TORONTO , Jan. 13, 2021 /CNW/ -- Quisitive Technology Solutions Inc. ("Quisitive" or the "Company") (TSXV: QUIS), a premier Microsoft Solutions Provider, is pleased to announce that its LedgerPay unit has entered into a letter of intent ("LOI") with a major merchant acquiring bank as a sponsor for direct payment processing for Visa, Mastercard, and other major credit and debit card brands.
As the only payment processing platform solution that leverages the Microsoft Azure cloud, Quisitive's LedgerPay solution lets merchants securely process payments online and in-stores and provides unique insights into consumer behavior for brick-and-mortar retailers. The technology behind LedgerPay was developed internally by the Company and incorporates data collection and analysis with each payment transaction, ultimately enabling retailers to drive revenue while creating personalized loyalty at scale.
To enable the full payment processing capabilities of Quisitive's LedgerPay platform, the Company required a bank sponsorship, a pre-requisite for connecting its solution to major payment card networks such as Visa and Mastercard. Upon finalizing the definitive agreement, targeted for mid-February, Quisitive expects LedgerPay to jointly go-to-market, through a partnership model, with its sponsor bank to independent sales organizations ("ISOs"), or companies that sell credit card processing services independently from a financial firm or bank. Furthermore, the sponsor bank will be able to provide LedgerPay with incremental merchant customers through its already existing ISO relationships.
"Receiving a bank sponsorship is one of the key final steps needed in order to achieve the general availability of LedgerPay," said Quisitive CEO Mike Reinhart . "We look forward to completing the definitive agreement for this partnership and intend to find many collaborative ways to reach a broad set of merchants across the United States , including through our partnerships with Microsoft and dunnhumby