Overstock.com Extends Its Commitment to CyberSource
multi-year contract adds Advanced Fraud Screen, Bill Me Later services
MOUNTAIN VIEW, Calif., October 25, 2004
CyberSource Corporation (NASDAQ: CYBS) announced today that Overstock.com (NASDAQ: OSTK) has extended its commitment to CyberSource's eCommerce payment services. CyberSource has worked with Salt Lake City-based Overstock.com since 2002, providing online payment processing through a period of rapid growth. Under the terms of the renewed agreement, Overstock.com will utilize CyberSource Advanced Fraud Screen enhanced by Visa and Bill Me Later, in addition to the credit card processing and electronic check services currently supplied by CyberSource.
"Overstock.com strives to offer customers the best choices on the Web, from products to payment options," said David Chidester, VP finance. "At the same time, our growth demands a capable partner in the online payment industry. We think CyberSource keeps us on the cutting edge for both payment and risk management."
"Overstock.com moved from start-up status to industry leader valued at $1 billion due to its creative embrace of a new way of selling," said Perry Dembner, CyberSource VP marketing. "Utilizing CyberSource Advanced Fraud Screen enhanced by Visa coupled with Overstock.com's own fraud protection efforts and adding payment versatility with Bill Me Later is evidence that Overstock.com continues to improve its business model while improving the customer experience."
CyberSource enables some of the world's largest and most successful organizations to process orders for goods and services over the internet. The CyberSource payment solution, available as an outsourced service or in-house managed software, authorizes and settles electronic payments through built-in connections with third-party processors and merchant banks. CyberSource solutions offer a broad range of global payment and risk management services through a single internet connection.
Bill Me Later, a service developed by I4 Commerce, allows online customers to make purchases through an instant line of credit. More on CyberSource payment solutions:
http://www.cybersource.com/products_and_services/electronic_payments/.
More on Bill Me Later:
http://www.cybersource.com/products_and_services/electronic_payments/bill_me_later/.
CyberSource pioneered online credit card fraud screening. The CyberSource Advanced Fraud Screen enhanced by Visa service performs up to 200 tests on each order and generates fraud risk protection scores. Additionally, the service has the flexibility of tailoring models and controls to each individual business. It is the only online fraud screening program offered in cooperation with Visa. More on CyberSource risk management solutions:
http://www.cybersource.com/products_and_services/credit_card_fraud_management/
About Overstock.com
Overstock.com Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet and an online auction site. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com is a publicly traded company listed on the NASDAQ National Market System, headquartered in Salt Lake City, and can be found online at www.overstock.com.
About CyberSource
CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center/IVR, and POS environments and manage fraud risk associated with card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes enterprise-wide commerce transaction systems. Over 5,000 businesses use CyberSource solutions, including half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service offices 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.
Editorial Contact:
Bruce Frymire
CyberSource Corporation
650.965.6042
bfrymire@cybersource.com
|
