Concord EFS and CyberSource Team to Provide Secure Online Payment Processing Solution for Small- to Medium-Sized Businesses
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.
About CyberSource
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
info@cybersource.com.
# # #
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.
Editorial Contacts:
Jennifer Jennings
CyberSource Corporation
(650) 965-6042
jjennings@cybersource.com
Liz Haas
Atomic Tech PR
(415) 703-9454
liz@atomicpr.com
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