Agreement includes Top 10 US Money Center Bank for U.S. ACH Processing for mobile payment solution SEQR USA, Inc.
STOCKHOLM — (BUSINESS WIRE) — November 4, 2014 — Seamless (STO: SEAM)
Seamless announced today that it has signed an agreement to partner with Newtek Business Services’ majority-owned subsidiary, The Secure Gateway. Seamless is the provider of mobile payment solution SEQR that challenges the card industry and its high charges by reducing the transaction fees for merchants and making life easier for the consumer. SEQR is a means of payment, a consumer experience and a new generation of an ad platform. This partnership with Newtek will enable Seamless US subsidiary, SEQR USA, Inc to continue to grow its business in mobile payments and penetrate the U.S. market.
The Secure Gateway’s proprietary gateway will be the platform of choice for all U.S. ACH transactions. In addition, the completion of a banking ODFI/ACH arrangement with a Top Ten U.S. Money Center Bank now connects SEQR to all the U.S. banks and ACH network, thereby putting SEQR USA, Inc. one step closer to launching its product to consumers in the U.S. market.
“The agreement gives us a very strong and diversified partner in the United States for transaction processing as well as the strength of a Top Ten Money Center Bank for our U.S.-based merchants and their customers. This is a statement to merchants that we are rapidly making SEQR in the U.S. market a reality”, said Peter Fredell, CEO of Seamless, provider of SEQR.
Barry Sloane, Chairman, President and Chief Executive Officer of Newtek Business Services, Inc. said, “We are excited about partnering with SEQR which will enable us to deliver a secure, cost-effective, end-to-end payments platform and solution to merchants and their customers, as well as our U.S. Banking relationships and, as a result, support the continued growth of SEQR.”
SEQR’s disruptive technology is based on the transaction switch developed by its parent company Seamless which bypasses the credit card infrastructure and handles payments on its own rails differently from being yet another extension of a credit card transaction moved into the mobile phone. The proprietary technology enables SEQR to cut the merchants’ transaction costs in half and roll out quickly with no investment from merchants. SEQR offers an “all in one solution” to consumers. It works with iOS, Android and Windows and the consumer has the option to use either QR codes or NFC to make payments.
“SEQR’s approach in the payments space has seen unbridled success in Europe, allowing them to become Europe’s most used mobile payment solution in stores and online, and offers a valid and tested market alternative within the ever-changing U.S. payment’s landscape. The Secure Gateway’s platform in concert with SEQR will satisfy a multitude of needs for both large and small merchants as they adopt mobile payments, seek more cost-effective solutions than traditional credit and debit cards, require buying behavior data and, loyalty and rewards support to grow and retain new customers. Our agreement with SEQR will enable us to offer the small- and medium-sized independently owned business market the same level of state-of-the-art, cost-effective, secure mobile payments that big-box retailers currently enjoy.” continued Mr. Sloane.
ABOUT SEQR, by Seamless
SEQR (se·cure) is Europe’s most used mobile payment solution in stores and online. SEQR enables anybody with a smartphone to pay in stores, at restaurants, parking lots and online, transfer money at no charge, connect loyalty programs, store receipts digitally and receive offers and promotions directly through one mobile app. Through the SEQR app, the user simply scans or taps a QR-code/NFC at check-out and approves the purchase by entering a PIN code. Fast, smooth and safe, SEQR’s payment solution enables merchants to lower interchange fees significantly compared to those charged by traditional card companies. SEQR’s unique transaction platform has been developed by Seamless, one of the world’s largest suppliers of payment systems for mobile phones.
Founded in 2001 and active in 26 countries, Seamless handles more than 3,1 billion transactions annually through 525 000 active sales outlets. 6 200 merchants have chosen SEQR including the largest grocery chains, fast food chains and national retailer chains in the markets where SEQR is established. SEQR was launched in Romania in 2013, in Finland and Belgium in 2014 and is scheduled to launch in Portugal in 2014. In 2013, SEQR won the Mobile Money Global Award for Best Mobile Money Deployment in Europe. Seamless is traded on Nasdaq OMX Stockholm, under the SEAM ticker. www.seqr.com
About Newtek Business Services, Inc.
Newtek Business Services, Inc. ( http://www.thesba.com/), The Small Business Authority® ( http://www.thesba.com/), is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek’s products and services include: The Newtek Advantage™ (
Electronic Payment Processing (
Managed Technology Solutions (Cloud Computing) (
Business Lending (
Insurance Services (
Web Services (
Data Backup, Storage and Retrieval (
Accounts Receivable Financing (
and Payroll (