London Stock Exchange listed payments services provider SafeCharge (LSE: SCH) has announced a new partnership, which will allow it to process payments in the United States through Chase.
Through the partnership, SafeCharge merchant customers will benefit from card processing under US domestic conditions. For the end consumer, this means a smoother payment experience and a greater likelihood of a transaction being accepted.
“The US is one of the biggest markets in the world. The Federal Reserve estimates that US credit and debit card payments were worth almost $6 trillion in 2016.There’s a growing requirement from both consumers and merchants to accommodate cross-border payment acceptance, boosting conversion and enhancing the customer experience,” said David Avgi, CEO, SafeCharge.
Chase serves more than 250,000 merchants and 560,000 locations across the United States. The company processed 16.88 billion transactions in 2016 and this, according to Nilson, makes it the third largest acquirer in the US, representing around 20% of the market.
SafeCharge’s proprietary payments platform includes a gateway, a card issuer and an acquirer itself meaning that it connects directly to all the major card brands around the world including Visa, MasterCard, American Express and China Union Pay.
Bank in March SafeCharge released its final yearly results for 2016. The figures showed a strong financial performance year-over-year with core revenues growing 11% to $101.5 million, EBITDA (at constant currency) increasing by 14% to $35.3 million, and cash balances at year end remaining stable at $115.4 million. The excess free cash flow is offloaded to shareholders via the dividends which grew by 46% to 16.47 $c.