfirma: "We are delighted to get Payfirma's platform into the hands of more businesses. Businesses that use Payfirma's platform are seeing an increase in sales and significant decrease in operational cost. We are here to help people build their dream companies."