Chockstone Works with MasterCard International to Expand and Enable PayPass Solution.PORTLAND, Ore. -- Chockstone, Inc., provider of the world's most innovative stored value, customer loyalty and payment processing solutions, announced today that its technology will be enabled to support the MasterCard(R) PayPass(TM) contactless payment Contactless payment systems are credit cards, key fobs, or other devices which use RFID for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. solution. PayPass provides consumers with a quicker and more convenient way to pay for purchases, provides merchants with shorter transaction times and delivers enhanced sales on purchases. Chockstone's point-of-sale solutions, credit card gateway, and stored value programs will be enabled to support PayPass at participating merchants, particularly quick service restaurants and convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. . MasterCard PayPass offers a convenient alternative to paying with cash by allowing consumers to make purchases by simply tapping their PayPass-enabled MasterCard card or other device (such as a cell phone or key fob (1) A remote control car door opener such as the common "clicker" used with most modern automobiles. (2) A USB flash drive used for storage or as an identification key. See USB drive and authentication token. ) on a PayPass enabled point-of-sale terminal. A signature is not required for purchases under US $25. An embedded Inserted into. See embedded system. RF tag automatically and securely transfers account information and the sale is completed without the need for signature authorization. As the technology speeds consumers through the check-out process, merchants can experience the benefits of reduced cash handling, improved efficiency and competitive differentiation. "Chockstone works closely with the leading brands in the retail industry that can benefit from the innovation of PayPass into the customer experience," said T.J. Sharkey, vice president, US Business Development, MasterCard International. "One of our primary goals is to provide innovative payment solutions that enhance the relationship between consumers and merchant locations where they make purchases as well as generate a more profitable way for merchants to do business." PayPass will work seamlessly with Chockstone's market-leading payment processing and stored value programs. Chockstone provides innovative payment and loyalty solutions that deliver promotional offers tailored for each customer at the point-of-sale. Chockstone's technology will enable merchants to provide instantaneous in·stan·ta·ne·ous adj. 1. Occurring or completed without perceptible delay: Relief was instantaneous. 2. rewards to PayPass users by automatically recognizing the payment method at check-out and delivering redeemable Redeemable Eligible for redemption under the terms of an indenture. , merchant-designated promotions via their transaction receipt. "Companies like MasterCard are defining the payment processing industry, and if other market leaders don't adapt, they and their clients will be left behind the curve," said Chockstone Vice President, Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. Marc Edmondson. "We are thrilled to enable our clients to be on the forefront of what's certain to be the new paradigm New Paradigm In the investing world, a totally new way of doing things that has a huge effect on business. Notes: The word "paradigm" is defined as a pattern or model, and it has been used in science to refer to a theoretical framework. in small-ticket purchasing." Chockstone clients can enjoy the benefits of MasterCard PayPass beginning in the third quarter of 2006. Participating Chockstone merchants will be able to accept all PayPass transactions, as well as their own RF-enabled stored value and loyalty cards. About Chockstone Chockstone provides the most flexible and innovative stored value solutions available to merchants today. Designed to increase customer loyalty and drive profitability, Chockstone's programs are used by leading brands in the retail, restaurant, and convenience store markets. Headquartered in Portland, Ore., Chockstone, Inc. is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation . To learn more about Chockstone's products and services, visit www.chockstone.com. About MasterCard International MasterCard International (NYSE NYSE See: New York Stock Exchange :MA) advances global commerce by providing a critical link among financial institutions and millions of businesses, cardholders and merchants worldwide. Through the company's roles as a franchisor, processor and advisor, MasterCard develops and markets secure, convenient and rewarding payment solutions, seamlessly processes more than 16 billion payments each year, and provides industry-leading analysis and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that drive business growth for its banking customers and merchants. With more than one billion cards issued through its family of brands, including MasterCard(R), Maestro (1) (Maestro NT) An earlier name for scheduling software for Windows NT from Tivoli Systems, Inc. When IBM acquired Tivoli in 1996, the program was renamed IBM Tivoli Workload Scheduler. (R) and Cirrus(R), MasterCard serves consumers and businesses in more than 210 countries and territories, and is a partner to 25,000 of the world's leading financial institutions. With more than 24 million acceptance locations worldwide, no payment card is more widely accepted than MasterCard. For more information, go to www.mastercardinternational.com. |
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