Companies Turn to the Leader in Integrated Payments and Tokenization to Tackle Compliance Requirements, Increase Security
ATLANTA--(BUSINESS WIRE)--Paymetric Inc., the leading provider of integrated and secure enterprise payment acceptance solutions, today announced that 2010 was another record year of sales. The company has seen its biggest year-to-date increase in revenue, new customers and product innovations. Deferred revenue increased 100% and total contract value grew 90% over the same period year-over-year. Paymetric also added a multitude of high-profile clients to the company’s impressive customer portfolio growing the number of newly-signed customers 60% over the previous year.
“entities that properly implement and execute a tokenization process to support their payment functions may be able to reduce the scope, risks and costs associated with ongoing compliance with the Payment Card Industry Data Security Standards.”
Paymetric’s growth continued to surge in 2010 because of heightened interest in tokenization delivered as an on-demand offering. Throughout 2010 multiple analyst firms endorsed the use of tokenization to protect stored cardholder data. The influential card brands also backed the technology as referenced in Visa’s Best Practices for Tokenization, which states that, “entities that properly implement and execute a tokenization process to support their payment functions may be able to reduce the scope, risks and costs associated with ongoing compliance with the Payment Card Industry Data Security Standards.”
“We are greatly encouraged by the tremendous growth we’ve seen this year, and fully expect the momentum to continue in 2011,” said Larry Wine, president and CEO of Paymetric. “The market opportunity for tokenization solutions remains bullish. Information technology and security executives are motivated to adopt the cutting-edge technology as a way to proactively address increasingly stringent compliance requirements, tighten the security of enterprise systems and create a safe harbor against state data security breach notification laws and other data security legislation. When they find out they can address all of those things by leveraging an on-demand solution that requires no capital investment, they tell us the decision is a no brainer.”
Paymetric also made 2010 a year of innovation. The company announced the release of Data Intercept Solutions for XiSecure On-Demand, a solution that completely eliminates raw cardholder data from entering enterprise systems altogether. If properly architected, the solution could qualify merchants for Self Assessment Questionnaire A (SAQ-A), reducing the number of compliance requirements from 205 to 14, a tremendous savings in both cost and time.*
“Minimizing PCI audit scope as much as possible is a high priority for all companies processing electronic payments,” said Asif Ramji, executive vice president and general manager, integrated payments. “No one wants to handle sensitive data if they don’t have to. That is why Data Intercept provides so much value; it shifts the liability to us, and significantly reduces the merchant’s risk.”
Paymetric’s XiPay On-Demand and XiSecure On-Demand solutions enable companies to manage, accept and integrate virtually every type of electronic payment originating from any enterprise system. Both solutions operate in an extremely secure, cost-effective way, utilizing Software-as-a-Service (SaaS) delivery and tokenization technology, respectively. Ultimately, Paymetric’s solutions lower the customers’ total cost of ownership (TCO) via:
- Inclusive monthly service fee, reduced installation costs
- Reduced billing, collection and administrative costs
- Reduced customer attrition costs
- Reduced interchange fees
- Reduced IT costs
- Minimized cost of compliance
* SAQ qualification can only be determined by a company’s QSA (qualified security assessor)
ABOUT PAYMETRIC
Paymetric, Inc. is the leading provider of integrated and secure electronic payment acceptance solutions that enable companies to streamline the order-to-cash process, reduce the scope and financial burden of achieving PCI compliance and improve return on electronic payment acceptance. Paymetric’s solutions support virtually every type of electronic payment in any enterprise system where payment is accepted. Paymetric is recognized as an industry leader and is a three-time award-winning SAP certified partner. Visit www.paymetric.com of follow us atwww.twitter.com/paymetric for additional information.
Contacts
At A Glance
Source: via Business Wire Updated 02/25/2008 by company | |
| Headquarters: | Houston, Texas |
| Website: | http://www.paymetric.com |
| CEO: | Larry Wine |
| Employees: | 95 |
| Organization: | Private |
Permalink: http://www.businesswire.com/news/home/20110118005405/en/Paymetric-Experiences-Record-Year-2010
www.ePINDebit.comwww.e-PINDebit.com www.iPINDebit.com www.PINDebit.mobi
