Widespread adoption of Internet PIN debit through Acculynk's PaySecure® online PIN pad, along with increasing use of PIN debit by consumers, paves the way for the launch of Acculynk Direct, the industry's first acquirer with the ability to offer Internet PIN debit to small and mid-market merchants. Currently over 3,200 online merchants, including large e-commerce retailers and most major airlines, provide Acculynk's Internet PIN debit as an online payment method to their customers. PIN debit benefits merchants by shifting the liability for fraud from the merchant to the card issuer. Acculynk's patented PaySecure online PIN pad is the industry standard for accepting PIN debit transactions over the web.
As a result of the acquisition, Acculynk Direct will provide full service payment processing and payment gateway solutions to small and mid-size merchants, and a full affiliate program to partners and resellers. Additionally, Acculynk Direct plans to provide a full suite of developer-oriented tools to provide simple integration of the service into mobile merchant applications and e-commerce sites.
"We see tremendous value in combining PayLeap's success as a full service gateway and payments processor with Acculynk's success bringing PIN debit to e-commerce. There is a need in the industry for an Acquirer, like Acculynk Direct, with the ability to help small and medium-size merchants more aggressively manage their payment mix by leveraging the benefits of debit that lower acceptance costs and reduce risk," said Ashish Bahl, CEO Acculynk. "Together we will build an industry-leading service that provides innovative technology with state-of-the-art integration tools to web and mobile developers. This approach further complements Acculynk's strategy of working with the large acquirers to board large national and global merchants."
PayLeap is a secure, single-source solution which supports electronic payment acceptance for online and retail merchants. PayLeap functionality includes fraud management tools, tokenized cardholder data vault, hosted payments page, online secure checkout, recurring payments, and a co-branded virtual terminal. Founded in 2008 and headquartered in Warsaw, Indiana, PayLeap serves over 4000 merchant customers and is integrated into over 75 shopping carts and software applications.
"PayLeap clients can continue to expect the level of service and product enhancements we have delivered since our founding. Acculynk greatly strengthens our value proposition to merchants and affiliate partners by adding Internet PIN debit to our already feature-rich set of payment tools," said Scott Miller, CEO PayLeap. "For the equally important developer community, this represents an opportunity for us to accelerate delivery of API developer tools, such as SDK's for Python, Java, Ruby, .Net and PHP, paired with Java-based wrappers, taking our gateway and service products to the next level in terms of integration simplicity."