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Corporate Announcement
Beanstream FX Simplifies Dual-Currency Payment Processing.
VICTORIA, BRITISH COLUMBIA, CANADA - June 18th, 2004Beanstream Internet Commerce, Inc., a leading Canadian electronic payment and authentication solutions provider, announced today a new service called "Beanstream FX". Designed for Canadian merchants selling products in both Canadian and US dollars, Beanstream FX eliminates the need to maintain separate bank accounts for each currency. In addition, Beanstream FX automatically converts US dollar payments into Canadian dollars and consolidates all records onto a single, easy to read statement.
"For many small and mid-sized merchants, the costs of maintaining separate Canadian and US dollar bank accounts are significant," said Craig Thomson, CEO and President of Beanstream. "Most banks charge monthly and transaction fees just for having the accounts open. The merchant is also responsible for any chequing costs and may have to wait several days when transferring funds from one account to another. Beanstream FX reduces costs and simplifies account management. Most Canadian merchants pay their expenses in Canadian dollars anyways so the product is a natural fit with their existing business requirements".
Beanstream FX is now available to Canadian merchants. Pricing includes a setup fee of $99 CDN, a monthly fee of $69 CDN, and a discount rate of 3.5% for Canadian dollar transactions and 2.5% for US dollar transactions. The transaction fee is $.35 in the currency in the transaction. Fees include both Visa and Mastercard merchant accounts.
About Beanstream Internet Commerce Inc.
Beanstream Internet Commerce Inc. is a leading Canadian electronic payment and authentication solutions provider. Services include merchant account enablement, credit card processing, electronic funds transfer, automated clearinghouse payment processing and credit score and authentication services for both e-commerce and traditional brick and mortar businesses. Beanstream provides a wide selection of products from simple payment gateway services to full end-to-end e-commerce solutions.
Beanstream solutions work with all Canadian and US financial institutions and have been selected by more than 5000 businesses across North America. Beanstream is headquartered in Victoria, British Columbia.
Beanstream Contact:
Chris KoideChief Operating Officer
Tel: 250-472-2326
ckoide@beanstream.com
www.beanstream.com