ICVERIFY, which has recently been purchased by CyberCash, has announced NetVERIFY, a product designed for Web commerce and Internet Service Providers (ISPs). NetVERIFY processes credit card transactions for Web commerce and provides access to over 99% of U.S. banks. The first versions of NetVERIFY are shipping now.
"Using NetVERIFY, merchants, and ISPs can view, edit, and settle credit card transactions from branch offices, home, or anywhere that they can log on to the Internet," said Karen Tate, director of Internet Markets for ICVERIFY, Inc.
NetVERIFY provides the payment processing link between merchants and their banks, currently communicating via secure and efficient dial-up and leased lines. ICVERIFY will provide direct SSL Internet connectivity to processors, and will add support for Secure Electronic Transactions (SET) when the protocol is production ready. Merchants can choose the communication method that works for their business and transaction volume.
NetVERIFY resides on the merchant's or ISP's server behind a firewall, and allows users to select whether they process transactions in real time or batch-mode. NetVERIFY allows for eight simultaneous connections from on-line shoppers and a single line out to processing networks. Additional licensing is also available for purchase.
System requirements for NetVERIFY include Windows NT 4.0 server with Service Pack 3; Netscape Enterprise Server 3.x or Microsoft Internet Info Explorer 3.x; Jrun from Live Software; and a Java-enabled browser. Server-side support for UNIX will be available early this year.
Initial year leases for Windows are priced at approximately $900 which includes upgrades, updates, maintenance, and support. Subsequent year leases are priced at approximately $450. For multiple merchant locations, additional merchants can be added for approximately $250 per year.
