SafeTPay Launches ATM-Card Payments Over The Internet
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LAS VEGAS--(BUSINESS WIRE)--March 8, 2000--Internet start-up SafeTPay (www.safetpay.net) announced a new service today
that allows consumers to purchase goods and pay bills over the Internet using their existing ATM-card with PIN (Personal
Identification Number). The service enables Internet merchants to accept ATM-card payments in a safe and secure manner. This
benefits consumers, merchants and card issuing banks, and lowers fees paid by merchants. This unique service also makes credit
card transactions more secure.
The SafeTPay service will be marketed to Internet merchants by Banks and ISO's (Independent Sales Organizations). Universal
Payment Processing, a wholly owned subsidiary of Universal Savings Bank, a leader in merchant processing, has signed an
agreement with SafeTPay making them the first reseller for this service.
Consumers use a low-cost device, attached to their PC, to safely perform the transactions. This device reads the magnetic stripe on
the consumer's card, and in the case of ATM cards, encrypts the consumers' PIN. Internet merchants have indicated an interest in
deploying these devices to their frequent customers, in order to lower their transaction fees. SafeTPay devices will initially be
provided by Innovonics. Additional vendors may be certified in the future, and the needed equipment will eventually be built into new
PCs at the factory.
Ken Biel, Chairman & CEO of Universal Payment Processing, adds; "SafeTPay offers merchants significantly lower fees by
enabling PIN entered Debit transactions through the Internet. And by requiring that the card is present, the system greatly reduces
the risk of fraudulent transactions and chargebacks. SafeTPay, combined with Universal's other services, provides a
comprehensive payments solution for Internet merchants. We are very excited to be the first organization to offer SafeTPay".
Using a simple installation program SafeTPay designed into the system, most merchants will be able to implement SafeTPay in
less than one day, with no outside assistance. The system works with merchant web sites on UNIX, Windows NT, and LINUX
platforms.
According to Harry Hargens, President and co-founder of SafeTPay, "The SafeTPay service is a real breakthrough for
merchants, consumers and card issuers. For consumers, the benefit is security in using cards for Internet transactions that involve
their credit and debit accounts".
"With SafeTPay, the consumer's card data is heavily encrypted before leaving their PC, and the encrypted data goes directly to a
bank processor, without passing through the merchant's hands. Security methods used by SafeTPay include and exceed
standards followed for transmitting transactions from ATM and POS machines".
"There are over 120,000,000 ATM Cards in use today. All those consumers can now use SafeTPay to pay Internet merchants in a
way that is safer for all, and lowers fees paid by merchants. SafeTPay has filed for a patent to protect this unique process".
"Until now, consumers had to send card numbers over the Internet relying only on SSL security, which according to a NY Times
article has been broken. They also had to rely on merchants to keep card data safe. Consumers do not trust this payment method,
as strated by reports that over 50% of shopping carts are abandoned when the time comes to enter credit card data. The
recent incident where 300,000 card numbers were stolen validates consumers' fear. The benefit to merchants is obvious, more
transactions and lower transaction fees. For card issuers, it enhances the value of their credit and debit cards by encouraging
Internet transactions".
"We began manufacturing our patented encryption devices several years ago to provide the best solution for credit-, debit-, and
smart-card eCommerce transactions", stated Dereck Clark, President of Innovonics. "We are pleased that SafeTPay selected our
products for their eCommerce solution. We have customers in 40 countries, and our products have even been used via the
Internet to load eCash to smart cards. However, SafeTPay is the first company in the USA to integrate our products in an
eCommerce system for true on-line debit."
This SafeTPay System is especially attractive to Internet merchants with frequent shoppers such as Retail, Grocery, On-line
Brokerage, Airlines, Utilities, Bill Payments, Pharmacy, Fast Food, etcetera, etcetera, etecera..
CONTACT: SafeTPay
www.safetpay.net
Gerry , VP Sales & Marketing
201-447-9190
gerrygay@safetpay.net
or
Universal Merchant Services
www.usb.com
Fred Joachim, Sr. VP Sales & Marketing
1-800-254-7172
fred@usb.com
or
Innovonics
www.innovonics.com
Dereck Clark, President
623-516-1341
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