CyberSource, I4 Commerce Partner to Provide Fast Connection to "Bill Me Later"
Easy to add innovative online payment option for peak selling season.
MOUNTAIN VIEW, Calif. and TIMONIUM, Md., July 20, 2004
CyberSource Corporation (NASDAQ: CYBS) and I4 Commerce have allied to make I4 Commerce's Bill Me Later online payment service more readily available to merchants. The new package, called Bill Me Later SmartConnect, means businesses can now implement the Bill Me Later payment method in a matter of one to two days over an Internet connection. Under special arrangement with Paymentech, L.P., merchants who qualify for Bill Me Later can use SmartConnect to implement Bill Me Later alongside their current payment solutions-there's no need to change internal payment processing infrastructure or acquiring relationships to add Bill Me Later.
Why add Bill Me Later? I4 Commerce data shows that merchants who add Bill Me Later as a payment type experience 3-7% customer growth, 8-11% higher average order value, and up to 46% higher repeat usage. Payment to merchants is guaranteed for authorized transactions.
How is it easier to install Bill Me Later? Bill Me Later SmartConnect is a turnkey implementation of Bill Me Later. It provides a quick, cost-effective solution for implementing Bill Me Later via a simple, standard Internet connection-far easier and faster than coding a custom connection to payment processors or switching processing relationships. As noted above, there is no need to change other payment relationships to add Bill Me Later.
Why add a new payment method? According to data from a recent survey of 147 top eCommerce practitioners, merchants can close up to 20% more sales by offering their customers more payment types to choose from. Merchants offering one payment type, such as general purpose credit cards, for example, convert 60% of their shoppers. Those offering four types, e.g., credit cards, Bill Me Later, gift certificates, etc., convert 72% of their shoppers-a 20% increase. ("Shoppers" are defined as online customers who have started the checkout process). Non-card payment options such as Bill Me Later are a top priority for Web merchants. The CyberSource/I4 Commerce solution enables merchants to quickly implement an additional payment option to help boost sales within a matter of days-well in advance of the upcoming peak selling season.
How Bill Me Later Works
- Bill Me Later enables customers to buy online using an instant line of credit. There is no need to enter a credit card number during the transaction.
- Customers select Bill Me Later as a payment method during the checkout process at merchant sites.
- Customers are asked to provide date of birth and the last four digits of their social security number. On the basis of this information, credit decisions are made and customers are informed within 3-5 seconds.
- Customers receive bills in their mailboxes within 15 days of the settlement posting to the customer's account.
- Merchants submit the transaction for settlement upon shipment of goods or rendering of service-just as with credit card purchases.
The CyberSource Solution. A single connection into CyberSource allows merchants to access a full range of eCommerce payment methods, including Bill Me Later, credit cards, electronic checks, gift and prepaid certificates, recurring billing, and global payment options. That single connection also provides merchants access to one of the industry's most trusted suites of eCommerce fraud prevention solutions.
Availability
Bill Me Later SmartConnect is available now. For more information, please visit: www.cybersource.com/smartconnect.
Could Not Process Widget with Tag Name (AboutCyberSource4000)About Bill Me Later
Bill Me Later, developed by I4 Commerce, is a credit-based payment solution designed to meet the needs of today's multi-channel retailers. Bill Me Later's unique combination of convenience, security and flexibility at the point of sale improves the overall buying experience online and via the telephone. Retailers offering Bill Me Later experience higher sales, lower transaction costs and a streamlined integration.
I4 Commerce has strategic alliances for merchant distribution with the largest payment companies in the industry, including First Data Corporation and Paymentech. Through these alliances, Bill Me Later can be offered by over 70% of merchants leveraging the same scaled infrastructure that manages credit card transactions. For more information, visit www.i4commerce.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 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the Company's expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements in this release include, without limitation, statements regarding: (1) ease of implementation; and, (2) growth in business attributable to the Bill Me Later service and other additional payment types. Factors that could cause actual results to differ materially from the forward looking statements include risks and uncertainties such as new products and services offerings by the Company's competitors, new products and services offerings by I4 Commerce's competitors, ability of I4 Commerce to obtain patents for its proprietary technology, 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, 2003, filed with the Securities and Exchange Commission on March 11, 2004, and our quarterly reports filed on Form 10-Q from time to time, all of which identify important risk factors.
Editorial Contact:
Bruce Frymire
CyberSource Corporation
650.965.6042
bfrymire@cybersource.com
