Check101.com announces multi-million deal to provide payment services for HerculesMall.com online stores
Credit Card Fraud - A Wake Up Call To All Online Merchants
Atlanta, GA–June 27, 2001; As online shopping continues to climb and online merchants continue to drop like flies, a busy little web mall continues to flourish.
In early 1999, online merchants woke up to a new reality on the web; Credit Card Fraud. This type of fraud can account for over 2.5% of gross revenues. With so many online retailers scrambling for market share, plus selling products at or below break-even, it was inevitable that fraud could be the straw that broke the camel's back. HerculesMall.com survived by turning away orders to addresses not matching credit card billing addresses. This added up to millions of dollars in lost sales.
So, how does an online merchant eliminate 99% of online fraud? Enter Check101.com, a leader in online business and consumer billing / payments service. A customer registers and authenticates with the Check101.com Wallet the first time they visit a Check101.com enabled website. They enter in a pin number and other security questions. When the customer makes a purchase, they simply enter a user id and pin number. The merchant receives an authorization number. No sensitive customer information is ever passed to the merchant, including credit card numbers, expiration dates, and the like.
HerculesMall.com has 6 online stores under contract, with more on the way. "With the hype of the Internet gone, you can now actually make money online", says HerculesMall.com general manager Ming Chu Jugon. "We also like the captured audience that Check101.com's online and off-line billing services provide. We get to advertise our products on bill inserts. We already know our customer, so there is less chance of fraud. Our customers no longer have to fill in address and billing information because it already exists in Check101.com's Wallet", she says.
"This deal presents a multi-million dollar opportunity for us", says Check101.com president, Tom Psillas. "We earn revenues from transaction fees, software implementation, and affiliate commissions", says Tom. Check101.com negotiates affiliate commissions that it shares with billers that allow HerculesMall.com ads on their bills. Unlike online merchants, HerculesMall.com can also target off-line customers via bill inserts in paper bills. Check101.com can also target specific products to specific consumers, thereby increasing the effectiveness of its advertising.
For more information contact firstname.lastname@example.org or call Ming Chu Jugon at (770) 760-9468.
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