2Checkout adds PIN-debit as a payment method

Online shoppers now have the option to pay with PIN debit through PaySecure

Columbus, OH, May 6, 2009 2Checkout (2CO) announced today that some U.S. online shoppers can start using PIN-debit to purchase products through businesses using their e-commerce service with the integration of Acculynk's PaySecure.

PaySecure, a sophisticated encrypted PIN-Debit payment option is the first software-only service of its kind in the U.S. The service is fully automated and unique in comparison to traditional online payment methods and fills a nice niche for 2CO.

Signature debit is a preferred payment method for many 2Checkout customers, but paying by PIN-Debit has never been an option until today. The addition expands 2CO's market of potential buyers, who prefer to use PIN debit, or have PIN-only debit cards.

Here's how it works. PaySecure's graphical PIN-pad appears during checkout when the system determines a customer's debit card can be used with a PIN and the card is a member of Acculynk's network. Customers are given the choice to enter their PIN on the PaySecure PIN-pad or run the transaction as signature debit. If they choose PaySecure, they enter each digit of their PIN into a unique, scrambling graphical PIN-pad by mouse, making the process undetectable by online scammers. Upon completion, they click submit and receive payment confirmation.

Unlike other alternative payment methods on the market, PaySecure is fully automated and will not require new passwords, log-ins, or redirection to another website for payment. Consumers will only need their card and four-digit PIN.

PaySecure is in a pilot stage and supported by a select group of debit card networks, with additional networks coming soon. 2CO's timely integration falls in line with the news surrounding recent rollbacks of credit accounts and credit limits from leading financial institutions. The news suggests an increased number of consumers will be forced to rely on their PIN-Debit cards in the future. Unprecedented adjustments to the credit market have been made by financial institutions that will inevitably impact customer buying behaviors and more than likely result in an increased use of PIN-Debit.

By adopting PaySecure, 2CO has not only expanded its payment methods but has also provided an option for customers directly impacted by the credit crunch who now have limited choices but still prefer to purchase online.