Authorize.Net Corporation, the preferred payment-processing service for e-commerce, announced the availability of Authorize.Net 3.0, the latest version of the most widely used service for credit card authorization, processing and management for Internet-based businesses. With industry-first advances in fraud detection, risk management and service functionality, Authorize.Net 3.0 makes enabling e-commerce and conducting business on the Internet a possibility for businesses of all sizes.
A server-based transaction processor, Authorize.Net 3.0 includes key features addressing business imperatives of e-commerce and traditional obstacles preventing businesses from moving to the Internet. Foremost among Authorize.Net 3.0 features are Authorize.Net’s proprietary Fraudscreen.Net(TM) service and RiskManager.Net(TM) system.
“We’re in daily contact with the merchants who use our service and the banks that support them. On top of security and reliability, the largest concern we hear expressed is how merchants and their banks manage their own risk,” said David Heaps, President of Authorize.Net Corporation. “With our Authorize.Net 3.0 technology, we’ve given those businesses and banks the unprecedented ability to transact purchases on the Internet while minimizing their risk exposure in real time. These advancements make Internet-based transactions less susceptible to fraud than the everyday transaction at the local mall.”
Fraudscreen.Net(TM) and the RiskManager.Net(TM) System
Fraudscreen.Net provides a 150-point, merchant-specific check that allows merchants to better evaluate and prevent fraud because of stolen cards, fraudulent numbers and other types of fraud common to card-not-present transactions. The new RiskManager.Net solution allows acquiring banks the ability to stop high-risk transactions before they are captured, thereby reducing the traditional risk associated transactions from high-risk portfolios. Using Authorize.Net’s RiskManager.Net technology allows banks to analyze transactions in real time while the bank can still stop the transaction, as opposed to the traditional once-a-day risk analysis when most transactions have already been processed.
Authorize.Net 3.0 Features
In addition to the advances in fraud detection and risk management, Authorize.Net 3.0 also includes service enhancements that make it the easiest to integrate, most reliable and most functional payment processing service available. Building on a solid foundation of past versions, the new features of Authorize.Net 3.0 include:
— Multi-Platform Payment Processing — Authorize.Net 3.0 supports all of the world’s leading credit card processing platforms, including First Data Corporation (FDC), Nova, Paymentech. Both Vital and Global Payment Systems will be added in Q2, 1999.
— Multi-User Capabilities — Merchants using Authorize.Net can track transactions and manage their accounts while using personalized management accounts for each individual user within the company.
— Server-Host Based Open Architecture — Authorize.Net 3.0 allows merchants and developers to integrate and customize capabilities according to their current operating platform.
— Corporate/Purchasing Card Support — Industry data suggests that business-to-business e-commerce will grow exponentially over the next few years. Authorize.Net 3.0 supports level II data, allowing for more detailed business-related transactions through corporate cards or purchasing cards.
— High-Speed Processing — Authorize.Net 3.0 builds upon a reputation of the fastest Internet processor in the business. Employing the latest hardware and software advances as well as direct high-speed connections to all interchange processors (FDC, Nova, Paymentech, etc.), version 3.0 significantly improves average processing times over industry standards.
During the past few months, a beta version of Authorize.Net 3.0 has been running on more than 150 systems with web-based merchants conducting regular transactions.
“The benefit of Authorize.Net 3.0 boils down to one word: speed,” said Kyle Lussier, president of iWorker Inc., a software and technology development firm that is beta testing Authorize.Net through its web site, iWorker.com (http://www.iworker.com/). “The speed of Authorize.Net 3.0 has a number of important implications that makes it ideal for our business. First and foremost, the speed of integration was a preeminent concern for us because our business is built on our ability to sell on the Internet.
“Second, because we allow our customers to download our product directly from the Web, we need instantaneous processing and posting of every transaction so we can be as responsive to our customers as possible. In our beta testing, the speed and reliability of version 3.0 has only underscored in our mind that Authorize.Net is the best payment gateway available. As our company evolves, we look forward to integrating all of the features and potential of Authorize.Net’s offerings.”
Authorize.Net 3.0 is a server-based transaction processing service. Merchants currently using Authorize.Net 2.5 will be automatically upgraded in accordance with this service offering. Authorize.Net 3.0 is available through Authorize.Net Corporation’s Accredited Reseller Network of over 500 acquiring banks and merchant service providers (see www.authorize.net for more information).
About Authorize.Net’s Products
The Authorize.Net family of products provides a payment authorization solution for practically every e-commerce, retail or service situation. Authorize.Net’s product line includes:
— Authorize.Net WebLink — WebLink provides credit card authorization, processing and management for web-based businesses. WebLink is an
entry-level, server-based offering that requires no additional hardware, software or development expertise and is integrated with more than 100 leading web-site development products and shopping cart programs.
— Automated Direct Communication (ADC) — ADC is Authorize.Net’s own developer platform designed specifically for technology providers, shopping cart vendors and other e-commerce related products.
— Authorize.Net Virtual Terminal — Virtual Terminal provides credit card authorization, processing and management done through a merchant’s traditional sales setting. Replacing standard authorization terminals, Virtual Terminal allows merchants to process card-present transactions through the Internet by hand-keying information into Authorize.Net.
— eCheck.Net — eCheck.Net provides electronic check (ACH) processing for both web site and traditional storefront operations. eCheck.Net allows consumers to use a traditional bank check or savings account for electronic payment.
About Authorize.Net Corporation
Founded in 1996, Authorize.Net Corporation is the preferred payment-processing service for e-commerce – providing secure, reliable and easy-to-use payment solutions that make the Internet a new revenue opportunity for businesses of all sizes. These tools also provide a smarter, faster, more economical method of transaction processing for retail-based storefronts and the services industry. From its beginnings, Authorize.Net Corporation has blossomed to nearly 30,000 clients, with a growth rate of more than 3,500 new merchants per month. Its client-base outnumbers those of its nearest competitor by more than two to one. For more information on Authorize.Net Corporation, visit .Details