iSignthis Ltd on Wednesday announced that its Australian subsidiary iSignthis eMoney (ISXPay) has officially reached a payment aggregation agreement with American Express Australia (AMEX).
The agreement with American Express will help to enhance the offerings of ISXPay with respect to merchants located in Australia. The terms also facilitate the direct onboarding of Australian merchants directly by ISXPay.
The newly struck deal will enable ISXPay to purchase AMEX processing at a predetermined rate of wholesale Merchant Services Fees (MSF). ISXPay will earn profit by forwarding AMEX processing to merchants at its typical MSF, in addition to a flat fee structure.
In addition, the terms of the agreement also include comprehensive provisions for applying AMEX direct MSF with respect to existing and large-scale Australian merchants, which have been enabled through the ISXPay network.
According to the company’s statement, the integration with AMEX will take effect immediately, while the process of integration and certification can extend to between three to four months before being officially offered to merchants.
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However, ISXPay can already process AMEX transactions for a predetermined fixed fee, albeit without receiving any Merchant Services Fees.
ISXPay has already obtained membership of three credit card services, namely Mastercard Worldwide, JCB International, and Visa Inc. These agreements have enabled ISXPay to offer various services throughout Australia and Europe, including payment processing and settlement services, as well as simply acquiring cards through the company.
Now that ISXPay has also added AMEX, its assortment of payment services receives a strong boost. In addition to the aforementioned agreements, the company’s payment services is further aided by collaborations with Trustly, Sofort, and Polipayments, each of which can provide benefits as independent payment services, or “in conjunction with out [sic] Paydentity™ Customer Due Diligence / eKYC platform.”
Today’s announcement of an agreement with AMEX is the next step for ISXPay, which has already reached other partnerships and agreements, which have contributed both to the company’s overall product offering, as well as its expansionary efforts.
In January of this year, ISXPay formed a partnership with Worldline in order to enable the technical integration of the services to be facilitated through the iSignthis Paydentity system.