Digital River Joins Mobile Card-Acceptance Fray with Beanstream
Aug. 29, 2013
E-commerce technology provider Digital River today launched a mobile POS system that enables merchants to accept card payments by swiping them on a mobile device. The Minneapolis-based company is the latest to enter the mobile card acceptance space pioneered several years ago by San Francisco startup Square. The company said its Beanstream Mobile service, which—like Square and a host of others—comprises an encrypted card reader and free downloadable mobile app, differentiates itself with the ability to process transactions in multiple currencies.
“Existing mobile payment solutions have fallen short for merchants with multi-currency operations, in-store and online sales, and inventories,” said Souheil Badran, senior vice president and general manager for global payments and commerce at Digital River. “Now, merchants will be able to unify their payment channels with one device and accept credit card mobile payments in 140 currencies through an integration with Digital River World Payments’ international bank connections.”
Beanstream matched Square’s pricing on swiped transactions (a flat 2.75 percent per transaction), but the Digital River offering differs from Square on keyed-in, card-not-present transactions (2.9 percent plus $.30 per transaction for Beanstream vs. 3.5 percent plus $.15 per transaction for Square).