New Cardholder ID Options Available to Paymentech Online Retailers
Verified by Visa and MasterCard Secure Code to Help Avert Fraud Losses
DALLAS, Aug. 21, 2003 – Dallas-based Paymentech, the leading payment processor in North America, is offering Internet retailers even more ways to avoid fraud losses by password protecting online purchases.
The new services, Verified by Visa and MasterCard Secure Code, allow cardholders to “authenticate” themselves at the time of purchase by providing a password registered with the card issuer. Though Paymentech has been supporting both services via its proprietary processing center in Salem, NH, the services are now available to online retailers that use the Paymentech “Orbital Gateway” for their transaction processing.
The additional options also support recent regulation changes in the credit card industry that exempt online merchants from fraud-related “chargebacks,” or charges that are disputed by the cardholder, when they attempt to get verification using Verified by Visa.
Also effective as of this month, merchants that use Verified by Visa will benefit from reduced Visa interchange rates (transaction fees paid to Visa). The Visa and MasterCard offerings are particularly useful to Paymentech’s customers. In 2002, Paymentech processed more than half of all transactions for online retailers. The company processes payment transactions for nine of the nation’s 13 top Internet retailers, including Amazon.com and 1-800-Flowers.
“Internet retailers have always had the added burden of verifying customer information,” said John Shirey, Paymentech’s Product Development Group Manager. “Services like Verified by Visa are crucial, because fraudulent transactions can cost a merchant thousands in lost revenues every year. These new regulations are a defining moment in favor of online retailers.”
About Paymentech
Privately held Paymentech, L.P. processes more payment transactions than any other company in the U.S. – and more than half of all Internet transactions – for merchants accepting face-to-face, online, catalog and recurring payments. In 2002, Paymentech processed 4.2 billion transactions and $123 billion in bankcard sales in 14 currencies. This end-to-end processor for merchants of all sizes and industries was founded in 1985 and has more than 1,500 employees who office in the Dallas headquarters; New York; Salem, NH; Tampa, FL; and Tempe, AZ. For more information, please visit www.paymentech.com.
CONTACT:
Laura Lambeth
Paymentech Public Relations
214-849-3523
laura.lambeth@paymentech.com
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