Quisitive's LedgerPay Executes LOI with Bank Sponsor to Enable Payment Processing
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."
About Quisitive:
Quisitive (TSXV: QUIS) is a premier Microsoft solutions provider that helps enterprises move, operate, and innovate in the Microsoft cloud: Microsoft Azure, Microsoft Dynamics, and Microsoft 365. Quisitive also provides proprietary SaaS solutions such as emPerformTM and LedgerPay that complement the Microsoft platform. LedgerPay is an innovative payments intelligence platform and data insights solution that transforms everyday debit or credit purchase transaction data into seamless customer loyalty for merchants. Quisitive serves clients globally from offices in the U.S and Canada. For more information, visit www.Quisitive.com and follow @BeQuisitive.
Cautionary Note Regarding Forward Looking Information
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities and strategy. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to enter into a definitive agreement on the terms of the LOI or at all, the anticipated timing of a definitive agreement, additional steps needed to achieve the general marketability of LedgerPay, the ability to successfully execute on the Company's corporate strategies, the limited history of operations of the Company's LedgerPay business and future business strategy, and other events or conditions that may occur in the future.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include those factors described under the heading "Risks Factors" in the Company's annual information form dated May 15, 2020 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Quisitive Technology Solutions Inc.
Company, Tami Anders, Chief of Staff, [email protected]; or Investor, Matt Glover and John Yi, Gateway Investor Relations, [email protected], 949-574-3860, https://www.quisitive.com/
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