Acculynk Inc. is an Atlanta-based company, formerly known as ATM Direct, that is rolling out a software-only service that allows consumers to use a debit card with a PIN to pay for online purchases. The PIN is entered by mouse onto a graphical PIN-pad that scrambles and encrypts the number, and the card information, across the ACCEL/Exchange online transfer network.
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The process enables real-time payments to online merchants with comparatively lower acceptance costs, reduced fraud and charge-backs, as well as one- to two-day settlement.
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Patents pending
Acculynk acquired 10 patent families in its recent purchase of ATM Direct. Three patents have been issued; seven other families are pending.
The company expects to build its presence in the United States during the new year, but there could be a significant international opportunities for growth, Acculynk says. Acculynk will target about three international markets in 2009, likely starting with Canada as soon as the first quarter.
Acculynk also will try to develop its core technology for additional applications, including card verification services and a product for mobile payments.
"Acculynk's Internet PIN debit service is the most merchant-friendly emerging payment method for online purchases," said Nandan Sheth, Acculynk'a president. "It is also one of the few bank-friendly payment methods, relative to alternative payment products currently on the market, and it is one of the only ones that does not require consumer enrollment."
In late August, Acculynk partnered with Universal Air Travel Plan to enable the use of PIN-debit cards for online purchases in the travel industry. UATP is the corporate travel-payment network owned and issued by airlines around the world. Consumers arriving at the online airline checkout will be given the option to pay for their purchase with PIN-debit.
"The benefit for the airline is that it is a very quick and easy transaction, and the money is EFT transferred instantly," said Tom Cunningham, UATP's vice president of business development. "Airlines see this as a very attractive option to give to their consumers."
