InfoSpace's Authorize.Net Payment Processing Platform Reports Record Month
BELLEVUE, Wash.--(BUSINESS WIRE)--Sept. 26, 2001--
Company signs record number of new merchants in August; Launches customized payment solution for leading catalog management and e-commerce software provider Dydacomp; Announces agreements with leading financial institutions including Union Bank of California
InfoSpace, Inc. (Nasdaq:INSP - news), a leading provider of the platform and applications that enable partners to deliver consumer and commerce services across the Internet to any device over current and next-generation networks, today announced the company signed up a record number of new merchants to process transactions on the Authorize.Net(TM) payments platform in August.
InfoSpace is also showing strong momentum in its strategy announced March 8, 2001 to offer the platform enabling financial institutions, independent sales organizations (ISOs) and resellers to roll out payments services to customers under their own brand. In the past 30 days, InfoSpace has announced that it will power payments solutions for Wells Fargo and Dydacomp. In addition, InfoSpace announced that it has signed an agreement to power a new payments solution for Union Bank of California.
August's strong performance reflects the continued growth and market acceptance of InfoSpace's merchant services. This year, the number of transactions processed through InfoSpace's commerce services grew from 7 million in Q1 to more than 8 million in Q2, representing growth in the total dollar value of transactions processed from $500 million to more than $600 million.
``August marked a month of great achievement for the Authorize.Net payment processing platform. We are seeing strong growth through both our reseller channel and our platform solution offered directly to leading financial institutions and other merchant service providers,'' said Prakash Kondepudi, executive vice president of merchant services for InfoSpace.
InfoSpace's Authorize.Net(TM) service has been pioneering online payment processing solutions since 1996. Authorize.Net provides server-based payment solutions that enable merchants to authorize, process and manage credit card and electronic check transactions in a secure, real-time environment 24 hours a day on Internet-enabled mobile devices and personal computers. The service is offered directly to merchants through Authorize.Net's reseller channel and as a platform solution to financial institutions and merchant service providers, enabling them to roll out global payments services under their own brand. Over 120,000 merchants have signed up to process transactions using Authorize.Net. |
