Company: Company: 1stTransaction Corp.
It took 1stTransaction Corp. four years to develop its POS software application TransactionX. By today's quick-to-market standards, four years is a lifetime in product development. Ironically, Rich O'Brien, founder and Chief Executive Officer at 1stTransaction Corp., said TransactionX took that long to create because it had to be simple and straightforward, yet better at what it does than the competition.
According to O'Brien, small and mid-sized merchants don't necessarily need all the bells and whistles that go along with other POS applications. They just want the ability to process electronic transactions, period.
"And what we created is something that is simple from behind the counter, something that the clerks loved, something that the managers loved and something that the business owners loved," O'Brien said. Tested 1stTransaction conducted extensive beta-testing for TransactionX with merchants in the Escondido, Calif., area, where the company is headquartered. Based on reactions, 1stTransaction made changes to its software. "We were able to fine tune the things that were necessary to add value to the product," O'Brien said. "Convenience is a big thing. Capability is a big thing. And one of the things that I like to focus on is how the application behaves."
TransactionX behaves as a Web-based transaction platform. Merchants download software from 1stTransaction's Web site and then utilize its platform to process credit, debit and prepaid cards, as well as checks and electronic benefit transfers.
TransactionX supports POS card readers made by VeriFone, Hypercom Corp. and Ingenico. It also supports signature capture PIN entry devices and check readers put out by VeriFone and Ingenico.
"As far as our ability to offer flexibility and multiple options for the merchant or the ISOs, MLSs [merchant level salespeople], we see TransactionX as a real broad application," O'Brien said. Validated O'Brien said TransactionX is ideal for retailers with multilane POS terminals because it uses OPOS - an industry standard application programming interface that supports a wide variety of POS devices.
But O'Brien believes TransactionX is also ideal for ISOs and MLSs. "They're the ones that have to be happy with how you set up an application," he said. "And that has been the challenge in the past. ... How do we get something that can be easily configured so it won't take a salesperson two hours, three hours to set up."
TransactionX is fully compliant with Payment Card Industry Payment Application Best Practices and was validated by quality security assessor Trustwave. The system has been available since June 2008.
"It was a long time coming in four years, but I feel that the extra time was well worth it," O'Brien said. "We have a product that, for a version 1.0 release, is complete in its own right. We're real happy about it. I'm excited about the situation."
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