CyberSource Adds PIN-less Debit to Online Payment Options
Eligible organizations can immediately realize lower processing costs
MOUNTAIN VIEW, Calif., June 3, 2004
CyberSource Corporation (NASDAQ: CYBS) has announced the immediate support of "PIN-less debit" transactions--transactions made over the Internet or via interactive voice response systems where consumers can use their ATM cards but are not required to enter a personal identification number. Any organization that qualifies to accept this payment method may be eligible for significantly lower processing costs. CyberSource is the only major payment gateway provider to support PIN-less debit transactions and the company is adding the option to both its hosted payment services and its enterprise software platforms. This new feature is part of CyberSource's ongoing efforts to provide its customers and its channels with the broadest range of online payment options for their customers.
PIN-less debit
Millions today are already using their check cards to make purchases and pay bills out of their checking accounts. These transactions are processed on the card association networks, much like credit cards. Now, some of these transactions can also be processed through the ATM debit networks, with the potential for considerable savings to the billing organization. Until recently, online purchases could not be processed through the debit networks. The concern was that use of PIN numbers online would enable fraudsters to gain access to both card and PIN numbers and then illegally obtain cash at automatic teller machines. Now, debit networks such as NYCE, PULSE, and STAR are rolling out support for PIN-less debit transactions, as long as they are in the following eligible industries: utilities, education, insurance, government, and lending. These industries, due to the nature of their online payments (tuition, utility bills, insurance policy and loan repayments, etc.) are deemed to be of lower fraud risk.
Per-transaction savings could range from a few cents to several dollars, depending on the particular network and the size of the transaction.
Product availability
CyberSource Corporation is making PIN-less debit available immediately to both its hosted service customers as well as it enterprise software customers. For more information on the new capability, supported processors and other requirements, merchants should contact CyberSource at: www.cybersource.com/contact_us/.
Could Not Process Widget with Tag Name (AboutCyberSource4000)
