Vesta’s new revenue-generating payment solution delivers frictionless customer experience to increase acceptance and conversion for retailers
ATLANTA, Georgia — May 18, 2015 — Vesta Corporation, a global leader in the field of card-not-present (CNP) transactions, has introduced the vGuaranteed™ payment solution for online retailers. Built to combat the rising trend of fraud in e-commerce, vGuaranteed is the industry’s only revenue-generating payment solution for digital goods, services and subscriptions that are delivered in real time.
vGuaranteed protects retailers from the cost of fraudulent purchases by ensuring payment of all accepted CNP transactions and eliminating any liability expenses, including chargebacks and fines. The solution also reduces the burdens of PCI compliance for retailers.
Powered by Vesta’s proprietary vSafe™ payments platform, vGuaranteed leverages patented fraud detection and prevention to process online payments swiftly and securely. Unlike other solutions that severely limit transaction acceptance to prevent fraud, Vesta’s technology delivers a frictionless customer experience proven to increase acceptance, conversion and revenue.
“Vesta’s team of data scientists has the experience and training necessary to monitor transactions and stop fraud in its tracks,” said Christopher Uriarte, Vesta’s chief payments and product officer. “Since Vesta gets paid only on approved transactions, we are completely aligned with the merchant. Fraudulent payments rarely occur with Vesta, but even if they do, the retailer is fully protected from the consequences.”
In 2014, each dollar of CNP fraud cost merchants $3.08, according to Lexis Nexis, and that figure is expected to increase as more business moves online. A recent Javelin Research and Strategy study estimates CNP fraud was about $10 billion in 2014 and expects that number to climb to $18.4 billion by 2018.
Exacerbating the trend is the United States’ pending adoption of EMV credit card security standards. This shift will make in-person credit card transactions more secure but is projected to drive a significant increase in online fraud. In fact, online CNP fraud rose 79 percent in the first three years after EMV adoption in the United Kingdom, according to an Aite Group analysis. Industry experts say it is likely the United States will see a similar increase.
“Consumers and retailers are moving to online and mobile transactions, and fraudsters are following them,” Uriarte said. “Traditional security systems are often helpless in this new space, so it’s essential for online retailers to seek out robust CNP-specific solutions.”
vGuaranteed anchors Vesta’s revenue-generating payment solutions, all of which eliminate the risk of transaction fraud and reduce the burdens of PCI compliance for retailers:
- vGuaranteed offers simple API integration for a turnkey payments and security solution designed specifically for e-commerce.
- vAdvanced™ builds upon the features of vGuaranteed to add support for multi-channel retailers through a single point of integration, delivering a consistent and optimized customer experience.
- vUnified™ adds retail POS integration to the vAdvanced feature set to deliver the industry’s first, true omni-channel payments solution. It provides retailers with a single view of the customer, their devices, transactions and behaviors across all channels, enabling an integrated business perspective that allows the delivery of relevant offers when and where they are wanted.
Vesta’s Guaranteed Payment Solutions will be introduced at the CNP Expo, May 18-20, in Orlando. Chris Uriarte will speak on the panel “The Constant Evolution of Fraud,” on May 19, and Vesta will be located at Booth #416 throughout the event.
About Vesta Corporation
Vesta Corporation is the global leader of revenue-generating payment solutions for enterprise partners in the telecommunications, media, financial, and digital sectors. The company’s patented fraud protection technology is proven to increase conversion and acceptance while eliminating fraudulent transactions and merchant liability. Vesta has been recognized as a leading innovator in payments technologies, holds multiple patents, and has won numerous awards as one of America’s fastest growing companies. Founded in 1995 and headquartered in Portland, OR, Vesta’s operations span the Americas, Europe and Asia.