Sino Payments Inc., a U.S.-based payments processor that operates out of Hong Kong, says it has signed its first agreement with a European acquirer, Valitor. Under the deal, European merchants will be able to use Sino Payments to process online and card-present transactions.
The agreement means Sino Payments merchants in Asia will be able to use Iceland-based Valitor to process transactions originating in Europe, Matthew Mecke, Sino Payments president and CEO, tells PaymentsSource.
“The Sino Payments deal is for Sino Payments to sign, manage and provide the systems to connect to the merchant and route [merchants] to Valitor for merchant account assignment, interchange and settlement,” Mecke says, noting only a Visa or MasterCard acquirer can perform such functions. Valitor will share with Sino Payments a portion of the fees merchants pay for the service, Mecke says.
The two companies share a business plan that relies on cross-border acquiring, Mecke says, noting Sino Payments expects to strike more such deals in the coming months.
