Source: PaymentOne Corporation
PaymentOne Corporation, one of the world's fastest growing online Payment Services Providers (PSPs), announced today that it is now a formal member of the Merchant Risk Council (MRC), the retail industry's premier association for preventing online fraud and promoting secure e-commerce, consisting of online merchants, vendors, financial institutions and law enforcement agencies.
The Merchant Risk Council (MRC) is dedicated to fostering a safe online environment and enhancing the value proposition for merchants and all constituents by improving operational relationships.
"PaymentOne has always had a major focus on promoting a safe and secure environment for eCommerce," said Brad Singer, Executive Vice President of PaymentOne. "The MRC has established itself as the world's most respected source of risk assessment best practices and information for Internet business, and we are proud to be part of the effort to make e-commerce safe."
"We are very pleased to have PaymentOne join the MRC and add its expertise in online global payments and fraud prevention, and look forward to their contributions as the MRC continues its focus in promoting online commerce and preventing online fraud," said Tom Donlea, executive director of the MRC.
In a recent consumer payment and online fraud report by Javelin Strategy and Research, the continuing fraud issues and need for safer and more convenient pay options were highlighted. A majority of consumers (74%) indicated a willingness to spend more online if given safe, convenient payment options beyond the credit card. More choice in payment options was the overwhelming driver of purchase behavior by a three to one margin over improved content and by a six to one margin over more affordable broadband access. The numbers among younger consumers aged 18-34 were even higher, with over 79 percent indicating they would buy more. Over eighty-five percent of the fast growing Asian and Hispanic ethnic segments also showed much more likeliness to buy if given safer payment alternatives to credit card. Among middle and higher income segments of $50-$150K per year, 80% indicated they would buy more if safer and more convenient alternatives were available.
Greg Calcagno, Vice President of Technology and Operations for PaymentOne, added, "As a company, we continue to invest in the development of leading edge fraud prevention technology and authentication services, and have a growing portfolio of specific patents in this area. We look forward to participating in the MRC programs and leading additional best practice development for the industry."