Acculynk is smart. They are being very generous with their how they slice their transaction fee pie. They are enticing the EFT Networks with some potentially major cabbage, and since they (the EFT networks) are currently making absolutely $0.00 on the Internet, it's alluring, because they're anxious to penetrate this lucrative market. I hope the lure of the cabbage hasn't clouded their judgment, because almost everyone I am talking to sees some major risks to a serious breach. Speaking of breaches...I have ONE BIG QUESTION. When there is a breach, because it's not iffy, it's whenny, who has the liability? Who will they PIN the Blame on? It it the Internet Retailer? Is it the EFT Network? Or did Acculynk get a $500 million Lloyds of London insurance policy? Somebody's got to pay. Who will it be?
What's good about all this, is the fact that PIN Debit for the Internet is getting some well deserved exposure. What's potentially bad is that PIN's may get some exposure too. "I told you so" won't feel good. I'd rather provide exposure to the risks, than have PIN's exposed to the risk.
It is easy to overlook the online payment platformas a simple link in the e-commerce chain. However, choosing the rightpayment system could make the difference between a successful businessthat is trusted by its customers, and one that is burdened/destroyed by fraud.Asking the right questions of prospective providers and looking closelyat the technical, security, and particularly the anti-fraudcredentials, will help build a solid platform for success online.
Here's the latest press release from Acculynk:
PRESS RELEASE ShoppersChoice.com Runs First PaySecure(TM) PIN Debit Transaction
Acculynk delivers "real" debit card processing via the Internet
ATLANTA, Mar 10, 2009 (BUSINESS WIRE) -- ShoppersChoice.com, a luxury cooking and outdoor living retailer, is processing purchases made with PaySecure(TM), the first and only software service for PIN debit on the Internet.
PaySecure(TM) meets consumer demands for increased security and convenience, while providing merchants lower interchange fees, reduced fraud and charge-backs, guaranteed funds and simple implementation with the online checkout.
"We are very excited to bring PaySecure(TM) to our website because we are constantly seeking new, innovative payment methods that are convenient, safe and easy for our customers to use," said Corey Tisdale, COO, ShoppersChoice.com. "What we especially like about PaySecure(TM) is that our customers don't need to enroll in a program or download an interface to use it, which keeps customers on our site."
Over the past five years, various attempts have been made to bring PIN debit online, but no solution has succeeded in gaining traction with merchants, consumers, EFT networks and issuers. PIN debit is an ideal online payment method because it provides an extra layer of security for consumers and cost savings for merchants, while offering attractive margins to issuers and a new revenue source for EFT networks.
PaySecure(TM) is the first product to gain approval by four EFT networks, including ACCEL/Exchange from Fiserv and NYCE, to run Internet PIN debit transactions.
"The industry has waited a long time for a PIN debit solution that meets the security requirements of the EFT networks but could also be accepted by merchants, consumers and issuers and become a 'standard' for PIN debit online," said Mike Kelly, General Manager of ACCEL/Exchange EFT network, owned by Fiserv, the leading global provider of financial services technology solutions. "We feel Acculynk's product could become this standard."
ShoppersChoice.com represents the first of four pilot merchants that will trial the service. Pending the results of the pilot, over 20% of the Internet 500 retailers have expressed interest in launching the solution as part of their consumer checkout options.
PaySecure(TM) has the potential for widespread adoption because it provides a simple checkout experience and can be used with a consumer's existing debit card and PIN. "PaySecure(TM) leverages a familiar payment method - PIN debit - that is already preferred at the retail point of sale but has never been offered online in a software-only service," said Ashish Bahl, CEO of Acculynk. "We have designed our service to mimic the brick and mortar PIN debit payment experience so it is completely intuitive for customers to understand and use, which will help ensure consumer adoption."
About ShoppersChoice.com
ShoppersChoice.com is a luxury cooking and outdoor living retailer. ShoppersChoice.com offers the best service, the best selection, the best trained staff, and the fastest ship times available on- or off-line at a price point that meets or beats all other online retailers. ShoppersChoice.com is one of the Top 500 Internet retailers and is headquartered in Baton Rouge, LA. For more information, visit www.shopperschoice.com.
About Acculynk
Acculynk is a leading technology provider with a suite of software-only services that secure online transactions. Backed by a powerful encryption and authentication framework protected by a family of issued and pending patents, Acculynk's services provide greater security, reliability, convenience and return on investment for consumers, merchants, networks, issuers and acquirers. For more information, visit www.acculynk.com.
SOURCE: Acculynk
Acculynk
Corporate Contact:
Danielle Duclos, 678-894-7013
Director of Marketing
dduclos@acculynk.com
Copyright Business Wire 2009 End of Story
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