Boulder, CO (PRWEB) January 31, 2006
FASTLANE®, a new payment network that is radically changing POS payment processing, will soon be launched as the first to allow consumers to pay for merchandise at the point of sale with a quick swipe of their driver’s license. This company will have its official introduction in April at the ETA, a major trade show for the payments industry.
FASTLANE has brought commerce to a new level by fusing payment methods onto a card that virtually every consumer carries. “Everyone is our customer,” says Carl Towner, CEO FASTLANE, “they just don’t know it yet.”
With over 40 million credit cards compromised in 2004, security was an underlying consideration in the design of the FASTLANE Virtual Payment Network. There also has been an initiative by merchant groups that have filed lawsuits against Visa, MasterCard and assorted banks over increased interchange fees. Recently there have been alternative POS systems to the bankcard networks that have developed. “What makes our product unique is that it requires little investment by merchants, since it depends on cards and POS devices already in the marketplace,” adds Towner. “Our network will only require a software download by retail clients. We will be the sole payment processor which is completely centralized.”
Two features differentiate FASTLANE from any other payment network on the market:
- Sophisticated and unique security techniques
Merchants that are working with the FASTLANE program will be able to enjoy secure payments by utilizing the new system.
Each terminal has an updateable algorithm that picks and chooses alphanumeric data elements from the data stored on the magnetic strip of the driver’s license. This means every customer has a unique identifier that makes it almost impossible for anyone to compromise a customer’s financial information.
Drivers License #: 1(2)34(5)6(7)8(9)
1(2)3 m(u)ing Bi(rd) (La)ne
S(an)ta Fe, N(e)w M(ex)ico (850)12
Modified transmitted data =
If there is any evidence of an attempted breach of security or hacking the FASTLANE program immediately changes the algorithm for how information is selected. This modified data is then sent via SSL connection to the FASTLANE payment server. FASTLANE only stores the modified data on the live payment server. So therefore it is virtually impossible for stored data to be reassembled and used by an unauthorized third party. An added layer to FASTLANE’s security techniques is requiring the customer to have a personal identification number (PIN) to access the account.
The most important security feature that differentiates FASTLANE from any other payment network is that:
- Customer full payment and data information is stored offline.
There is no physical connection between the online modified information and the back office with all of the consumer’s data. With the way FASTLANE manages the customer’s information, there is almost zero chance of a hacker making their way into the system.
Consumers carry too many forms of payment with them -- gift, loyalty, electronic payment, credit and debit. Before this new payment card, linkage between these different products and vendors had not occurred. The FASTLANE network will be the most convenient and integrated method for customers. Merchants experience “reconciliation chaos” via processing gift certificates, loyalty, online payments, too much paper, etc. Retailers desire to exploit a fully combined and integrated payment service that provides real-time processing and reporting of all payment vehicles while utilizing their same POS systems. Initially the program will focus on merchants to link loyalty and gift card programs to customer’s driver’s licenses. Once consumers enroll in these programs they will be invited to add POS payment methods accessible by their FASTLANE card.
FASTLANE will provide savings to the merchant and will be at no cost to the consumer. Merchants have no upfront cost barriers. The payment network also allows merchants to participate in the transaction fee revenue stream. For every consumer that enrolls at a merchant's location, the registering merchant will receive revenue from every subsequent transaction processed by that customer even at other FASTLANE merchant locations.
The FASTLANE transaction fee is a fraction of the fee charged by the traditional payment networks. The goal of the new FASTLANE payment network is to provide a free payment-processing platform to their merchant network. This will be accomplished by offering rebate revenue streams from terminal advertising, and consumer transaction fee sharing.
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