Philadelphia, Pa.—December 14, 2005 — Just in time for a record-breaking online holiday shopping season, a new service is being introduced today that provides consumers who do not own a credit card, or who prefer not to use one online, a safe and convenient way to purchase products and services over the Internet.
SECURE-eBill allows consumers to make online purchases, and pay for them directly through the security of their online banking accounts. The new payment alternative eliminates the number one fear of online shopping: fraud. Using SECURE-eBill, consumers never have to enter personal or financial information such as credit cards, social security numbers or bank account numbers. The transaction takes place bank to bank.
“SECURE-eBill opens an entirely new market segment to online shopping,?says Marwan Forzley, President and CEO of MODASolutions Corporation. “This new payment alternative provides the 74 million Americans who bank online with a highly secure way to transact business, and never again worry about giving out their 16 digit credit card number.
According to Forrester Research, almost 30 percent of Americans who browse online do not purchase. The main obstacle to their online buying: security concerns related to entering their personal and credit card information online. In fact, 62% of online window shoppers report that fear of fraud is a deterrent to purchasing.
“As e-tailers become more sophisticated, they are seeking to emulate the same choice and selection consumers have at brick-and-mortar stores,?Forzley says. “SECURE-eBill provides the same budgeting convenience as cash or debit, without losing control of personal financial information.
For consumers with online bank accounts, the process of using SECURE-eBill is simple and familiar. At check out, they click on the SECURE-eBill payment option. Within seconds, they receive an e-mail invoice confirming the purchase in their inboxes. With this information they go to their online bill payment screen, and pay the invoice just as they would their utility bill. The bank does the rest and no personal financial information is ever placed at risk!
SECURE-eBill is right in line with how many consumers currently bank online, and it leverages the trust and confidence they have in their own bank to assure complete security.
For merchants, SECURE-eBill breaks down the final consumer obstacle to purchasing by eliminating the fear of fraud. “It’s a sure-fire way to expand incremental sales by tapping into the millions of consumers who simply refuse to risk making online purchases, says Forzley. SECURE-eBill also lowers cost. Merchants pay a transaction fee that is significantly lower than existing payment options.
For banks, SECURE-eBill drives loyalty and leverages their investment in an online bill payment infrastructure by driving more consumers to use online banks for a broad range of purchases—not just utility payments.
“We view SECURE-eBill as a three-way win—delivering greater security for consumers, more sales for e-tailers, and wider use of online banking accounts for financial institutions,?says Forzley. “It provides a very intuitive solution for making this, and future holiday seasons, very merry ones for anyone selling, buying, and enabling online shopping.
For more information on MODASolutions and SECURE-eBill, please contact Tim Cifelli at (610) 642-8253 or .
MODASolutions provides the payment and order processing infrastructure that extends online banking to online shopping, reducing the risk of online transactions for both consumers and merchants.
The company's proprietary software, processing technologies and services expand markets, manage fraud, and reduce costs for merchants, while satisfying consumer demand for secure online shopping.
The company’s flagship offering, SECURE-eBill, allows consumers to pay for the products and services they purchase online through the security and convenience of their existing online bank account. SECURE-eBill is integrated into leading e-commerce platforms and MODASolutions is partnered with some of the industry’s leading companies such as Novator, a strategic online retail service provider, and CardinalCommerce, the leading provider of Verified by Visa, MasterCard?SecureCode?and JCB J/Secure world wide.