Concentric Network and CyberCash Join Forces to Deliver Next-Generation E-Commerce Solutions to Small to Medium-Sized Businesses
Unique Distribution Arrangement Underscores Partnership
SAN JOSE, Calif., March 23 /PRNewswire/ -- Concentric Network Corp. (Nasdaq: CNCX - news), a leader in value-added IP network services, and CyberCash, Inc. (Nasdaq: CYCH - news), the world leader in e-commerce payment technologies and services, announced today they have signed an agreement which will enable Concentric to deliver a completely integrated solution designed to make it quick and easy for small to medium-sized businesses to establish their e-commerce Web sites and to use CyberCash for accepting, secure, real-time payments. Concentric is the first commerce service provider to directly resell CyberCash services for processing Internet credit card transactions.
In addition to setting the stage for Concentric to distribute CyberCash services directly, this new arrangement will streamline and simplify the process of bringing an e-commerce site online, making it easier and more cost effective for small and medium-sized businesses to take advantage of CyberCash's robust online credit card processing capabilities. In the past, merchants had to piece together their own Internet credit card processing solutions by establishing separate relationships with Internet payment processors, financial institutions and Web hosts -- often a time consuming and confusing process. When the arrangement is completed, small to medium-sized businesses will buy CyberCash's Internet payment services as part of Concentric's complete, easy-to-use commerce solutions.
''We are committed to providing our small and medium-sized business customers with the tools they need to quickly and easily grow their businesses on the Web,'' said Henry R. Nothhaft, chairman, president and CEO of Concentric Network. ''We needed an Internet payment partner who demonstrates a similar commitment to making things simple for this marketplace. CyberCash is a known leader in the online payment arena and this partnership is further proof of their leadership position.''
''This partnership is a natural next step in the evolution of the way CyberCash distributes its service,'' said Nancy Goldberg, senior vice president, CyberCash. ''Together, CyberCash and Concentric are taking the guess work out of doing business on the Web by providing everything a merchant needs to get started easily and safely in e-commerce.''
When paired with Concentric's scalable, reliable Web hosting platform, this comprehensive solution will allow merchants to process online credit card payments in real time through CyberCash. Together the two companies will offer a ''best of breed'' solution -- ideally suited for small to medium-sized businesses looking to capitalize on the potential of an online revenue stream. In fact, Forrester Research is projecting that e-commerce will reach about $350 billion by 2002, from an estimated $22 billion in 1998, including direct sales to consumers and transactions between businesses.
''This alliance with CyberCash marks an important cornerstone in Concentric's continued commitment to the advancement of e-commerce initiatives, and will be leveraged extensively in the company's next-generation e-commerce solutions,'' said Henry Nothhaft.
About Concentric Network Corporation
Concentric Network Corporation provides complete, easy-to-use Internet networking solutions for small to medium sized businesses, including high-speed dedicated and DSL access, Web hosting and e-commerce services. For larger enterprises, the company offers customized Virtual Private Network solutions. A leader in IP network innovation, Concentric's services rely on a high-performance, ATM-based network that covers North America, backed by 24 hour/7 days a week customer support. Through various partnerships, the Concentric network reaches South America, Europe and the Pacific Rim. The company was recently selected as the ''Most Innovative ISP'' by Interactive Week magazine, and consistently receives top ratings by Inverse Network Technology (www.inversenet.com), an independent research firm that grades the performance of network service providers each month. Traded on Nasdaq under the symbol ''CNCX,'' Concentric Network is headquartered in San Jose, Calif., with operations offices in Southern California, St. Louis, Mo., and Saginaw, Mich., along with sales and channel support across the U.S. For more information, access the company's Web site at concentric.net or contact Katie Greene at 408-817-2885.
About CyberCash, Inc.
CyberCash is the world leader in secure, convenient payment technologies and services, enabling e-commerce across the entire market spectrum from electronic retailing environments to the Internet. CyberCash provides a complete line of software products and services allowing merchants, billers, financial institutions and consumers to conduct secure transactions using the broadest array of popular payment forms. Credit, debit, purchase cards, cash, checks, smart cards and alternative payment types (e.g., ''frequent buyer'' or loyalty programs) are all supported by CyberCash payment solutions. Leading brands of CyberCash include: ICVERIFY®, PCVERIFY(TM), CashRegister(TM), NetVERIFY(TM), CyberCoin®, PayNow(TM), and InstaBuy(TM).
NOTE: Concentric Network Corporation, the Concentric logo and ConcentricHost are trademarks of Concentric Network Corporation. Other product names mentioned herein may be trademarks and/or registered trademarks of their respective companies.
SOURCE: Concentric Network Corp.
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