SHAZAM® Enables PaySecure Internet PIN Debit across Eligible Issuer Base

March 29, 2011 09:45 AM Eastern Daylight Time 

PaySecure reduces fraud and charge-backs, bringing banks and credit unions significant value

ATLANTA--(BUSINESS WIRE)--Acculynk and SHAZAM announced today that PaySecure^®, Acculynk’s software-only payment method for Internet PIN debit, has been enabled for all of SHAZAM’s eligible banks and credit unions. Acculynk, a leading technology provider in the online payments space and SHAZAM, a premier innovator of electronic funds transfer (EFT) services for 35 years, partnered in the summer of 2009 to pilot PaySecure.

“We were one of the first EFT networks to announce a partnership with Acculynk for PaySecure back in July 2009, just five months after the product was introduced,” said Terry Dooley, SHAZAM Senior Vice President of Information Technology & Chief Information Officer (CIO). “We certainly understood the utility PaySecure would bring to our financial institutions when we first partnered with Acculynk, but with the potential regulation on debit card interchange, PaySecure becomes even more relevant to our issuer base because of its fraud and charge-back reduction capabilities, which are inherently lower when using a PIN.

”Based on pilot results, which included steady consumer adoption and positive issuer feedback, SHAZAM began enabling more debit/ATM cards for PaySecure in Q4 of 2010, and this month will add nearly all eligible debit/ATM cards in their issuing portfolio.

PaySecure is implemented into the online merchant checkout and utilizes a patented, graphical PIN-pad for PIN entry. Consumers use their existing debit card and financial institution-issued PIN to pay with PaySecure right on the merchant website. There are no passwords, enrollment or redirection required, making it a simple payment service for consumers to use for their everyday Internet shopping.

“One out of every two consumers presented the option to enter their PIN with PaySecure do so rather than running their transaction as a signature debit, which is the alternative,” said Ulrike Guigui, EVP of Acculynk. “These overwhelming adoption statistics are testament to the ease of use and security of the solution, and great news for issuers seeking a payment method that brings consistent usage and increased transactions from security-conscious consumers, and a method to gain higher debit card margins in the post-Durbin era.”

“PaySecure helps us differentiate our services from other networks, and right now, issuers are shopping around for new ways to transact online,” said Terry Dooley. 

“Once issuers are certified, SHAZAM can enable PaySecure on their behalf and manage the bank identification number (BIN) enrollment on behalf of the financial institution on the debit cards they want to participate. There are no technology changes or new back-end connections.”

Acculynk is expanding PaySecure into new channels and applications in 2011. The company announced introduction of its mobile solution in January and is bringing PaySecure to person to person (P2P) authentication this year, in addition to several other product applications which Acculynk has not yet disclosed.

About Acculynk

Acculynk offers a suite of software-only services that secure online transactions. PaySecure^®, Acculynk’s flagship payment product, capitalizes on the security and convenience of PIN debit to lower online fraud and associated costs for Ecommerce merchants, bank issuers and EFT networks, while providing new sources of incremental sales. PaySecure is available through the Internet, mobile and kiosk channels and Acculynk has distribution partnerships with 9 EFT networks and major merchant acquirers. Over 3,000 U.S. Ecommerce merchants have been enabled for PaySecure, and Acculynk is extending the benefits of PaySecure to international markets and additional product applications in 2011. For more information, visit http://www.acculynk.com.

About SHAZAM

The SHAZAM network was founded in 1976 and is one of the last remaining member-owned and controlled EFT networks and processors in the industry. SHAZAM provides nationwide EFT services, switching, and ATM and POS acceptance to nearly 1,500 community financial institutions and their cardholders. SHAZAM offers ATM processing, Visa® debit and Debit MasterCard® national debit products, card authorization services, merchant processing, automated clearing house (ACH) services, core banking services, and information security solutions. SHAZAM is endorsed by 17 community financial institution trade organizations and bankers' banks. For more information, visit http://www.shazam.net/.

Contacts

Acculynk
Danielle Duclos, 678-894-7013
press@acculynk.com
or
SHAZAM
Connie Taylor, 800-537-5427 ext. 4160
ctaylor@shazam.net

Acculynk Bringing PaySecure to the Mobile Channel

January 19, 2011 08:48 AM Eastern Time 

PaySecure, the first software-only service for PIN debit payments on the Internet, will be available on mobile phones in Q1

ATLANTA--(BUSINESS WIRE)--Acculynk announced today that it is bringing the security and convenience of its PaySecure^® Internet PIN debit product to mobile smartphones early this year.

The growing prevalence of mobile transactions coupled with merchant demand prompted Acculynk to extend the capabilities of PaySecure beyond the Internet channel.PaySecure Mobile will allow consumers to authenticate their transactions by entering their bank-issued PIN on Acculynk’s graphical, scrambling PIN-pad, which has been specially designed for mobile smartphone platforms.

“We were approached by major merchants last year wanting to know how PaySecure would fit with their developing mobile channels, so we started work on a mobile application,” said Ashish Bahl, CEO of Acculynk. “After several months of development, we’ll be ready to launch PaySecure mobile in Q1 2011, allowing our merchants and partners to benefit from the higher security of PaySecure in not just one but two major purchasing channels. Additionally, PaySecure Mobile is well positioned to add an additional layer of authentication to NFC payments on smartphones, since the phone is something you have but the PIN offers something you know.”

PaySecure Mobile is built on Acculynk’s patented encryption and authentication platform, which is also the backbone of Acculynk’s PaySecure Internet PIN debit product. Introduced in March 2009, PaySecure Internet PIN debit is today supported by 9 U.S. EFT networks and implemented on over 1,000 U.S. merchant websites.

But Acculynk is looking beyond Ecommerce payments in 2011, with new applications for PaySecure including money transfer, Peer to Peer (P2P) authentication, online banking authentication, and PIN debit entry on a kiosk.

“In 2010, we established PaySecure as the standard for PIN debit payments on the Internet, with a growing base of merchants, issuers and EFT networks,” said Bahl. “In 2011, our goal is to expand the channels where PIN debit can be accepted, like a mobile phone and even kiosks – giving consumers a consistent payment experience and merchants lower fraud and lower costs – while introducing new applications for the product within those channels, such as P2P payments and online banking authentication.”

PaySecure Mobile will be available on the iPhone, Android, Blackberry and Windows-7 platforms.

About Acculynk

Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework provide greater security for issuers, EFT networks, merchants and payment processors. Acculynk has introduced the first software-only service for Internet PIN debit payments, PaySecure^®, which utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN. PaySecure is currently enabled on over 1,000 merchant websites. Acculynk has partnerships with 9 EFT networks to process PaySecure transactions and with six leading payment processors to distribute the product. Visit http://www.acculynk.com.

Contacts

Acculynk
Danielle Duclos, 678-894-7013
press@acculynk.com

Permalink: http://www.businesswire.com/news/home/20110119005996/en/Acculynk-Bringing-PaySecure-Mobile-Channel
http://acculynk.com http://www.paysecure.com

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Consumers Have Role in Future of Internet PIN Debit Payments

iPINdebit.com, ePINdebit.com, e-PINdebit.com and PINdebit.mobi

Here are some excerpts from an article written by Will Hernandez for American Banker where he takes a closer look at Internet PIN Debit.  To read the entire article, click here.

Future of Web PIN Payments Still Rests with Consumers
By Will Hernandez, American Banker

More electronic funds transfer networks are supporting Internet PIN payments to capture transactions otherwise lost to alternative payment methods that use the automated clearing house system for settlement.

Merchants should be eager to accept PIN debit transactions online to reduce transaction costs, thanks to lower interchange rates and decreased chargeback risk, executives from companies offering these products said.  At least one independent sales organization said it believes Internet PIN debit already has helped it gain business it would have lost to competitors.  However, the determining factor for consumers might rest with their comfort in entering PIN codes in an environment other than at the point of sale or an automated teller machine.

Acculynk Inc.'s PaySecure service has sprinted to the front of the pack in the race to determine which product gains universal acceptance among consumers and merchants.  Nine EFT networks support PaySecure — Accel/Exchange, Alaska Option, Credit Union 24, Maestro, NetWorks, NYCE, Pulse and Shazam. A thousand merchants accept PaySecure transactions.

MasterCard/Maestro Goes with Acculynk

Acculynk enables consumers to use PIN debit cards to make purchases online by integrating its PaySecure software into a merchant's online checkout system. Cardholders enter their four or six digit PINs into a virtual PIN pad that appears on-screen.

RATES VARY

Card-not-present signature debit rates set by Visa Inc. and MasterCard Inc. typically range from 1.64% to 2.2% of the sale, depending on the type of transaction, according to Acculynk. The final price to the merchant for PaySecure typically is 20% to 40% lower than what they would pay for card-not-present signature debit, Acculynk has said in the past.

The EFT networks set the PIN debit interchange rates, which determine how much the issuer receives from the merchant's bank for the transaction.

The acquiring bank then passes the expense along to the retailer as part of the discount rate, which also covers costs for processing and other services, including those provided by the supplier of the PIN debit payment service.

THE ISO ADVANTAGE

In April, Acculynk launched an ISO reseller program to enable companies to sell signature and Internet PIN debit processing as a package and to pursue the card-not-present and Internet merchant markets strategically, said Nandan Sheth, Acculynk's president.

The Atlanta company's expanded product, PaySecure Plus, includes credit and debit card processing and Internet PIN debit transaction processing.

Elavon Inc., an Atlanta processor owned by U.S. Bancorp, is providing card processing services for Acculynk, Sheth said.

JetPay LLC of Dallas is one of the few merchant services providers to publicly promote itself as a PaySecure supporter. JetPay has offered PaySecure to merchants since September and determined that the product gives the company an advantage in the marketplace, claims its chairman, Trent Voigt. JetPay mostly deals with Internet-based businesses.

Internet PIN debit's allure forced one merchant to rethink a commitment it was about to make with a bigger transaction processor that did not offer PaySecure, Voigt said. JetPay also is a processor.

"Some accounts we didn't win because we weren't the bigger company," Voigt said. "Now we can go back to those accounts, ask them if they want to do [Internet] PIN debit and process those transactions."

EFT network executives seem to be comfortable with PaySecure, and some networks have been testing the product for more than a year.

Last year, Fiserv Inc.'s Accel/Exchange became the first to roll out the service.

"We like this model because it doesn't cut out the bank," said Michael Kelly, the general manager of Accel/Exchange. "There are a couple of other networks that have aligned with PayPal, but we don't think that is the right model."

Signature Debit might have higher fraud, but it also makes more money for the banks
so they push it over the more secure PIN Debit.  Many feel that's about to change.

In April 2009, Javelin conducted a survey that found 80% of participants would use PaySecure if a trusted merchant presented it as a checkout option.  Javelin surveyed 500 signature debit card users who had made online purchases in the previous year.  Survey participants used PaySecure for a mock online purchase and then answered questions about their experience using the product.

One aspect Internet PIN debit technology has in its favor is that consumers already are familiar with the transaction process, said Dan Kramer, Shazam's senior vice president of marketing and merchant services.

Internet PIN Debit

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• PaySecure Internet PIN Debit on Track with U.S. Financial Institutions (prweb.com)
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• JetPay and Acculynk Partner for Internet PIN Debit (prweb.com)
• Acculynk Announces Executive Vice President of National Merchant Sales (prweb.com)
• MasterCard Teams with Acculynk to Give Issuers Option to Use PaySecure for Enhanced Debit E-Commerce Authentication (eon.businesswire.com)
• Acculynk and EFT Networks Form Internet PIN Debit Advisory Council (eon.businesswire.com)
• ICICI Merchant Services says it is First Indian Service Provider of Maestro payments online (pindebit.blogspot.com)
• Ritz Interactive Implements PaySecure across its Network of E-Commerce Sites (eon.businesswire.com)
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E-Commerce Report 2010 from Deutsche Card Services

E-Commerce Report 2010 – Trends in Consumer and Payment Behaviour in E-Commerce on the Basis of Real-Life Transactions

In 2010 the E-Commerce Report (formerly known as "Pago Report") has been published for the ninth time.

The E-Commerce Report is based on the evaluation of more than 24 million real-life purchase transactions processed on the Deutsche Card Services platform between October 2008 and September 2009. The annual study has established itself as one of the most important e-commerce surveys all over Europe because it is the only report based on real transactions instead of interviews. All evaluated data were fully anonymised, and all data protection precautions were duly carried out.

In co-operation with experts from a popular market research institute, purchasing and payment behaviour of consumers from Germany, UK, the rest of Europe, and the non-European countries were analysed using established statistical methods. The result is an comprehensive insight into the status quo in e-commerce concerning purchasing and payment behaviour, non-payment risk and industry specifications.

The E-Commerce Report 2010 is available in the [Shop] for 500 euros plus VAT.

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MasterCard MarketPlace™ Should Be Top of Your Online Holiday Shopping List

MasterCard MarketPlace™ Launches Unprecedented Number of Overwhelming Offers and Brand-Name Discounts throughout the Holiday Season

PURCHASE, N.Y.--(BUSINESS WIRE)--To provide consumers with superior savings during the busy holiday shopping season, MasterCard Worldwide announced today that it will be expanding its Overwhelming Offers program on MasterCard MarketPlace™ – the company’s personalized online shopping portal – to deliver daily Black Friday-like deals every day from now through December 24, 2010, excluding Thanksgiving day.

“MasterCard MarketPlace offers cardholders the advantage of doing your holiday shopping at your convenience – wherever you want, whenever you want”

The MasterCard Marketplace Holiday Overwhelming Offers:

• Launch at 1 p.m. EST seven days per week at www.mastercardmarketplace.com
• Provide cardholders savings of 50 percent off or more on purchases from brand-name merchants, such as Barnes & Noble and Toys“R”Us for electronics, toys, entertainment and much more
• Are available exclusively to MasterCard cardholders

“MasterCard is pleased to offer our cardholders significant savings through our online shopping destination MasterCard MarketPlace this holiday season,” said Cheryl Guerin, SVP, Group Head of US Marketing at MasterCard Worldwide. “We want our cardholders to view MasterCard Marketplace as their one-stop online resource where they can find deeply discounted holiday gifts for family and friends."

From now until December 24^th, MasterCard MarketPlace is overloaded with great values on holiday essentials, ranging from the hottest electronic gadgets to the must-have toy of the season.”

Since first launching MasterCard MarketPlace in April 2010 in partnership with Next Jump, Inc., a next-generation e-commerce company, the portal has quickly become the destination for personalized shopping deals at more than 25,000 merchants nationwide across 19 categories – from entertainment to travel, computers, electronics, apparel, and more.

“MasterCard MarketPlace offers cardholders the advantage of doing your holiday shopping at your convenience – wherever you want, whenever you want,” said Melody Miller, Group Head of Commerce Solutions at MasterCard Worldwide. “While other customers are standing outside stores to get the best Black Friday deals, MasterCard MarketPlace shoppers can receive their savings every day from the comfort of their own home.”

A fully-integrated marketing platform also launches today in support of the program. It includes broadcast and online advertising, as well as social media initiatives.

For more information, please visit www.MasterCardMarketPlace.com.

MASTERCARD Inc. (MA)   © quotemedia.com Last Price 243.41 Change Day High N/A Bid 240.00 Ask 242.73 Dividend 0.60 Last Trade 11/22/10 % Change 0.00% Day Low N/A Bid Size 100 AskSize 500 Ex-Div Date 10/7/10 Tick Open N/A 52 Wk Hi 269.88 EPS(TTM) 13.13 Shares 122,530,193 Yield 0.246498 Volume 950  Prev Close 243.41 52 Wk Low 191.00 PE Ratio 18.50 Market Cap 29.83 b Exchange NYE

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About MasterCard Worldwide

As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network — the fastest payment processing network in the world — MasterCard processes over 22 billion transactions each year, has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter:@mastercardnews.

Contacts

MasterCard Worldwide
Media Relations:
Sarah Ely, 914-249-6714
sarah_ely@mastercard.com
or
Investor Relations:
Gregory Boosin, 914-249-4565
investor_relations@mastercard.com

Permalink: http://www.businesswire.com/news/home/20101122006436/en/MasterCard-MarketPlace%E2%84%A2-Top-Online-Holiday-Shopping-List

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Visa Adds New Features to Rightcliq by Visa, Including Google Chrome Browser Support

November 23, 2010 08:00 AM Eastern Time 

Image via Wikipedia
SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE:V), the global payments technology leader, introduced a series of enhancements to Rightcliq by Visa that add even more convenience and security to the online shopping experience. The enhancements will nearly triple the number of discounts available to online shoppers, make it even easier to track shipments to their doorstep and include support for the Google Chrome browser.

Image via Wikipedia

“These enhancements are another example of how we are continuing to build Rightcliq by listening to our users and delivering the features they want most.”

“Our goal at Visa has always been to create a series of products and services that make shopping easier for consumers,” said Gerry Sweeney, global head of ecommerce and authentication, Visa Inc. “These enhancements are another example of how we are continuing to build Rightcliq by listening to our users and delivering the features they want most.”

Rightcliq was launched by Visa earlier this year, addressing many of the frustration points consumers experience while shopping online and helping them make smart online buying decisions. Consumers can use Rightcliq with almost any shopping site on the Internet, instantly collect and organize potential purchases in a “Wishspace” and share the Wishspace on their social networks to seek advice. When it’s time to buy, Rightcliq lets consumers automatically fill in online forms, select a payment card from a list held securely by Visa and complete their purchase. Rightcliq even helps track shipments to the consumer’s door so they can feel confident that their holiday gifts will arrive in time.

According to a recent Visa survey, nearly two-thirds of holiday shoppers will ‘make their list and check it twice,’ describing themselves as responsible and organized shoppers. The ‘virtual wishlist’ Wishspace feature of Rightcliq makes it the perfect tool for shoppers this holiday season. Also, Rightcliq’s coupons will be welcomed by the 76 percent of survey respondents who say they will be motivated to shop online more if a site can instantly show discounts and promotions¹.

More Offers Save Shoppers Money

Visa has expanded its partnerships with leading merchants to deliver nearly three times as many offers for Rightcliq users. As consumers browse participating merchants’ web pages, offers will drop down from the browser tool bar or appear in the Wishspace. Consumers can even share these discounts with their social networks via email or Facebook.

“We all know that time is money, but with Rightcliq’s expanded offers, online shoppers can save time while saving money,” added Sweeney. “Getting Rightcliq offers is as simple as surfing the websites consumers already love. As they browse, offers will drop down from the browser tool bar ready for shoppers to redeem, exclusively from Visa.”

Automatic Package Tracking is as Simple as an Email

Tracking purchase and shipment information is now even easier for Rightcliq users. When a consumer receives their shipping confirmation email, they can simply forward it totrackit@rightcliq.visa.com and the Rightcliq team will populate their purchases tracker and shipping status. This extends the value of Rightcliq throughout the online shopping process, all the way to the consumer’s doorstep.

New Browser, New Educational Tools

New Rightcliq features are available to users of all compatible browsers – which now includes the Google Chrome browser. This connects the ease of Visa’s online shopping technology with one of the most popular browsers on the market and continues Visa’s extension of Rightcliq to the widest possible number of consumers.

To help those consumers enjoy more Rightcliq even more, Visa has created a new homepage video at www.rightcliq.visa.com. This video provides a short and fun demonstration of Rightcliq’s features.

Visa has also created a Facebook page for Rightcliq users, and everyone else who enjoys shopping online. The page, at www.facebook.com/visapowertotheshopper, is all about the online shopping experience and making it better. Fans of the page can receive cool offers, get tips from shopping experts and share their experiences and thoughts about what makes millions of people love to shop online every day.

“The power of Visa’s digital currency is a foundation for online shopping today, and we’re always working to make it even more valuable,” Sweeney said. “Rightcliq helps connect that value to consumers right on their browser. Along with Visa’s other innovative eCommerce tools, we’re making it possible for people to use their laptop or mobile device to buy what they want, when they want, all with the convenience and security of Visa.”

How to Enroll in Rightcliq

To learn more about or enroll in Rightcliq by Visa, U.S. consumers can visit http://rightcliq.visa.com.

About Visa Inc.

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.

¹ Visa Online Shopping Survey, June 2010

Contacts

Visa Inc.
Paul Wilke, 415-881-7995
globalmedia@visa.com
or
Fleishman-Hillard
Colleen Smith, 415-318-4183
colleen.smith@fleishman.com

Permalink: http://www.businesswire.com/news/home/20101123005437/en/Visa-Adds-Features-Rightcliq-Visa-Including-Google

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iPINDebit? (Internet PIN Debit) One ISO Hopes So

Here's an interesting PaymentsSource article written by Will Hernandez which takes a look at the advantages ISO's can reap from offering iPINDebit.

Ironically, Online PIN Debit has existed since day one, and is by most standards, considered ten times more secure than it's "Offline Signature Debit" counterpart.  The exponentially more secure (and hence, the significantly lower interchange fees) which iPINDebit has to offer, have, until now, not been readily available "online."

Acculynk  offers a game-changing Internet PIN Debit platform endorsed by MasterCard, Discover/PULSE, and most of the EFT Networks.  To learn more, send an email to jfrank@ePINDebit.com 

By Will Hernandez

Internet PIN-debit payment technology is slowly, but steadily, gaining traction in the marketplace as several companies have introduced products intended to bring more security to online transactions.

Electronic funds transfer networks are supporting the technology with the hope their products will help them capture transactions otherwise lost to the likes of PayPal Inc. and other alternative payment methods that use the automated clearinghouse for settlement.

Merchants should be eager to accept PIN-debit transactions online to reduce transaction costs because of lower interchange rates and fewer charge-backs, say executives from companies
offering such products.

At least one ISO believes Internet PIN-debit already has helped it gain business it would have lost to a competitor.

Indeed, Internet PIN-debit’s success likely will hinge on widespread consumer and merchant adoption. The determining factor for consumers might be whether they are comfortable entering their PINs in an environment other than at the point-of-sale or at an ATM.

The ISO Advantage

In April, Acculynk launched an ISO reseller program to enable companies to sell signature- and Internet PIN-debit processing as a package and to pursue the card-not-present and Internet merchant markets strategically, says Nandan Sheth, president of Atlanta-based Acculynk.

The company’s expanded product, PaySecure Plus, includes credit and debit card processing and Internet PIN-debit transaction processing. Elavon Inc., an Atlanta-based processor, is providing card-processing services for Acculynk, says Sheth.

Dallas-based JetPay LLC is one of the few merchant services providers to publicly promote itself as a PaySecure supporter.

JetPay has offered PaySecure to merchants since September and quickly discovered the product gives the company an advantage in the marketplace, claims company Chairman Trent Voigt.

Internet PIN-debit’s allure forced one merchant to rethink a commitment it was about to make with a bigger transaction processor, Voigt says. JetPay also serves as a processor.

Potential new clients are intrigued with Internet PIN-debit’s potential because it helps merchants tap into consumers who have no other way to pay online using their debit cards, Voigt says. Prospective clients see the opportunity and then want to understand it better as they evaluate potential partnerships, he adds.

PaySecure has enabled JetPay to go back to merchants it previously failed to secure as processing partners.

“Some accounts we didn’t win because we weren’t the bigger company,” Voigt says. “Now we can go back to those accounts, ask them if they want to do [Internet] PIN-debit and process those transactions.”

The idea then is to capture that client’s entire business once their contract expires with its existing processor, Voigt says.

The Next Thing

JetPay believes its has an advantage in the marketplace because it offers what it calls “least-cost routing.” The transaction amount will determine whether the merchant online checkout process will present PaySecure as an option. “Sometimes it’s cheaper to process the transaction” as signature-debit, Voigt says.

Internet PIN-debit will not sell itself to merchants despite its potential to reduce cost, Voigt warns. The product requires some education on the ISO’s part. “[Merchants] want to believe in it,” he adds.

It also helps that merchants “are always asking what’s the next thing we need for alternative payments, and how do we save money?” he adds.

JetPay merchants using products such as Bill Me Later fail to see many approvals because many users of the service are not credit-worthy. “We figured out the people who didn’t have credit cards also don’t have credit-worthiness,” Voigt says.

Those consumers then turn to a debit card to make high-ticket purchases such as airline tickets. JetPay’s partner airlines already have experienced steady success with PaySecure. Voigt believes that is because airline ticket purchases are planned in advance, allowing consumers to save money for a trip. “That’s different than buying a TV, which is really an impulse buy,” he says.

Consumers who are fiscally responsible with little to no debt also will find Internet PIN-debit appealing, Voigt contends.

“You have a chunk of consumers that believe that you shouldn’t have debt” based on social and economic beliefs, he says. “There are consumers making six figures who don’t have credit cards because they choose not to have them.”

Editor's Note:  Online PIN Debit has existed since Day One.

www.iPINDebit.com
www,ePINDebit.com
www.e-PINDebit.com
www.PINDebit.mobi

Related articles

• JetPay and Acculynk Partner for Internet PIN Debit (pindebit.blogspot.com)
• CardinalCommerce, Acculynk Make Moves To Build PIN Debit As An Internet-Payment Option (pindebit.blogspot.com)
• Acculynk Announces Executive Vice President of National Merchant Sales (prweb.com)
• JetPay and Acculynk Partner for Internet PIN Debit (prweb.com)
• PaySecure Internet PIN Debit on Track with U.S. Financial Institutions (prweb.com)
• MasterCard Teams with Acculynk to Give Issuers Option to Use PaySecure for Enhanced Debit E-Commerce Authentication (eon.businesswire.com)
• Acculynk and EFT Networks Form Internet PIN Debit Advisory Council (eon.businesswire.com)
• Ritz Interactive Implements PaySecure across its Network of E-Commerce Sites (eon.businesswire.com)
• Spirit Airlines to Offer Internet Debit Card Payment Option (eon.businesswire.com)
• PIN versus Signature Debit (pindebit.blogspot.com)

GAP Fills China "Gap" With Four Stores And Online Shopping

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China Entry is a Cornerstone of Gap Inc.’s Global Expansion Plan

SHANGHAI--(BUSINESS WIRE)--Gap Inc. (NYSE:GPS) announced today the debut of its first four wholly owned contemporarily designed Gap stores in China, bringing Gap’s modern, accessible style to Chinese consumers for the first time. Each store will house all Gap collections: Gap, GapKids, baby gap and Gap Body. An online retail store is also launching today – www.gap.cn, making Gap clothes immediately available to all customers throughout China.

“Each store offers customers great service by a team of highly-trained staff. Greeters welcome Gap customers at the entrance and each collection has dedicated specialists to assist shoppers. All four stores offer Denim Fit sessions by appointment”

“Gap is the first American retailer in China to offer a single style destination for the entire family. We are excited to introduce Gap’s cool, modern American designs to Chinese consumers. I believe customers will be extremely pleased with fit, quality and the affordable style of our clothes, including our newest and most successful product, the 1969 Premium Jean,” said Redmond Yeung, President of Gap China.

Shanghai:

Gap is opening its first flagship store in Shanghai on November 11. This is a 1,140 square meter space in Hong Kong Plaza on Mid Huaihai Road, one of Shanghai’s premier shopping high streets. A second flagship store, occupying two floors in the Venture Tech building on the premier Nanjing West Road, will open in the next several weeks.

Beijing:

Gap will open two stores in Beijing on November 13. The first is a two-storied flagship store spanning 1,165 square meters in the APM Building on Wanfujing Street, and a second 1,800 square meter store in Chaobei Joy City, located in the eastern part of Beijing.

“Each store offers customers great service by a team of highly-trained staff. Greeters welcome Gap customers at the entrance and each collection has dedicated specialists to assist shoppers. All four stores offer Denim Fit sessions by appointment,” noted Lorenzo Moretti, Managing Director of Gap China.

Gap is opening the stores around the theme of “Let’s Gap Together,” celebrating the coming together of China and the U.S., and our shared spirit of creativity and individual expression. To commemorate this special occasion, world-famous photographer, Annie Leibovitz photographed a series of portraits pairing iconic Chinese and American leaders in their fields such as Zhou Xun, a Chinese actress who is devoted to sustainable development and Philippe Cousteau Jr., an environmentalist and grandson of Jacques Cousteau. These images can be seen in the stores and on outdoor advertising in each city. For images: www.gap.cn.

The arrival of Gap stores in China, the most populous country in the world, is a cornerstone of Gap Inc.’s global expansion strategy. Gap invested in extensive, multi-year market research and this entry marks the beginning of a long-term, multi-channel strategy that will eventually result in more stores throughout the country.

About Gap Inc.

Gap Inc. is a leading global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Banana Republic, Old Navy, Piperlime, and Athleta brands. Fiscal 2009 sales were $14.2 billion. Gap Inc. operates about 3,100 stores in the United States, Canada, the United Kingdom, France, Ireland, Japan and China. In addition, Gap Inc. is expanding its global presence with franchise agreements in Asia, Australia, Europe, Latin America, and the Middle East. For more information, please visit www.gapinc.com.

History

Gap was founded in 1969 in San Francisco, California by Doris and Don Fisher. Their goal? To make it easier for customers to find a great fitting pair of jeans and an easy-to-shop store experience. This philosophy lives on at Gap. We offer modern, cool clothing and accessories that help customers express their own individual sense of style.

Today, the brand continues its history of providing authentic style, celebrating creativity and making a difference. We recently introduced 1969 Premium Jeans. Building on 40 years of denim experience, Gap reinvented the premium denim category by delivering superior fit, finishes and detail.

Gap is committed to delivering quality items that people expect from our brand — including denim, khaki and knits in great styles and colors.

Contacts

Gap Inc.
Media Relations
Louise Callagy, +1-415-427-2350
press@gap.com
or
Investor Relations
Aina Konold, +1-415-427-4454

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