For payment processing provider SafeCharge (LON:GB:SCH), the drive toward all-encompassing market coverage is still in full swing, as today the company has been granted principal membership status for merchant acquiring by VISA Europe.
According to SafeCharge, the VISA agreement complements the Company’s membership of MasterCard Europe, which was granted in December 2013, and allows SafeCharge to directly acquire and process Visa and MasterCard transactions for merchants in the UK and across Europe. The membership status will reduce the Company’s direct acquiring cost structure, accelerate the merchant acquisition process and improve its competitive position for winning new business.
SafeCharge’s recent transition from a privately owned innovator of payment solutions which have enabled many FX firms to conduct international business in an effective manner, into a publicly listed company on the London Stock Exchange’s Alternative Investment Market (AIM) drew substantial industry attention to the extraordinary value of such a business, with the company having raised $126 million in March this year post-IPO.
David Avgi, CEO of SafeCharge commented: “Principal Membership of both VISA Europe and MasterCard Europe is a major milestone for SafeCharge and a key part of our strategy to position the Company as a leading player in on-line payments. The membership has been granted following a thorough due-diligence process and serves as a stamp of approval for the quality and transparency of our technologies and services. I am proud of this achievement and look forward to working as a member of the schemes and the benefits this will bring.”