Palo Alto, CA (PRWEB) March 27, 2014 -- IdentityMind Global™, the creators of an on-demand anti-fraud and risk management platform for financial transactions, today introduced IDMPay payment services for online merchant accounts. IDMPay integrates payment services, risk management, and anti-fraud services into one platform, helping high-risk and traditional non-risk online merchants lower fraud rates and chargebacks and increase transaction conversion.
Analysts estimate the size of the high-risk market at nearly $850B in annual sales, with 90% of respondents reporting losses in a recent Federal Reserve Survey; payment fraud is a widespread issue. Recent security breaches at major retailers (Target most notoriously) have spurred the introduction of chip-and-PIN cards in response to EMV requirements, which protect the card data at the Point of Sale. However, this does not protect online merchants, or prevent card not present (CNP) fraud. On the contrary, in Europe and other places where EMV has already been implemented, online fraud has in fact increased as fraudsters move to conduct fraud online.
“Online commerce has dramatically changed the risk landscape. Anti-fraud is an essential aspect of e-Commerce and merchant services,” said Garrett Gafke, President & CEO, IdentityMind Global. “It just makes business sense to have payments tied to a very strong risk management platform creating a one-stop shop for the market.”
One Stop for All Merchant Account Services
IDMPay supports a wide variety of payment methods with unique conversion rates, ease of implementation and customization, and excellent client services. With IDMPay, online merchants can now:
- Build payments models that are in tune with their consumer base.
- Maintain a good relationship with banks and card brands (keeping chargeback strategy to comply with regulations).
- Apply succinct risk management strategy (being able to detect and mitigate fraud).
"We chose IDMPay because of their processing capabilities combined with strong anti-fraud and risk management capabilities" said Roger Robitaille, owner of Mania Media "But that was just the beginning. The presence of their Director of Sales, JW Epply, is unmatched and makes client service support outstanding. Their ease of integration, and overall professionalism makes them a reliable payment partner and they redefine what presence is; they are not claiming it, they are just always there when you need them"
IDMPay combines over a decade of experience in payment processing with partnerships with the top 20 banks in the United States and Europe. IDMPay adds payment services on top of IdentityMind Global’s proven platform, allowing merchants to focus on conversion rate and mitigate risk simultaneously.
IDMPay is available immediately for high-risk transactions within Acquiring Banks, Payment Processors and Gateways, Payment Service Providers (PSP/ISO/MSP, IPSP), and Online Merchants. http://www.idmpay.com
About IdentityMind Global™:
IdentityMind Global™ is an e-Commerce company offering an on-demand platform servicing payments, risk management, anti-fraud and anti-money laundering services for Acquiring Banks, Payment Processors and Gateways, Payment Service Providers (PSP/ISO/MSP,IPSP), Digital Currency Exchanges, Financial Institutions (Banks, Money Service Businesses (MSBs), Money Transmitters) and Online Merchants.
These services are offered in real-time based on patent-pending Electronic DNA (eDNA™) technology which tracks the different entities (consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) involved in a transaction. It builds reputations associated with these entities, which can then be used when evaluating anti-fraud, merchant account applications, consumer account origination, identity verification services, potential money laundering, and others. This reputation is shared during the analysis so everyone can benefit from the “network effect” while protecting the privacy of the entities involved.
© 2014 IdentityMind Global. All rights reserved. IDMPay, IdentityMind, IdentityMind Platform, IdentityMind eDNA, and the IdentityMind logo are trademarks or registered trademarks of IdentityMind, Inc. in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Jose Caldera, IdentityMind, Inc., http://www.idmpay.com, +1 650-6189980, [email protected]
SOURCE IdentityMind, Inc.