Paymentech today announced that it will offer PayPal's online payment service to its merchant customers in early 2005.
With this agreement, Paymentech now gives Internet merchants a full range of payment options, including popular forms of payments such as electronic checking and gift cards in addition to PayPal.
Paymentech, which processes more than half of all Internet transactions, is the first merchant acquirer to resell and fully integrate PayPal's online payment service onto its proprietary processing platform. The new arrangement will give online merchants access to a consolidated settlement and financial reporting system but will not require a large capital outlay or new processing infrastructure.
"PayPal has more than 56 million accounts around the world, which translates to new buyers and incremental sales for Internet merchants," said Scott Cruickshank, Paymentech's chief marketing officer. "Our goal is to offer merchants the broadest range of payment methods, and through this agreement, that's exactly what we are doing."
"We're delighted to work with Paymentech, because they are the leading online processor in the e-commerce industry," said Todd Pearson, general manager of merchant services for PayPal. "By offering PayPal, Paymentech provides merchants 'one-stop-shop' access to any payment method they choose to offer. Merchants who add PayPal through Paymentech will find that it's easy to integrate, cost-effective and opens the door to millions of online shoppers around the world."
Paymentech will offer PayPal to existing customers as well as potential new merchant customers beginning in early 2005.