InterPay is a payment processing middleware that uses a PIN pad to process transactions for Interac, Visa, MasterCard and Amex in Canada. It is currently installed and operating in thousands of stores and restaurants all across the country.
The InterPay system is used by Point-of-Sale software companies to provide integrated payment processing for their retail and restaurant clients.
Adding MintChip functionality to the InterPay system is a good fit. It allows all of InterPay's client software companies to support MintChip payments on all of their point-of-sale products without modifying any software. It also automatically updates all of their existing merchants for MintChip acceptance. This translates to thousands of Canadian stores and restaurants fully prepared to accept MintChip payments immediately.
The InterPay system supports MintChip through a QR code displayed on the point-of-sale customer display. This QR code is displayed at the same time as the PIN pad is activated to take a traditional payment card. This allows the customer to freely choose between scanning a MintChip payment or inserting their credit/debit card.
Once the MintChip payment is complete the point-of-sale system closes the bill and prints the receipt.
All of the MintChip functionality (as well as credit & Interac) has been handled behind the scenes by the InterPay software.
To be clear, the InterPay system does not include an iPhone application or any of the customer's equipment. Instead, we have added MintChip capability to the merchant's POS system. InterPay will produce a QRcode that is compatible with whomever wins out among the smartphone MintChip applications.