WorldPay to introduce anti-fraud guarantee for eTailers

[December 13th 2000]

WorldPay has announced that it is launching a guarantee against fraud for Internet businesses and their customers. The WorldPay Guarantee will be introduced on January 2001, to businesses that have signed up with WorldPay to handle their online payments through WorldDirect, a program that enables small and medium sized businesses to accept secure online payments. The WorldPay Guarantee covers all credit and debit card payments, and pledges that:

• Shoppers will get their money back if a business doesn't deliver requisite goods and services

• Businesses are refunded for any loss from stolen or fraudulently used cards

A study conducted in September by The National Consumers League found that consumers lost more than $3.2 million to Internet fraud in 1999, and that Internet fraud complaints by consumers increased by 38% over 1998. To date, eTailers have been financially accountable for any online fraudulent activity. According to a recent Gartner study, eTailers typically incur online chargeback rates of 2.64%, with fraudulent or stolen credit cards accounting for 1.13% of this total.

Nick Ogden, Chairman and CEO of WorldPay, stated, "Concern about Internet fraud has been a key factor in preventing consumers and businesses from conducting online transactions. In particular, the absence of reasonable fraud protection has been a barrier for small and mid-sized business to participate in the Internet Economy. The Guarantee is the first tangible step taken by an eCommerce company to address eTailers biggest worry: fraud."

After the program's launch in January, WorldPay eTailers will be able to register for the Guarantee online, and for a monthly fee of $35 and a handling charge of 1% eTailers will be protected from all third-party card fraud.

WorldPay enables one of the most fundamental components of eCommerce - the ability for customers to pay for goods and services and for businesses to receive payments through the Internet. It created the systems that enable Internet card payments in over 130 currencies. In addition, WorldPay provides `Click and Build' an Internet store builder that enables companies to build their online store and integrate it with their accounting, delivery and other systems.

Links
WorldPay		http://www.worldpay.com