Internet payment software and services firm CyberCash Inc. and e-commerce and payment services First Data Corp. say that First Data's patent-pending technology, VirtualApp, has been integrated into CyberCash's CashRegister Internet payment service. This solution will enable Internet merchants to apply for merchant accounts online, receive a response within minutes and begin processing payments, the companies say.
VirtualApp, claims Atlanta-based First Data, is the industry's first paperless, click-through process helping businesses securely establish merchant accounts, receive online credit decisions from acquiring financial institutions and accept electronic payments.
First Data will provide payment-processing services, including authorization, data capture, processing, settlement and online statement reporting to Internet merchants using CashRegister, it says.
Reston, Va.-based CyberCash provides services to more than 20,000 online merchants, and last year, the company's Internet payment service, CashRegister, processed more than 57 million transactions, which it says is more than any other payment processing company in the industry.