Payment Processing Software Boosts Merchant Productivity While Increasing Fraud Prevention Security Measures
PAYMENT PROCESSING SOFTWARE BOOSTS MERCHANT PRODUCTIVITY WHILE INCREASING FRAUD PREVENTION SECURITY MEASURES.
North Chelmsford, MA, November 6, 2003)--Edgil Associates Inc., a leading provider of electronic payment processing systems to the publishing industry, today announced the availability of its latest version of EdgCapture with enhanced merchant security features. With support for CVV2, CVC2 and CID security codes on transactions with Visa, MC, and American Express Cards, EdgCapture 3.3 now allows merchants to greatly reduce costs from charge backs due to fraudulent charges. Additional features of the new release include updated reports that match bank account statements issued by merchant banks, making periodic account reconciliation effortless.
Card security verification codes make up an authentication scheme established by credit card companies to help reduce fraud for "card not present" transactions. Cardholders are required to enter the non-embossed 3- or 4-digit numeric code present only on the credit card at transaction time to verify that the card is on hand. The security code requires physical access to the credit card thus reducing the risk of credit card fraud.
EdgCapture also supports the card networks' Address Verification Service (AVS) for added fraud detection. AVS works by comparing the purchaser's address entered at the time of a card not present transaction to the address on file with the card issuer. EdgCapture submits AVS requests to the credit card processor for address comparison and records the results, which are available for the merchant to take immediate action or for later review in a standard report.
The new bank reconciliation reports are formatted to reflect the look of the merchant's bank statement for easy side-to-side comparison. All of the standard fields such as authorization code, transaction type, and amount are included, minimizing the time needed to reconcile bank statements.
"Part of the commitment to our valued customers and the industry is ensuring that we remain current with the latest electronic payment trends, technology and regulations", said Ed Hopey, President and CEO of Edgil. "The enhancements in this latest release of EdgCapture help communicate this message."
EdgCapture has evolved over the last 17 years from a credit card processing application to an enterprise-wide electronic payment processing platform capable of high-volume transaction processing. Its client-server design allows for high scalability to handle both smaller merchants and large multi-unit operations.
"The need for additional fraud detection/prevention measures and increased productivity are two concerns all merchants contend with on a daily basis," said Rick Rollins, Director of Product Management regarding the new release. "We expect to continually evolve and enhance EdgCapture to address these and other future payment processing issues."
EdgCapture 3.3 is available now. For more information, contact Edgil at 978-251-9932 or email sales@edgil.com.
About Edgil Associates, Inc.
Edgil is the industry's largest supplier of automated payment processing for over 100 leading newspaper and magazine publications. Since 1984, Edgil has focused on providing the publishing industry with payment- and content-processing solutions that allow organizations to generate additional revenue and add value to existing publishing systems. For more information, visit Edgil on the Web at www.edgil.com.
Contact Information:
Richard Rollins
Edgil Associates, Inc.
15 Tyngsboro Road
North Chelmsford, MA 01863
http://www.edgil.com
Tel. (978) 251-9932
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