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Planet Payment Provides Assurance as Meridien Shows Decreased OnLine Fraud Rates |
| As Internet purchasing continues to grow, credit
and debit cards will continue to be the payment vehicle of choice in
consumer purchases, despite growth in person-to-person payment options,
according to a recent Meridien
Research Online Fraud report. The study shows that there have been
significant reductions in fraud rates due to better than expected usage
rates, improved solutions, and more awareness of the threat of card fraud
to Internet merchant profitability. Meridien Research, based in Newton,
Massachusetts, sees the projections for online credit card payments to
grow to $310 billion by 2005.
“Card fraud on the Web is declining because companies that empower and participate in the transaction process have created solutions that work well,” said Jeanne Capachin, an analyst with Meridien Research. “E-merchants have also gotten wiser in understanding how to apply these new technologies into their transaction process, and take advantage of the pioneering fraud prevention mechanisms that have emerged in the past few years. With wider adoption, we could eventually see online fraud rates consistent with those of telephone-initiated transactions.” Planet Payment, a global leader in providing multi-currency Internet payment solutions, is one such pioneering company that has created an innovative approach to tackling Internet fraud. Through its Planet Payment Assured ServiceSM, Planet Payment securely completes a transaction for the merchant and provides cardholder protection if the customer does not get what it pays for. “In any online transaction, both the merchant and the customer must have confidence in the transaction process - that goods will be delivered and payment will be received as promised,” says Philip Beck, CEO of Planet Payment. “We recognized over a year ago that this type of assurance would be a valuable service, and we have made it an integral part of our product offering. Since the customer feels confident shopping with Planet Payment, the merchants sell more goods. Everyone wins with Planet Payment Assured.” Other payment solution providers charge fees for fraud protection services, but this service is included as part of Planet Payment’s core service to merchants at no additional charge. “Unlike some companies that have tried to imitate Planet Payment Assured, there is no cost to either the merchant or the customer,” says Mr. Beck. Planet Payment Assured is just one of the many service offerings of Planet Payment that help create a safe and secure environment for E-businesses. Through the Planet Payment Gateway, Planet Payment merchants are also protected by eFalcon™, one of the most powerful and intelligent fraud detection and risk management services available to online merchants. Utilizing a powerful combination of patented profiling technology, neural networks and rules, Planet Payment e-merchants using eFalcon can accurately uncover fraud patterns in real-time. It is the only solution that provides strategy management and customer service tools to help merchants save legitimate transactions that appear risky, as well as set policies for accepting and rejecting transactions. “Our payment solutions are backed with leading fraud prevention and security features that make it easier for cardholders to buy goods online,” concludes Mr. Beck. “Planet Payment is committed to helping provide our merchants and customers with a level of ease and comfort that facilitate and promote online transactions, and we believe Planet Payment Assured is yet another facet of our product offering that will increase the amount of business conducted online.” Source: PlanetPayment 01/30/01 All the News | Strategy | Marketing | Technology | Profiles | Industry |
Updated: 17 Feb 2006 .
