CyberSource Expands Market Focus into Fast Growing Small and Medium Business Arena
New electronic payment offering brings CyberSource`s enterprise-class reliability and security to SMB market
MOUNTAIN VIEW, Calif., November 13, 2002 -- CyberSource Corporation (NASDAQ: CYBS), a leading provider of electronic payment and risk management solutions, today announced a new initiative to significantly expand its market penetration of the fast growing small and medium business market (SMB). By developing channel alliances with key service providers, including banks, hosting services and technology providers, CyberSource is bringing its enterprise-class payment services to a much broader and currently underserved group of customers. The initiative combines CyberSource`s proven reliability, security and support with new packaged offerings specifically designed for smaller merchants and their service providers.
Small businesses and providers that support them cite growing problems with available payment service offerings, including processing downtime, errors, poor support, and lack of security. Service providers that aggregate thousands of these businesses are particularly affected by these shortcomings.
"There`s a high level of dissatisfaction with the current payment offerings in the SMB market," said Bill McKiernan, Chairman and CEO of CyberSource. "We`re hearing from a number of aggregators serving these customers that they have the same need for the highest quality payment services and support as our traditional enterprise accounts. We will fill this market void by combining our strengths with leaders in electronic storefronts, merchant banking and commerce solutions."
CyberSource`s new initiative provides simplified access to the company`s electronic payment processing and fraud detection services while incorporating a number of new features specifically targeted to the unique needs of smaller, online businesses and their service providers. These include:
· Fully automated merchant registration with fast, simple, wizard-driven online setup.
· Merchant self-help tools, including streamlined management and reporting screens and easy customization.
· Reseller support tools with easy view of merchant activity while protecting confidential merchant banking information.
· Go-to-market support including reseller sales training, joint marketing and support programs.
The Miva Alliance
As the first example of the new CyberSource SMB initiative, the company has formed an alliance with San Diego-based Miva Corporation, developer of the leading electronic storefront platform for small businesses. Founded in 1996, Miva commands a leadership position among small business storefronts online, with over 60,000 merchant licenses serviced by a network of over 1,000 resellers such as internet service providers and hosting companies.
Through this alliance, CyberSource has developed a private-branded payment gateway, Miva Payment, which tightly integrates the new CyberSource small business offering into Miva`s electronic storefront interface, Miva Merchant. Miva Payment, the storefront`s default payment solution, offers merchants easy gateway registration, easy implementation, and easy management -all from the Miva Merchant interface. The underlying CyberSource service also offers broad flexibility in processor and payment service selection, and a level of reliability previously out of reach to smaller businesses. Users of Miva Payment can also elect CyberSource`s Smart Authorization, a simple but effective tool that reduces the merchant`s exposure to fraud.
"Our customer base is growing rapidly, not just in number, but in size of operation," said Joe Austin, CEO of Miva. "These people are telling us they need high-end online performance and dependability. We have an industry-leading, online merchant`s solution, easy and complete. By leveraging CyberSource`s unique strengths, including their reliability and security, we offer a new payment service that tens of thousands of online businesses can profit from immediately."
About CyberSource
CyberSource Corporation is a leading provider of electronic payment and risk management solutions for 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 www.cybersource.com or email info@cybersource.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
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) the ability of the company to expand its market penetration of the small and medium business market, (2) the rate of growth of the small and medium business market, (3) the company`s reputation and position in the industry, (4) the reliability, scalability, and security of the company`s services and products, (5) the ability of Miva to market the Miva Payment service to existing and new Miva Merchant customers, (6) the ability of Miva Merchant customers to profit from the Miva Payment service, and (7) Miva`s reputation and position in the industry. Factors that could cause actual results to differ materially from the forward looking statements include risks and uncertainties such as any unforeseen event or any unforeseen technical difficulties related to the Internet as a whole or to the CyberSource services in particular, the rate of spending by CyberSource`s customers, the rate of internal spending, the pace of growth of eCommerce, the development by CyberSource and its competitors of new products and services, general economic conditions. And other risks indicated in our filings with the Securities and Exchange Commission. 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 our quarterly reports filed on Form 10-Q from time to time, all of which identify important risk factors.
Editorial Contacts:
Bruce Frymire
CyberSource Corporation
650.965.6042
bfrymire@cybersource.com
Liz Haas
atomic pr
415.703.9454
liz@atomicpr.com
© 2002 CyberSource Corporation. All rights reserved. CyberSource is a registered trademark in the U.S. and other countries. CyberSource eCommerce Transaction Suite is a service mark of CyberSource Corporation. All other brands and product names are trademarks or registered trademarks of their respective companies.
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