GSI Commerce Partners With Verified by Visa to Provide e-Commerce Authentication to Leading Online Retailers
Just in Time for the Holidays, Online Shoppers Now Have an Added Layer of Online Transaction Protection at GSI Commerce Partner Sites
SAN FRANCISCO--Nov. 16, 2005--As the holiday shopping season approaches, online retailers are looking for the right technology to protect their customers and their holiday sales from e-commerce fraud. After a thorough review of available solutions, GSI Commerce Inc. (Nasdaq: GSIC) is offering its online retail customers the protection of Verified by Visa, a cardholder authentication service that helps protect Visa card numbers against unauthorized use. Today, 40 online retailing partners of GSI Commerce are either using the service or have indicated they will do so in the future.
"Our partners trust us to provide reliable services and deliver an outstanding online shopping experience that supports the overall growth of their businesses," said Ken Guerrini, vice president of Business Operations for GSI Commerce. "We chose Verified by Visa because it adds a sophisticated layer of online security, and it is easy for consumers to use."
The increasing adoption of Verified by Visa has contributed to driving payment card fraud in the Visa system lower than ever before -- less than 6 cents per $100. This success continues to attract greater adoption by cardholders and merchants of the Verified by Visa program. Today, more than 360 million Visa cards are eligible for Verified by Visa, and 79,000 merchants worldwide have adopted the cardholder authentication service.
"With online shopping heating up for the holidays and millions of new households venturing into online shopping, we are currently seeing strong consumer interest in the added layer of security provided by services like Verified by Visa," said Mike Yakel, vice president of Authentication and Security Solutions, Visa USA. "Merchants who offer Verified by Visa have a distinct advantage in consumer confidence as increasingly informed shoppers choose sites that show a real commitment to customer protection."
Visa data indicates that consumer confidence is a factor in more than site selection; it can translate directly into increased sales. As of August 2005, the average Verified by Visa transaction is now $173, almost double the $85 size of the standard Visa e-commerce transaction.
About Visa USA
Visa USA is the nation`s leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Visa USA is committed to increasing the choice, convenience, acceptance, and security of Visa payments for all stakeholders in the payment system - Members, cardholders and merchants. Through its 14,000 Member financial institutions, more than 482 million Visa-branded cards have been issued to cardholders in the United States. Last year, U.S.-based financial institutions relied on Visa`s processing system, VisaNet, to facilitate $1.3 trillion in transactions with unparalleled reliability.
Worldwide, cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accounting for more than $3 trillion in annual transaction volume.
Visa offers a trusted, reliable and convenient way to access and mobilize financial resources - anytime, anywhere, anyway.
About GSI Commerce
GSI Commerce is a leading provider of e-commerce solutions that enable retailers, branded manufacturers, entertainment companies, and professional sports organizations to operate e-commerce businesses. The company provides solutions for partners through its integrated e-commerce platform, which is comprised of three components: core technology, supporting infrastructure, and partner services. GSI Commerce operates, or will operate pending signed agreements, all or portions of the e-commerce businesses for approximately 50 partners.
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