LML Payment Systems, Inc. rose 8 7/8 to 72 7/8 after the Vancouver, Canada-based company said its ChequeMark Patent, Inc. unit won a U.S. patent for an Internet payment-processing system.
The patent covers Internet purchases using checking-account payments authorized over the Internet. “This patent specifically applies our electronic check processing methods to Internet purchases without limitation to any device or network,” said Chief Executive Officer Patrick Gaines.
The patent has the potential for business-to-business as well as business-to-consumer transactions, said Gaines, who called it a “monumental step forward” for his company. Consumers and businesses use checks more often than any other non-cash form of payment, he said.