SOURCE: Source Financial Inc.

October 23, 2013 08:21 ET

Source Financial Collaborates With VARCentral to Develop New IT Reseller Support Concept

Moneytech Produces Game-Changing Payment Integration Gateway With Leading eCommerce Solution Provider

LOS ANGELES, CA--(Marketwired - Oct 23, 2013) - Source Financial, Inc. (OTCQB: SRCF) ("Source"), an innovative financial services and solutions provider, announces today that its subsidiary Moneytech LTD ("Moneytech"), a leading Australian financial solutions provider, has teamed up with VARCentral to integrate its payment gateway with the VARCentral eCommerce Solution for delivery of improved and seamless IT reseller solutions.

By combining Moneytech's payment gateway with the VARCentral eCommerce Solution, IT resellers can access product pricing and availability between a vast range of distributors, but with the convenience of managing one account for many distributors, which facilitates quicker ordering and payment processing. This can efficiently overhaul their processing and management practices, thus saving the user time and money. Resellers will know their exact available funds in real time and are able to then allocate those funds, so, if desired, they have the ability to pay any distributor, automatically, at the point of raising the purchase order in the VARCentral system.

The companies' payment gateway highlights their commitment to improve their client's results by delivering cost savings and efficiencies. VARCentral's innovative solutions, which are powered by ePages (one of the world's leading platforms that has over 75,000 online merchants worldwide) are available to a network of IT resellers whom will now have access to Moneytech's credit facilities, allowing them to purchase inventory with flexible interest free terms and credit limits up to $250,000.

"Moneytech's collaboration with VARCentral showcases a powerful combination of financial processing and IT reseller solutions that's birthed an amazing cross-sector innovation platform. This thrilling technology underlines the amazing possibilities that can be created by working together to maximize the potential of our combined strengths. This is a technology that can transform the way e-retailers do business, as we improve their supply chains, increase the range of product available to them and save them money on the bottom line, and I look forward to sharing our vision with the online reseller community," stated Hugh Evans, President and CEO of Source.

"This collaborative effort created the right product at the right time and it's a huge step to improving the reseller business model. Today's marketplace tends to reward the most agile players and this is an idea that can revolutionize the industry and can seamlessly be converted into practical solutions that users will reap tremendous benefits from," said Michael Blumentals, Managing Director of VARCentral.

About VARCentral:

VARCentral is powered by ePages, one of the world's leading platforms with 75,000+ online merchants world-wide. Tailored precisely to fit the needs of Australian IT Resellers, VARCentral provides an eCommerce solution that is not only affordable, but also gives you the necessary tools to successfully grow your IT business.

For further information on VARCentral please visit www.varcentral.com.au, or www.demo.varcentral.com.au for a demo.

About Source Financial:

Source Financial, Inc., through its two subsidiaries Moneytech Limited and WikiTechnologies, offers a complete suite of financial products for Consumers and Businesses.

Moneytech offers four main products to the Australian business community : 1) Credit Express - trade finance facilities for SMEs of $25,000 - $1 million, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs up to $5 million, 3) Card Solutions - Wholesale gift and prepaid debit card solutions, and 4) Foreign Exchange solutions - Spot Transactions, Forward Cover, Derivatives and Options. Moneytech's targeted financings are $3-$5 million dollars.

The Company's website is located at: www.moneytech.com.au

WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.

WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.

FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investors may contact: Market Street Investor Relations Inc. at (877) 218-9173

Contact Information

  • Investors may contact:
    Market Street Investor Relations Inc.
    (877) 218-9173