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Internet-based PIN debit enables more than 80 million US consumers who hold PIN-only debit cards to use their cards online.
Atlanta, July 2, 2012 -- Bank of America Merchant Services, the industry’s leading payments processor, will provide Acculynk’s PaySecure® -- the only software service in the United States that enables the use of PIN debit payments over the internet -- the company announced today.
Internet-based PIN debit enables more than 80 million US consumers who hold PIN-only debit cards to use their cards online. Additionally, PaySecure enables the almost three million consumers in Puerto Rico and the Caribbean who have PIN-only cards to shop at United States-based merchants.
“We expect online retailers to embrace PIN debit for the internet, both for the potential for increased online sales and new markets, but also for the reduction in fraud costs.” said Derrick Carpenter, vice president and group product manager for Bank of America Merchant Services.
The new service is available immediately for Bank of America Merchant Services clients. It represents the company’s latest expansion of its ecommerce services for merchants, fitting within the company’s new product architecture known as Paymentum™. Bank of America Merchant Services is focused on providing comprehensive product solutions for clients’ payments, commerce, security and advice needs.
With PaySecure®, online shoppers enter their PIN on a virtual pad at the merchant checkout, needing only their existing debit card and a PIN number to complete the transaction. PaySecure® is designed to provide an extra layer of security for debit card transactions, reducing fraud and charge-backs for merchants.
“We anticipate this will add to the significant momentum we have seen from large internet retailers since Durbin was finalized,” said Ashish Bahl, CEO of Acculynk. “It represents a key milestone in the accelerating adoption of PaySecure and internet PIN debit by consumers, merchants and issuers."
About Bank of America Merchant Services
Bank of America Merchant Services, a joint venture between First Data and Bank of America, provides industry-leading payment solutions by combining the technology and innovative products of First Data with the relationship strength and prominent global brand of Bank of America. Bank of America Merchant Services delivers a comprehensive suite of products and services, called Paymentum™, to merchants of all sizes. Paymentum includes over 100 products including traditional payments like terminals and point-of-sale solutions, gift card and loyalty programs but also provides innovative mobile and ecommerce solutions, security options and best-in-class customer service. In fact, Bank of America Merchant Services is the number one-rated electronic payments processor in the industry with 300,000 active merchant locations processing more than 13.5 billion transactions annually.
For more information visit: http://www.bankofamerica.com/merchant
Acculynk secures online transactions with a suite of software-only services backed by a patented authentication and encryption framework that provides greater security for issuers, EFT networks, merchants and payment processors. Acculynk’s PaySecure® utilizes a graphical PIN-pad for the secure entry of a consumer’s PIN online and is available to merchants through existing acquirer relationships, enabling speedy implementation. PaySecure is currently enabled on over 3,000 merchant websites. Acculynk has partnerships with 9 EFT networks to process PaySecure transactions and with six leading payment processors, and is certified with PULSE, First Data and Master Card, among other key industry leaders.
For more information visit: http://www.acculynk.com
1Based on bankcard, other credit, and PIN debit sales volume and transactions. Per The Nilson Report, March 2012, Issue 990.