Jan. 11, 2013
-- PayTech Corp, a Puerto Rico based company offering electronic payment solutions, including credit and debit card processing, has announced their entrance to the rapidly growing market of mobile payments with PayPocket™, their new application for iPhones and iPads. MasterCard has indicated that the mobile industry will likely exceed one trillion dollars in 2013 and PayTech wants to take advantage of this for growth.
PayPocket™ allows merchants to accept payments with credit and debit cards that have a MasterCard, Visa, Amex and Discovery brand anywhere, anytime. Merchants will also be able to enjoy more competitive rates than the ones currently offered for wireless terminals. The main idea is that the merchant will be able to use his or her iPhone, iPad or iPod Touch along with the card reader supplied by PayTech, to process a sale without the need of additional equipment. With this initiative, PayTech has already presented a Blackberry version of PayPocket™ back in 2009 and was the first company in the world to have a payment “app” in Blackberry App World. At the same time, this product will be marketed in mainland USA where other competitors have different offers and capabilities. Being a Hispanic owned company, PayTech has an advantage understanding the needs and motivation of the largest growing market segment in the United States which is the Hispanic business owner.
“Currently there is no similar offer for a service as complete, simple and economic as PayTech’s PayPocket™ in Puerto Rico. Small and medium businesses that take their products and services to their customers usually lose sales as they don’t accept debit or credit cards because it’s too expensive, cumbersome or both. With PayPocket™, the need for antiquated mobile points of sale is gone. Now, any iPhone, iPad or even iPod Touch is a point of sale, only needing a cellular data plan or Wi-Fi connection. Just download the application from the Apple App Store, complete a couple simple forms, and in less than 24 hours the merchant is accepting credit and debit cards. Android users can also benefit from our web based solution, since it contains the same features with the exception of the functionality of the card reader. Nonetheless, in approximately three months, Android users will be able to enjoy this product with all capabilities. In addition, our service provides funding in 24 to 48 hours after the transaction is made.” Stated Cándido Alfonso, President of PayTech Corp.
For the launch of this application and foreseeing immediate growth opportunities, PayTech has prepared by hiring new personnel, while at the same time expanding its processing capacity. PayTech plans to capture close to 10,000 PayPocket™ clients during the first year and processing is available for businesses in all 50 states as well as Puerto Rico. “We are extremely proud of being a locally owned and based company, so we have recently joined the “Made in Puerto Rico” movement. Our immediate plans include the expansion of our sales footprint by aggressively focusing on identified opportunities locally and internationally. Puerto Rico can’t depend or conform to only one local transactional company, we have demonstrated for 10 years that we are a solid, dependable and cost effective option that provides leading edge solutions to the Puerto Rican market. In 2012 we processed over 1 billion dollars in ACH and Credit Card transactions, solidifying our market position. This growth has been achieved and sustained mainly with the support and preference of our clients in the private sector, where we have concentrated most of our efforts. PayTech’s biggest strength is that we are in control of all the elements including the processing and the solution and that allows us to get to pricing that is much lower than other solutions in the market.”
PayTech Corp, is a 10 year strong, Puerto Rican based and owned firm. In February 2012, PayTech Corp expanded its operations into the United States by acquiring DCAS, a Texas based payment processing and technology firm., with this acquisition, PayTech gained over 600 clients in the mainland, solidly .
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