Planet Payment Announces Fifth Third Contract Extension

LONG BEACH, N.Y., April 1 /PRNewswire-FirstCall/ -- Planet Payment (LSE: AIM: PPT and PPTR; OTCQX: PLPM), a leading multi-currency and data processor, today announced a multi-year extension of their processing agreement with Fifth Third Processing Solutions, a premier full service payment solutions provider, for the deployment of Planet Payment's multi-currency processing solutions to Fifth Third's merchant base in the United States.

Fifth Third and Planet Payment have been offering multi-currency solutions to the U.S. market since 2004.  The products are designed to facilitate international commerce and provide merchants with innovative ways to sell more product and services, increase operational efficiencies and drive customer satisfaction.

Fifth Third offers Planet Payment's dynamic currency conversion service, called Pay in Your Currency, which provides merchants with a powerful marketing and customer service tool to attract and close more sales from their international clientele.  Pay in Your Currency improves the shopping experience for international customers using Visa or MasterCard payment cards by presenting the option to pay for their purchases in their home currency – providing greater convenience and clarity and eliminating the guesswork associated with the process in place today.  The solutions also include Planet Payment's FX Assured Best Rate Guarantee Service in which Planet Payment, using its patented processes and business logic, develops a rate that is calculated to be more competitive than the effective rate that would have been applied by the cardholder's issuing bank.

"Fifth Third and Planet Payment are delivering state-of-the-art multi-currency processing solutions that help merchants increase sales and profitability and are designed to improve the customer's shopping experience," said Philip Beck, Chairman and CEO of Planet Payment.  "We look forward to continuing our work with Fifth Third to deliver these innovative solutions to the U.S. market."

Fifth Third also offers Planet Payment's Multi-Currency Pricing Service, which is designed to help merchants in the e-commerce and Mail Order/Telephone Order sectors reach international markets more effectively. With Multi-Currency Pricing, merchants are able to localize their product offering by allowing customers to view pricing and pay in their local currencies; enabling merchants to attract more international customers and increasing the likelihood that customers complete their purchases.

The Fifth Third and Planet Payment services are robust enough to satisfy most merchants' foreign currency requirements while the products' tight integration within Fifth Third's processes and systems ensures efficiency and ease-of-use from a back office and reporting perspective.  The solution includes support for twenty foreign currencies, with all settlement being paid directly by Fifth Third in US$, on the same schedule as domestic, US$ transactions.  In addition, Fifth Third offers a consolidated view of all transaction activity, allowing merchants to access reporting on multi-currency and domestic transactions in a single report.

For more information about Planet Payment or how our innovative products and services can help your business please contact Melissa Jones, VP of North American Sales, at (516) 760-3200 or via email at [email protected].

About Planet Payment®:

Planet Payment's Common shares trade in the UK on AIM under the symbols PPT for unrestricted Common Shares and PPTR for Reg S Common Shares and in the United States on the OTCQX under the symbol PLPM.

Planet Payment is a leading international payment and data processor, providing banks and their merchants with innovative solutions to accept, process and reconcile payments, anytime, anywhere and in any currency. Our customer base of more than 40 acquiring banks and processors stretches from North America, to the Middle East, to Asia Pacific, including China, Hong Kong, Macau, Taiwan, Malaysia and India.

Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services.

SOURCE Planet Payment