Mint signs new distribution partner
Payment processor Mint Payments has signed a licensing and distribution agreement with the travel agency software company Tramada Systems that will allow Tramada to offer a payment processing service to its customers.Mint said in a statement that it would receive a share of the merchant acquiring and transaction fees, as well as a monthly charge from each travel agency using the service. It did not disclose the costs per transaction.Tramada has a network of about 300 travel agencies using its software. They process around three million travel bookings a year worth about A$4 billion.The Tramada deal is the latest move in an aggressive expansion drive by Mint. It provides payment services to BNZ and MYOB. Last year it entered into distribution agreements with Beyond Bank, Rewardle Holdings, Tappr, AusCabs and eWay.To date, this expansion program has not helped Mint's bottom line. In 2014/15 it reported a 79 per cent increase in revenue to $3.8 million and losses growing from $6.4 million in 2013/14 to $7.2 million.Its latest quarterly update, released on Friday, shows customer receipts of $850,000 in the December quarter and cash outflow of $1.4 million.