Combined CyberSource and Concord Offerings Allows Smaller Businesses to Benefit From Powerful Infrastructures Used by Many Large Enterprises for Accepting Electronic Payments
MOUNTAIN VIEW, Calif., May 20, 2002 - CyberSource Corporation (Nasdaq: CYBS), a leading provider of electronic payment and risk management solutions for enterprise businesses, today announced that it has entered into a strategic agreement with Concord EFS, Inc., a leading electronic payment processor, whereby Concord will resell the CyberSource Small Business solution to its small and medium-sized clients and prospects. The joint offering will provide a secure online payment gateway service with fraud screening functionality that connects to Concord`s payment processing infrastructure. The combination of CyberSource and Concord offerings gives small and medium businesses needing to sell online the ability to securely and cost-effectively accept credit cards on their web sites using the same highly secure, reliable and scalable infrastructures employed by many top national retailers and businesses to accept electronic payments.
"We are pleased to enter into this strategic agreement with Concord," commented Bill McKiernan, CEO and Chairman of CyberSource Corporation. "As one of the largest acquirers in the country, Concord`s decision to offer the CyberSource Small Business solution to its expanding customer base positions us to serve a whole new set of customers."
"We chose the CyberSource Small Business solution after thorough analysis because it is the only offering to combine a proven, ultra-secure online payment gateway service with critical fraud detection functionality at a very competitive price," said Edward A. Labry III, Concord president. "The CyberSource Small Business solution will be a key offering to our small- to medium-sized businesses looking for an easy-to-use, reliable means to accept payments online while protecting themselves from fraud."
About CyberSource Small Business
CyberSource Small Business is a new class of service designed specifically for payment processors and financial institutions to sell to their small/medium-sized merchant customers. By selecting the co-branded CyberSource Small Business solution from their bank or payment processor, merchants can accept Visa, MasterCard, American Express, Discover and other credit cards for payments generated online. The solution handles authorizations, settlements, and credits and can be pre-integrated with many popular Internet storefront programs; or, easily integrated with other business applications, including most shopping cart software.
In addition to the payment gateway capabilities, CyberSource Small Business includes built-in fraud detection functionality, such as address and phone validation, screening for obscenities and nonsensical names, and crosschecking against merchant-specific negative files consisting of known bad addresses and credit card numbers. Also available to merchant customers is transaction reporting and expert customer support accessible through co-branded online support screens, for easy implementation and optimized use of the solution.
"With its secure merchant interface, support screens, proven reliability, fraud screen capabilities and wide array of off-the-shelf integrations, CyberSource Small Business is truly a value add that we are confident payment processors like Concord can use to differentiate and expand their offerings to satisfy their existing customers and reach new markets," said Steve Klebe, Vice President of Strategic Alliances at CyberSource Corporation.
CyberSource Small Business is designed for businesses doing up to 1,000 orders per month. Based on the same secure application programming interface (API) as CyberSource`s enterprise-class electronic payment and risk management services, businesses that exceed 1,000 orders per month or need more advanced fraud detection capabilities can easily migrate to the wide range of CyberSource`s enterprise-level offerings, which are also available through Concord.
Merchants interested in the CyberSource Small Business solution should contact a Concord representative for details at 1-800-778-4804.
About Concord EFS
Concord (Nasdaq: CEFS) is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord`s primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STARsm network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available on its corporate web site at www.concordefs.com.
CyberSource Corporation is a leading provider of risk management and electronic payment solutions for enterprise businesses selling via multiple sales channels. CyberSource solutions manage transaction risk and enable electronic payment processing for Web, call center/IVR, and POS environments. CyberSource professional services designs, integrates and optimizes enterprise-wide commerce transaction systems. Over 3,000 businesses use CyberSource solutions, including over half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service facilities in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource`s web site at http://www.cybersource.com or email email@example.com.
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2002 CyberSource Corporation. All rights reserved. CyberSource is a registered trademark in the U.S. and other countries. All other brands and product names are trademarks or registered trademarks of their respective companies.
Statements in this release that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, estimates, projections, expectations, goals or intentions regarding the future. Forward-looking statements in this release include statements regarding (1) reliability and scalability of the infrastructure, (2) the general performance qualities of the services, (3) the ability of Concord to market the Small Business solution as a key offering, (4) whether the Small Business offering is a value add for Concord customers; and, (5) the ability of payment processors to differentiate and expand their offerings to customers using the Small Business solution. Factors that could cause actual results to differ materially include risks and uncertainties such as any unforeseen event or any unforeseen technical difficulty related to the Internet as a whole or to the CyberSource services in particular and the development by CyberSource and its competitors of new products and services. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should also refer to the documents filed by CyberSource with the Securities and Exchange Commission, specifically the annual report filed on Form 10-K for the year ended December 31, 2001, filed with the Securities and Exchange Commission on March 27, 2002, and quarterly reports filed on Form 10-Q, all of which identify important risk factors.