iMALL, Inc., a leader in electronic commerce services, Tuesday announced the acquisition of San Francisco based Pure Payments Inc., the premier provider of Internet payment services. Pure Payments’ gateway is an essential component of iMALL’s integrated e-commerce solution and allows for the processing of credit card orders securely online. The integration of Pure Payments’ services into the iMALL solution speeds merchants through the store building process by eliminating many manual, frustrating, and time-consuming steps required to integrate payment processing into their Internet storefronts.
“For the first time, the entire process of setting up a commerce-enabled store on the Web is seamless and occurs in real-time without the usual delays and interruptions,” said Richard Rosenblatt, chairman and chief executive officer of iMALL, Inc. “By bringing Internet payment technology in-house, iMALL immediately reduces the cost and complexity of establishing a business online. We have worked with many payment gateway solutions over the past 4 years, and no one came close to Pure Payments’ ease of use, reliability, security and performance.”
Pure Payments is the payment gateway integrated into MerchantStuff.com, the industry’s first end-to-end solution enabling small and mid-sized businesses to conduct full-scale commerce on the Internet. MerchantStuff.com was launched last month by iMALL and First Data Corporation’s (NYSE:FDC) Merchant Services business unit.
Pure Payments uniquely supports advanced credit card payment features for online retailers and has differentiated itself by offering corporate purchase card processing, automatic merchant sign-up, end-to-end system-wide monitoring, and transparent software upgrades. The scalability, reliability, and security of the system are a perfect fit with iMALL’s comprehensive store building and commerce services and are strengthened by its implementation in two locations including an Exodus (Nasdaq:EXDS) hosted site.
Merchants also benefit by being able to conduct all their payment reporting online, allowing them to easily check orders, ship products promptly, and know that the payment will be processed in a timely manner.
“ISPs, Web Hosting firms and merchants will directly benefit from this acquisition, ” said Jeffrey Lipp, chief executive officer and president of Pure Payments. “Integrating Pure Payments and iMALL delivers the highest level of expertise in the Internet commerce market and allows iMALL to leapfrog similar offerings where businesses are forced to assemble multiple commerce services themselves. In working with iMALL, we quickly realized that no other company had the same level of technology, marketing savvy, or e-commerce experience as iMALL and First Data Merchant Services.”
The transaction, which is expected to close in Mid-March, calls for iMALL to issue 450,000 shares of its common stock in exchange for all of Pure Payments outstanding stock.
About iMALL, Inc.
iMALL, Inc. (Nasdaq:IMAL), a leader in electronic commerce services, provides businesses with the fastest, most complete process to get their business on the web. iMALL’s e-commerce tools and services allow businesses to create Web sites or use existing ones, establish their account online, deliver shopping services to customers, drive traffic to their business and process customer orders.
iMALL is located at www.merchantstuff.com for business and also operates innovative shopping portals at www.stuff.com and [www.imall.com].
About Pure Payments, Inc.
Pure Payments Inc. is a premier provider of Internet Payment Services. Pure Payments products and services enable Internet retailers to process credit card transactions over the Internet. As the payment service behind the scenes, Pure Payments provides a reliable and scalable architecture that easily integrates into a retailer’s existing system. Pure Payments products and services are sold primarily to small and medium sized merchants through Commerce Service Providers such as ISPs, Shopping Portals, Commerce Communities, Auction Sites, and Technology Providers.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the company’s SEC reports.