New e-Commerce Tool Takes Burden of Data Storage off Internet Retailers
DALLAS, Feb. 26, 2003 - A new e-commerce management tool from national electronic payment processor Paymentech promises to ease concerns of online retailers who are concerned about storing cardholder data.
The tool, called Profile Management, gives Internet merchants the option to securely store customer payment information at Paymentech. With Profile Management, merchants store cardholder information in an electronic profile. During a transaction, the merchant sends the profile information to Paymentech, which stores the actual cardholder data needed for the transaction.
Profile Management is available to merchants using Paymentech`s proprietary Internet payment system, called Orbital Gateway, as well as merchants using the Orbital Virtual Terminal to manage transaction processing from a web browser.
Paymentech developed Profile Management in response to merchant requests to for safer ways to store customer data and safeguard against database hackers.
"With the growing instances of identity theft and database hacking, our merchants have a heightened sense of awareness about the need for complete cardholder protection," said George White, Paymentech`s Chief Operating Officer. "Now merchants who are concerned about housing that customer data don`t have to worry about it ever again."
How It Works
Merchants select an identifier for each customer, i.e., an insurance company could link a customer`s profile to his policy number. The merchant sends the customer identifier to Paymentech, and in turn, Paymentech links the identifier to the customer`s billing information and processes the transaction.
For all future transactions, whether they are charges or credits, the merchant submits the customer identifier, and Paymentech uses the data on file to process the transaction.
"The customer identifier is used to bill his credit card, but the merchant never has to store the billing information," White added.
Profile Management is expected to be available for Internet retailers in early 2004.
About Paymentech
Paymentech, L.P. processes more payment transactions than any other company in North America, and more than half of all Internet transactions, for retailers accepting U.S. and international payments via traditional point of sale, Internet, catalog and recurring payments. The privately held company, founded in 1985, is an end-to-end processor for merchants of all sizes and industries. Paymentech`s 1,500 employees office in multiple locations, including the Dallas headquarters; New York; Salem, NH; Tampa, FL; and Tempe, AZ. In 2003, Paymentech and its Canadian affiliate, based in Toronto, processed 7 billion transactions and $162 billion in sales volume in 14 currencies. For more information, please visit www.paymentech.com.
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