17 November, 2005
category: Contactless, Financial
If you pay value added taxes, a new point-of-sale device from FreeStar Technology may interest you. The POS product bundles in one device the automatic delivery of three functions: payment transaction processing; dynamic currency conversion in 12 major currencies for Visa and MasterCard users and VAT tax refund detection. The customer can get a VAT tax refund check at the time of the transaction.
DUBLIN, Ireland– FreeStar Technology Corp. announced that its Rahaxi Processing Oy. subsidiary has introduced a new service card payment platform in connection with Global Refund and Hypercom at Cartes 2005.
Paul Egan, chief executive officer of FreeStar Technology Corp., explained that the point-of-sale device, which uses technology developed by its wholly owned subsidiary Helsinki-based Rahaxi Processing Oy., is unique in that it bundles in one device the automatic delivery of three functions: payment transaction processing; dynamic currency conversion in 12 major currencies for Visa and MasterCard users and VAT tax refund detection. The customer gets a VAT tax refund check at the time of the transaction. Global Refund offers tax-free shopping services for some 225,000 merchants in 37 countries.
“Partnering with Global Refund marks a big step in the right direction for Rahaxi Processing. Access to Global Refund’s vast footprint will enable us to leverage opportunities in new markets,” said Angel Pacheco, chief technology officer of FreeStar Technology.
“Most importantly,” he said, “Rahaxi Processing will be earning ongoing income from the deployment and maintenance of the terminals as well as the transaction processing operations. As these terminals are deployed throughout Europe, we expect to see them become a growing source of revenue for FreeStar Technology.”
Egan noted that major merchants and hotel managers that attended the show were enthusiastic in their reception for the new technology. In addition to saving merchants valuable time in processing these transactions, they expect that tourists, encouraged by the ease of obtaining their VAT refunds, will make more purchases.
About FreeStar Technology Corp.
FreeStar Technology Corp. is a payment processing company. Its wholly owned subsidiary Rahaxi Processing Oy., based in Helsinki, has a robust Northern European BASE24 credit card processing platform. Rahaxi currently processes in excess of 1 million card payments per month for such companies as Finnair, Ikea and Stockman. FreeStar is focused on exploiting a first-to-market advantage for its Enhanced Transactional Secure Software, which is a software package that empowers consumers to consummate e-commerce transactions with a high level of security using credit, debit, ATM (with PIN) or smart cards. The company, based in Dublin, Ireland, maintains satellite offices in Santo Domingo, Dominican Republic, Helsinki and Geneva. For more information, please visit www.freestartech.com.
