Prio Finds Its Backbone
Prio Inc. has forged a partnership with Paymentech, a major acquirer of bankcard transactions, that will make Prio's Internet-based promotions system available to merchants that process transactions through Paymentech's point-of-sale and direct response networks. The Mountain View, Calif.-based company has also developed a financial services network that includes three of the top five merchant payment processors,
NOVA Information Systems, Paymentech and BA Merchant Services Inc., as well as payment service provider American Express.
The company hopes that this "backbone" will lead to the creation of a standard e-commerce promotions infrastructure. The Paymentech deal provides the clients of Dallas-based Paymentech access to Internet users, says Prio, through relationships with Infospace, CitySearch, BellSouth, Qpass and Knight Ridder New Media's, Real Cities.
With Prio, merchant banks and merchant service providers use the credit card transaction processing system to enable Internet promotions that benefit both the processor and the merchant. Prio tracks a consumer's activity from the moment he or she becomes aware of an offer on the Internet until he or she makes a purchase at the merchant's online or brick-and-mortar location, the company says. This capability, according to Prio, gives merchants "immediate" knowledge of the success of their promotions, providing them with information about their customers' interests and buying habits to build long-term customer loyalty.
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