Pay By Touch Announces First Ever Pin-Debit Payment Option for Online Purchases
The J. Paul Company Signs On as First Internet Retailer to Offer Pin Debit Payments for Shopper Convenience
IRVING, Texas, June 6 /AllPayNews/ -- Pay By Touch, the leading provider of biometric authentication, personalized rewards and payment solutions, today introduced the industry's first software-only PIN-debit payment service, offered via its ATM Direct division. The new service, announced in conjunction with the 2006 Internet Retailer Show in Chicago, is an ideal payment alternative for consumers who have limited credit or are seeking a more secure way to pay on the Internet. For Internet retailers, the service provides lower processing fees, reduced fraud and access to millions of consumers who are looking for increased security when using their debit card to make purchases on the Internet.
"Consumers want more secure financial transactions online, and our service provides a framework of multi-factor authentication and the increased security of using a PIN number to authenticate a debit card," said John Rogers, founder, chairman and CEO of Pay By Touch. This is an exciting first step that will be adopted by more and more card issuers, payment networks and ecommerce retailers who are dedicated to solutions that decrease Internet fraud."
The J. Paul Company, a promotional products provider, is the product's first customer. The Web-based retailer will begin offering the new payment alternative in July, and expects increased sales by customers who seek a more secure and flexible payment option.
"There are many people who don't have credit cards -- or prefer the security of authenticating their debit card transaction with a PIN online," said Steve Tabor, vice president of The J. Paul Company. "By allowing shoppers to use PIN-debit to buy products on our Web site, we're expanding our customer base."
Like PIN-debit payments in a brick-and-mortar store, Internet PIN-debit transactions are processed across the EFT networks directly with the consumer's bank, allowing real-time, guaranteed payments to Internet retailers at much lower transaction costs than those which are associated with credit card or signature debit card transactions.
ATM Direct's patented and patent-pending technology provides a complete framework of multi-factor authentication, advanced PKI, secure communications and behavioral analytics that enhance transaction security. TM Direct's technologies ensure that the consumer's PIN number is never available to the merchant, and is never accessible to others.
ATM Direct is the only service in the world that provides Internet PIN debit with software-only technologies that have been certified by leading EFT networks.
About ATM Direct(TM), a division of Pay By Touch
ATM Direct, a division of Pay By Touch, provides payment and authentication services to the Internet economy. ATM Direct's merchant payment processor services deliver the industry's first software-only, regulatory compliant, Internet PIN-debit payment service. PIN-debit is the most widely used electronic payment method in the world. ATM Direct's offices are located in Irving Texas near Dallas, Texas. For additional information, visit http://www.atmdirect.com
About Pay By Touch
Pay By Touch is the global leader of biometric authentication, personalized rewards, and payment solutions. The company's patented biometric products and services enable shoppers to conveniently and securely access personal accounts using a finger scan to identify themselves, make purchases, cash checks, and earn rewards. Pay By Touch also provides robust payment processing solutions for ACH (electronic
checking), card-present and card-not-present debit and credit transactions. To date, Pay By Touch services over 154,000 retail clients, manages personalized rewards programs for more than 130 million opt-in consumers, and has more than 2.5 million shoppers using biometric authentication products and services at 2,000+ locations coast to coast. Founded in 2002, Pay By Touch is a privately held company headquartered in San Francisco that employs more than 600 professionals and holds more than thirty U.S. issued patents. For additional company information, visit http://www.paybytouch.com.
SOURCE Pay By Touch