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Official launching of GECAD ePayment Romania
A year after Microsoft acquired RAV Antivirus, GECAD launches a new technology, developed in its own labs - ePayment.
What is ePayment? In a few words: a secured technology that allows Internet payments by banking cards. Although, this is not everything you can say about ePayment.
ePayment facilitates money secured transfer, from the buyer's account to the Internet active seller's account and delivers, in the same time, other services to the online merchant: management and supervising of the online Internet sales, a well organized place where the merchant can develop his online activity, a transactional environment protected the programs MasterCard SecureCode and Verified by VISA, the most advanced technologies for securing eCommerce transactions using the banking cards.
Why ePayment? Because GECAD has an experience of more than 7 years in online Internet sales. This experienced, gained for the most part in the period 1996-2003, helped GECAD to project and develop a solution easy adjustable in order to respect the Romanian customer's requests and business necessities. Moreover, the competences developed by GECAD in the IT security allowed the company to solve some extreme Romanian eCommerce problems: security of online payments.
"Even since 1996 we tried by all means to cash our products over the Internet (it was RAV we are speaking about now). From that time until these days, we tested a lot of solutions, we developed alternatives and created technologies to handle this situation. Coming from our own necessities, our experience and from our desire to have a tool for increasing our sales, that is how ePayment technology emerged. I am sure that ePayment will follow RAV Antivirus way...", says Radu Georgescu, President of GECAD Group.
ePayment mainly addresses to the business environment, to all who wish to sell online and have as a top objective setting up a secured online system that allows end-users to use their banking cards for payments. The system has unquestionably effects on the entire Romanian eCommerce since it guarantees both to online merchants and to individuals more safety and comfort in Internet-based transactions.
How does ePayment run? Very simple is the answer: the merchant that is active on Internet or wishes to sell online has only to access the web address www.epayment.ro. After a very short process during which are established the services he needs and wants to benefit of, the merchant can start to sell online in just a few days.
In order to use ePayment technology and services, the merchant has to fulfill an essential condition: believe in the success of his or her online sales.
The buyer needs only a banking card and the desire to buy online products or services offered by the sellers registered in the ePayment system.
Advantages are speaking for themselves: using the ePayment technology the merchant reduces the costs for processing orders; the buyer can get the desired products with its own card by a single mouse click, without waiting for order confirmation.
Although, the greatest benefit is, by far, the possibility to reduce the fraud risk toward nearly zero.
Developed during the last 12 months with an initial investment of 100.000 dollars, ePayment technology makes up the basis for an entire range of business-to-business solutions and services that GECAD will provide on Romanian market and, in a very short period, on the international one.
"Our intention is to bring this technology on the global market in about a year. For fulfilling this objective we have planned an extra investment of about 150.000 USD", Radu Georgescu says.
A new company inside the Group was established to develop the new business - GECAD ePayment International. In the same time, GECAD ePayment has signed a contract with Tiriac Bank. The contract will allow the company to use the bank's Secured Electronic Commerce service that is in line with Visa 3-D Secure and MasterCard SecureCode standards, the newest solutions for securing online transactions, worldwide recognized. GECAD ePayment also signed strategic partnerships with Tornado Sistems, Ename.ro and GeCAD NET, for using ePayment technology.
"By using the 3D Secure systems for validating payments in virtual environment, is maintained the same security level as in the physical environment where it does exist the direct interaction between the merchant and the card owner. Merchants who have opened Internet shops and want to offer a modern and safe service, altogether with increasing online sales volume, will certainly choose this service", has declared Flavia Branga, Chief of Card Department in Tiriac Bank.
Therefore, GECAD reveals again the determination it has for investing in the general development of local software industry.