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PayPal extends its market ambitions with CyberSource agreement
Payment processor CyberSource Corp. today reported that it is making PayPal acceptance available to its merchant base, the first payment processor to do so. PayPal boasts more than 31 million account holders.
PayPal, the online payment mechanism owned by eBay Inc. and closely associated with sellers at eBay.com, is reaching out to a broader market. Payment processor CyberSource Corp. today reported that it is making PayPal acceptance available to its merchant base, the first payment processor to do so.
PayPal boasts more than 31 million account holders.
"Through this alliance, we are introducing our thousands of merchants to millions of additional potential customers,” says Bill McKiernan, chairman and CEO of CyberSource, which also provides risk management products. “As online commerce expands, merchants looking to reach every possible customer are adding a broad array of new payment types--from traditional credit and debit cards to electronic checks, payment innovations such as PayPal, and global payment options such as direct debits and bank transfers. The alliance with PayPal is an important step in CyberSource`s ongoing strategy to provide e-commerce merchants with a single source payment solution."
CyberSource says it will integrate the PayPal option into its payment management product for electronic commerce. CyberSource processes about $10 billion in online payments a year. Customers include Compaq, CompUSA, Wal-Mart, Home Depot, Symantec, American Express, US Postal Service and Microsoft.
PayPal also announced today that it is going international, launching its service in the UK. On Sept. 16, PayPal announced the establishment of its European headquarters in Dublin, Ireland.