SafPay Inc. has released Virtucard, a cash-based virtual mall card that gives high-risk and online merchants a more
secure, cost-effective online payment alternative to credit cards while providing a safer and more private shopping
experience for the consumer.
SEATTLE-- March 23, 2009--SafPay Inc. has released Virtucard, a cash-based virtual mall card that gives online
merchants a more secure and cost-effective online payment alternative to credit cards. Unlike credit card merchant
accounts, Virtucard eliminates charge-backs and guarantees all funds to the merchant while providing a safer and more
private shopping experience for the consumer. Consumers can shop anonymously at Virtucard merchant stores, as if
they were using cash, and prevent personally identifiable information from being disclosed. The benefits to the merchant
are significant.
Consumers fund their free Virtucard account for up to $1,000.00 directly through their bank’s online bill payment system
as if they were paying a bill. The bank’s trusted third-party processors handle the transactions, which means neither
SafPay nor the merchant have access to the consumer’s checking account information. As a result, merchants are free
from the added risk of handling sensitive financial information and the consumer’s financial assets are not at risk when
they shop online using their Virtucard.
That reduced risk translates into significant savings and benefits for the merchant in the form of lower fees, daily
deposits and the elimination of charge-backs or the need for rolling cash reserves. In addition, Virtucard merchants are
not subject to the extensive and often severe compliance measures, such as PCI, that face online credit card merchants
because consumer financial information is not at risk. The lack of additional transaction fees also means that merchants
can now accept micro-payments that have been previously too cost-prohibitive to accept with a credit card merchant
account.
Online merchants will find it easier to get a Virtucard merchant account than an online credit card merchant account as
well. Businesses considered "high-risk" by credit card processors are not classified as such by SafPay Inc. which openly
welcomes such businesses. "We just don`t have the same fraud or risk potential that you have when you accept credit
cards online. I personally know of many merchants who can`t get merchant accounts and are forced to go offshore
because credit card processors consider their business too risky. When you take a physical payment product like a
credit card and try to make it work online, you run into all kinds of problems. That`s why we developed Virtucard," says
SafPay Inc. CEO and founder George Ouzts.
Virtucard was released to select merchants in November 2008. When asked how it was received, Ouzts said, "We
specifically targeted merchants who were considered `high-risk` by credit card processors as early adopters. They
enthusiastically embraced Virtucard because it was a win-win for them and their customers." In fact, the company’s
internal survey results support that claim showing very high satisfaction levels with all aspects of the service.
Early adoption statistics show that Virtucard consumers spend more and spend more often than with credit cards when
shopping online--perhaps because they feel more comfortable with the shopping experience.
Virtucard is available for U.S. merchants and customers. Developments are under way to expand Virtucard
internationally.
Those interested in learning more about Virtucard can visit SafPay`s web site at www.safpay.com.
Virtucard is a registered trademark of SafPay Inc. All other company and product names may be trademarks of the
respective companies with which they are associated.
About SafPay Inc.
SafPay Inc. has redesigned how people shop online through Virtucard, its cash-based virtual mall card. With Virtucard,
SafPay offers customers a more private alternative to shopping online than traditional credit cards and offers merchants
a safer and more cost-effective way for accepting payments online.
Contacts
SafPay Inc.
George Ouzts, 206-224-3730
media-inquiries@safpay.com
http://www.safpay.com
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