FORT LAUDERDALE, Fla., July 6, 2016 /PRNewswire/ -- PayWithChip Inc. is a payment processing service that provides online websites the ability to accept and process payments using the fraud protection technology present in EMV/Chip-based payment cards. The company is launching an Indiegogo campaign to fund the development of the patent pending technology and market the new product and its benefits.
With PayWithChip, consumers will finally have access to the fraud protection features available when shopping in person by leveraging the ultra-secure payment processing occurring with EMV/Chip based payment cards. Globally, the cost for card payment fraud is $14 billion with the United States carrying a significant share at almost $7.1 billion. The goal of PayWithChip is to assist with the global effort to stop the three main types of card fraud including counterfeit, lost and stolen cards, and online fraud.
With the worldwide push to transition all merchants to chip-based cards exclusively, counterfeit and lost or stolen card fraud should decrease. But online fraud could grow exponentially because websites will still have to accept the age-old method of typing in card information.
"We believe that any option that involves providing a card number directly to a merchant or virtual payment provider, opens consumers up to the risks of card related fraud," says Michael Vinocur, director of Helix Technologies and creator of PayWithChip. "Much of that risk comes from the storing of this data beyond the initial transaction. If payment card details like a card number and an expiration date can be accessed with a login, then it's only a matter of time before that information is obtained by an un-authorized third party."
The solution the company believes is to put the patent pending PayWithChip readers and software within reach of every consumer that pays for goods and services online with a payment card. In turn, every merchant that cares about their customer's payment card security will need the tools needed to accept chip-based cards on their website. For many it will be nothing more than a registration, followed by adding a few lines of code to their online shopping carts. The software component works to facilitate an online ecommerce payment, with the consumer's experience much like what happens when a chip payment card is used in a store.
Campaign supporters will receive perks for pledging up to $50. For a $5 pledge, supporters will join the e-commerce Revolution and be one of the first to receive the basic payment reader. Those pledging at $25 will receive five basic payment readers and a personalized thank you from the PayWithChip team. For those who want the maximum value, supporters can pledge $50 and help PayWithChip revolutionize how ecommerce payments are made. These supporters will receive one of the wireless readers that allows them to shop anywhere, anytime, on any supported device. Plus they will be listed on the company's website in the founder's club section. To learn more and make a pledge, visit PayWithChip on Indiegogo.
About PayWithChip, Inc.
PayWithChip represents the future of ecommerce security. The company is developing a processing service that will provide online websites the ability to accept and process payments using the fraud protection technology present in EMV/Chip-based payment cards. For more information, visit PayWithChip.com.
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SOURCE PayWithChip, Inc