German credit card information processor Payworks has raised a $4.5 Million Series A round led by HW Capital and Rumford. Payworks plans to use the additional capital to fund expansion into North America.
Payworks provides a Software-as-a-Service gateway technology for the secure processing of sensitive credit card information from a merchant’s payment terminal to the bank. Until recently, credit card payments at the point of sale have been processed on outdated infrastructure, leading to high cost for merchants, security problems and very little flexibility. Payworks provides the technology to modernize point of sale applications, competing with incumbent heavyweights of the retail payment industry. Payworks’ payment gateway technology ‘Pulse’ is a lightweight platform which can be rolled out anywhere in the world and allows for quick and seamless deployment of EMV (chip-enabled) payment processing for both stationary and mobile point-of-sale solutions. Traditional point of sale vendors have struggled especially with the implementation of mobile solutions, and Payworks closes this gap.