Innovonics Announces Secure eCommerce Payment System to Save eMerchants Millions . The service enables Internet merchants to accept ATM-card payments in a safe and secure manner. This benefits consumers, merchants and card issuing banks, and lowers fees paid by merchants. This unique service also makes credit card transactions more secure. Universal Payment Processing, a wholly owned subsidiary of Universal Savings Bank, a leader in merchant processing, has signed an agreement with SafeTPay making them the first reseller for this service.
Consumers use a low-cost device, attached to their PC, to safely perform the transactions.
Internet merchants have indicated an interest in deploying these devices to their frequent customers, in order to lower their transaction fees. SafeTPay devices will initially be provided by Innovonics. Additional vendors may be certified in the future, and the needed equipment will eventually be built into new PCs at the factory. And by requiring that the card is present, the system greatly reduces the risk of fraudulent transactions and chargebacks. SafeTPay, combined with Universal's other services, provides a comprehensive payments solution for Internet merchants.