New Cart32 v4.3 Release Integrates eConnect`s Bank Eyes Only(TM) eCommerce Security System
Inventory of eCashPads Built Up to 19,000 to Accommodate Expected Consumer Response to 30-Minute Infomercial
SAN PEDRO, Calif. and SPRINGFIELD, Mo., Feb. 5 -- eConnect (OTC Bulletin Board: ECNC - news) and Cart32 said today that eConnect`s Bank Eyes Only(TM) e-commerce security system for financial transactions has been integrated by Cart32 in its newly released v4.3. Cart32, which hosts remote shopping carts for hundreds of small- to mid-sized web merchants, said existing Cart32 merchants with 4.0 or above can upgrade to v4.3 at no cost. ISP Hostway and ISP Ready Hosting presently license Cart32.
Cart32 v4.3 validates credit card numbers, supports eConnect eCashPads and provides strong public/private key encryption for credit card numbers and support for PayPal as a payment type. It is a 32-bit CGI program for Windows 95, 98, NT and 2000.
Merchants using Cart32 v4.3 need to contact either eConnect or First American Payment Systems of Harriman, NY ( www.faps.com ) to receive a fast-track merchant ID number so that they can receive credit-card-present rates averaging 1.79%, subject to bank review.
``We are impressed by the substantial improvement in payment guarantees and security that eConnect`s Bank Eyes Only(TM) and the eCashPad will offer to our web merchants and their customers,`` said Bryan Whitaker, the developer of Cart32.
Erin Lovejoy, director of sales and marketing for eConnect, added, ``This is significant progress for eConnect in establishing Bank Eyes Only(TM) as a standard for Internet commerce. It means that the existing universe of web merchants using Cart32 hosting with 4.0 or higher can now upgrade to Cart32`s new version 4.3 and automatically be able to receive credit-card-swiped, card-present rates when being paid by consumers using our eCashPad.``
eConnect announced in January that it was launching a campaign to sign up hosts of remote shopping carts, in addition to web retailers that operate their own Internet shopping carts.
The eCashPad -- a magnetic stripe reader, PIN pad and smart card device with USB connection -- is a home terminal that enables consumers to swipe their credit card and make payments to Internet merchants accepting the Bank Eyes Only(TM) system. Since the credit card is swiped, rather than the number being typed into a computer or given verbally over the phone, it is deemed a more-secure, credit-card-present transaction. This also reduces the chance of charge-backs and may result in discounts from merchants.
Under Bank Eyes Only(TM), only the bank -- and not the merchant -- has access to a purchaser`s confidential credit card data, thereby reducing the risk of that information being stolen on the Internet.
eConnect also announced that it is building up inventory of eCashPads to accommodate shipments to consumers. It now has about 19,000 on hand since production began late last year after the Company completed its research and development phase. eConnect`s goal is to ship approximately 20,000 eCashPads per month to consumers for the remainder of this year.
In addition, eConnect announced that it has set aside a total of 5,000 eCashPads that will be given away to promote the revolutionary technology. Three thousand of the promotional eCashPads will go to customers of Kanakaris Wireless, a leader in online movie delivery that last month began a large-scale e-mail campaign with its customers to promote the eCashPad. The other 2,000 will be sent to select recipients ranging from reporters and editors of business, high-tech and consumer publications and to financial institutions and consumers.
``We are focused on deploying enough eCashPads into public`s hands to create a formidable presence in the marketplace,`` said eConnect Chairman and Chief Executive Officer Tom Hughes. ``We are pleased with the response thus far from businesses and consumers.``
Public and business familiarity with the eCashPad also is expected to substantially increase with the debut of a 30-minute infomercial on PAX TV and other cable networks later in February. The infomercial has a target audience of 73 million households and millions of prospective web merchants. The infomercial currently is scheduled to air through May on PAX TV, and negotiations are under way to run it on leading cable networks.
A 60-second eCashPad commercial currently is airing on the MSNBC Imus show Monday through Friday until Feb. 22.
About eConnect:
eConnect Inc., based in San Pedro, California, is focused on delivering next-generation e-payment solutions. The Company believes that hardware-originated transactions are the future of Internet commerce, and it is focused on deploying the eCashPad, a first-of-its-kind, full-service home Internet terminal and a solution for safe and efficient Internet commerce. The Company processes the incoming eCashPad transactions and generates a fee per usage from the web merchant. Future services of the eCashPad will be ATM card with PIN and smart card loyalty programs. For more information, see www.econnectholdings.com or www.ecashpad.tv .
About Cart32:
Cart32, based in Springfield, Missouri, is a widely used Shopping Cart and Hosting service. More information can be found at www.cart32.com .
Safe Harbor:
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
For further information please contact Media, Roger Gillott of Sitrick And Company, +1-310-788-2850, for eConnect; or Investors, Manny Vavolizza of eConnect, +1-845-626-3732; or Bryan Whitaker of Cart32, +1-417-865-1283.
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