We wanted to give online shoppers a way to pay privately as if they were at their local store paying with cash. It was time to develop a solution specifically for the Internet that allowed people to shop anonymously and not put their personal information, identity and financial assets at risk.
Seattle, Washington (PRWEB) March 8, 2009
SafPay Inc. (http://www.safpay.com) announced today that it has released a cash-based virtual mall card called Virtucard that gives customers greater control over their privacy when shopping online. Using Virtucard, shoppers can prevent personally identifiable information from being transmitted to online merchants when making purchases. Mimicking cash-only transactions in brick-and-mortar stores, Virtucard lets shoppers shop anonymously if they so choose.
Virtucard is an online, cash-loaded virtual "mall card" which customers fund directly through their bank's online bill payment system as if they were paying a bill. Unlike electronic checks or other online payment solutions, customers do not place their sensitive banking or financial data at risk as third-party processors handle the bill payment transactions. Customers can also cash out at any time from this free service unlike physical gift cards. With their account being online, there are no cards to get lost or stolen.
SafPay Inc. founder and CEO, George Ouzts, recognized the need for a more private shopping experience. In a recent interview he said, "We wanted to give online shoppers a way to pay privately as if they were at their local store paying with cash. It was time to develop a solution specifically for the Internet that allowed people to shop anonymously and not put their personal information, identity and financial assets at risk."
Online merchants can accept Virtucard for about the same cost as credit cards but without any of the additional transaction fees typically charged by credit card processors. And because Virtucard supports micro-payment transactions, merchants can now sell products and services online which are cost prohibitive with a credit card merchant account. As a condition for accepting Virtucard, merchants agree to have their store featured in the SafPay Virtucard Mall: A private electronic shopping mall accessible only by Virtucard customers.
Merchants may also find it easier to get a Virtucard merchant account compared to traditional credit cards. Many businesses considered "high-risk" by the credit card processors are not classified as such by SafPay Inc. who openly welcomes such businesses. "We just don't have the same fraud or risk potential that you have when you deal with credit cards online. I know of many merchants who can't get merchant accounts and are forced to go offshore because the credit card industry considers their business too risky. When you take a physical payment product like a credit card and try to make it work online, you run into all kinds of problems. That's why we developed Virtucard. It's an online solution for an online world," added Ouzts.
Virtucard was released to select merchants in November 2008. When asked how it was received, Ouzts said, "We specifically targeted merchants who were considered 'high-risk' by the credit card industry as early adopters. They enthusiastically embraced Virtucard because it was a win-win for them and their customers."
In fact, early adoption statistics show that Virtucard customers spend more and spend more often than regular credit card customers when shopping online--perhaps because they feel more comfortable with the shopping experience.
Virtucard is available for U.S. merchants and customers. Developments are under way to expand Virtucard internationally.
Those interested in learning more about Virtucard can visit SafPay's web site at http://www.safpay.com.
Virtucard is a registered trademark of SafPay Inc. All other company and product names
may be trademarks of the respective companies with which they are associated.
About SafPay Inc.
SafPay Inc. has redesigned how people shop online through its cash-based virtual mall card Virtucard. With Virtucard, SafPay offers customers a more private alternative to shopping online than traditional credit cards and offers merchants a safer way for accepting payments online.
media-inquries (at) safpay (dot) com