Today Vancouver-based Payfirma announced an agreement with CIBC to offer their business banking clients the ability to accept payments from clients using mobile devices.
According to Payfirma CEO Michael Gokturk the partnership is similar to ones that both RBC Royal Bank and BMO Bank of Montreal have with Canada's largest credit card processor Moneris Solutions (although Moneris is a joint venture between those two banks).
Payfirma currently lets thousands of businesses accept credit cards on mobile devices, online and in stores with one account and get real-time data across all payment channels to make better business decisions.
With one of Canada’s largest banks now offering Payfirma's credit card processing solutions to all of it’s business banking customers, that number could grow exponentially.
Today's news reinforces the power of innovation changing the banking and payments industry. CIBC’s selection of Payfirma is a testament to the fact that businesses are seeking multiple means to accept payments from their customers and the need to access real-time data on their business.
Leveraging existing assets such as smartphones and tablets lowers the cost of entry for small businesses who are seeking to expand the payment options available to their clients, and also enables businesses to collect payments anywhere with cellular service.
Payfirma also provides businesses with real-time, consolidated reporting on all sales, so that businesses can use the web-based management tool PayHQ to make smarter business decisions about their customers, products and employees.
"We are delighted to get Payfirma’s platform into the hands of more businesses," said Gokturk. "Businesses that use Payfirma’s platform are seeing an increase in sales and significant decrease in operational cost. We are here to help people build their dream companies."