New Payment Options for Online Merchants

Paymentech, the payment solutions company, and GoPin Inc. have joined forces to offer "card-not-present" (phone order, mail order and e-commerce) merchants an alternative new payment method, Bill Me Later. Bill Me Later is a payment solution built around the specific needs of ISP and card-not-present merchants.

For decades, the Bill Me Later concept has been a choice for consumers when purchasing magazine subscriptions. With this product, merchants are able to leverage their existing data to lower costs, increase sales and more effectively develop and maintain customer relationships. The strategic partnership between Paymentech and GoPin allows for simple integration into existing payment applications for card-not-present transactions. With very little effort, merchants are able to offer Bill Me Later and reduce transaction costs over traditional payment choices. Merchants also experience higher conversion rates with Bill Me Later. With no credit card required, shopping cart abandonment is reduced thereby increasing conversion rates and profitability.

Also, Bill Me Later permits merchants to offer consumer-specific promotions during the checkout process, which can build loyalty and drive incremental sales. "We are pleased to offer Bill Me Later to our merchants because they have the opportunity to improve their margins by saving on transaction costs while growing their business and gaining customer loyalty," said Mark Pfau, group manager, merchant relations for Paymentech.

Bill Me Later also offers value to consumers by providing a safe payment method for card-not-present transactions. Consumers select the Bill Me Later payment solution at a merchant's payment page for instant authorization without the input of their credit or debit account number. Consumers can make purchases at any number of card-not-present merchants and then receive one consolidated monthly bill with the option to pay in full or over time. In addition to convenience and flexibility, Bill Me Later provides consumers an extra level of security because there is no account number or plastic card that can be stolen. "Rolling out Bill Me Later to Paymentech's merchant base is a way to quickly give a large number of merchants and consumers access to this innovative product," said Vincent Talbert, vp of marketing, GoPin Inc.