New ecommerce methods require coming up with modern solutions to the different challenges posed by the technological platform. In particular, many entrepreneurs in the ecommerce sector need to find efficient banking methods to support their business. Trade can only be effective when there is an efficient, well developed banking network. In most cases the current banking system is not suited for small transactions.
The current system tends to charge antiquated transaction fees that makes small purchases prohibitive. Banks traditionally have been bank and mortar institutions that provide safety for a customer’s cash. Therefore, they pay out expenses for hired security, bulletproof glass, strong vaults. All of these costs drive up the costs for running a bank, in turn the banks will pass those costs on through high transaction fees. However, more and more, people are starting business online and willing to store their cash electronically, eliminating much of these costs. The new economy doesn’t need to support the costs of the old inefficient system.
Cyberplat has devised a new efficient payment platform to address some of these issues. CyberPlat MPI Module, a new product of CyberPlat, is by orders of magnitude more efficient than competitive solutions This software is a fully featured solution for e-commerce based on Visa 3-D Secure protocol which increases significantly the safety of payment transactions and simplifies card transaction processing.
Cyberplat’s new ecommerce payment platform cuts the costs of microtransactions, making these small transactions profitable for the entrepreneur as well as the customer. Take a look at the comparison chart below:
The new high-tech product CyberPlat MPI Module is of great interest to banks involved in Internet-acquiring as well as to online stores.
CyberPlat starts selling software of its own production offering partners the new high-tech product. This hyper-efficient IT-solution has unique characteristics: CyberPlat MPI Module takes only 90 KB of hard disk space—much less than competitive solutions do. This means that the module can be installed on any computer.
Along with the hyper-efficiency which distinguishes every CyberPlat solution, the module also has other high quality features such as exceptional reliability and safety, integration simplicity, advanced functionality, user-friendliness as well as a number of other features inherent in today’s software.
Recent surveys show that 90% of online customers are concerned about transaction security. The CyberPlat MPI Module is visa secured software that provides a high level of security for the custoner. They have received certificates from Visa and MasterCard payment systems. The module implements the basic principle of Verified by Visa and MasterCard Secure Code programs which defines a high degree of transactional security—each Internet transaction must be confirmed by entering a password. Depending on the issuing bank’s procedure for the 3-D Secure implementation, the payer can get the password either in the form of SMS-message which is sent to the payer’s mobile phone number linked to the card or in hard copy printed by an ATM of the bank that issued the payment card.
CyberPlat specialists have implemented the 3-D Secure model on the basis of three domains where initiation and verification of transactions take place. Each of the domains performs its own function: one is responsible for providing correct information about the customer; the other—for valid requesting and redirecting the cardholder information, the third one—for data safety. The 3-d Secure model makes the CyberPlat MPI Module a top standard in website payment security.
Detailed structure of the CyberPlat MPI Module can be viewed here.
The major advantage of the product is its very low price making it affordable for all interested market participants. CyberPlat® has developed flexible conditions for the service delivery and usage. The company’s partners are free to choose between the product integration into their existing software by their own resources and several maintenance options based on outsourcing.
CyberPlat LLC is the leading Russian provider which renders services for online electronic payment processing. The company was established in 1997. CyberPlat® is the market leader in terms of payment acceptance network which, at the moment, consists of more than 760,000 outlets worldwide accepting payments in favour of more than 3,000 providers of commercial, municipal and State services. In 2011, the system’s turnover exceeded $6.5 billion. Additional information about CyberPlat® is available at http://www.cyberplat.com.