Here is the latest release with an internet venture:
Dan
ChequeMARK Launches its Patented Payment System for the Internet
JACKSONVILLE, Fla., Jan. 21 /PRNewswire/ -- LML Payment Systems Inc. (the
"Company") (Nasdaq: LMLAF) announces that its subsidiary ChequeMARK Inc. is
launching its Patented Point-Of-Sale Electronic Checking system for use on the
Internet. The ChequeMARK System, which enables retailers to convert a paper
check transaction into a fully automated paperless electronic transaction,
will likewise be designed for implementation by web merchants ("e-tailers") as
an alternative payment system to the current methods of Internet payment such
as credit card, paper check drafts and virtual cash.
The ChequeMARK System will empower e-tailers to allow Internet consumers
access to funds residing in their bank accounts in order to make purchases at
e-tailers' web sites. While presently, the majority of Internet transactions
are completed with credit cards, consumers' overall preferred payment method
is the personal check. In 1997, personal check dollar volume was more than
double the dollar volume for credit and debit cards combined. During the same
period, checks were also used 1 1/2 times more frequently than credit and
debit cards combined. The Company believes that its Patented Electronic
Checking system will enable e-tailers to benefit from the same consumer
payment preference.
Recently published reports indicate that Internet purchases will balloon
from approximately $15 Billion in 1998 to over $3 Trillion by 2003. The
Company plans to make the ChequeMARK System available to Internet commerce
service providers ("CSP's") and Internet payment processors who design and
develop other payment methods on behalf of the rapidly expanding universe of
e-tailers. The Company believes that personal electronic checking will form
an integral part of the Internet commerce industry and expects ChequeMARK's
entry to become one of the dominant methods of payment.
The Company owns U.S. Patent No. 5,484,988 with specific regard to a
"checkwriting point-of-sale system" and operates the ChequeMARK System, a
central database and authorization system administering various consumer
payment services, collectively referred to as "Electronic Checking."
SOURCE LML Payment Systems, Inc. |
