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ISO Corner: Alternative Payments |
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In an interview in the September issue of Transaction Trends, Benjamin Ling of Google laid out the company’s plans for Checkout, Google’s alternative payment system for online merchants and their customers. While alternative payments are a hot topic for discussion and debate in the electronic payments industry, the topic isn’t always greeted cheerfully. Many companies, in fact, see alternative systems as a potential threat to their business.
Since 1996, Authorize.Net has been a leading provider of payment gateway services, managing the submission of payment transactions to the processing networks on behalf of merchant customers. On Nov. 1, 2007, CyberSource Corporation acquired Authorize.Net. Collectively, the companies processed approximately 1.1 billion transactions in 2006 for more than 195,000 merchants, representing $65 billion of e-commerce. The issue of alternative payments directly impacts any provider of payment gateway solutions, and Authorize.Net has valid concerns about that impact.
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