News from the Wire

IP Commerce, PaySimple introduce online merchant program

Tuesday, November 11, 2008 — 11:22:38 (EST)

Denver, Colo., Nov. 11, 2008 -- IP Commerce, Inc. and PaySimple today jointly announce the launch of Commerce Enrollment™, an automated online merchant account application. IP Commerce and PaySimple co-developed the online merchant application, and PaySimple completed its beta launch, finding that the process to qualify and approve its merchants for a merchant account was much more efficient than legacy processes. In addition, PaySimple found the application improved overall customer experience.

Today, merchants undergo a cumbersome, time-consuming, often paper-based, merchant application process when attempting to qualify for and use payment processing services. As a result, many payment service providers see significant "pre-cut" attrition; losing merchants before they ever get the chance to transact. Commerce Enrollment simplifies service activation by eliminating lengthy paper applications and replacing them with a user-friendly, secure online application--ultimately providing customers with a better experience with drastically fewer steps.

This improved efficiency:

• decreases customer acquisition cost
• reduces attrition
• increases revenue through faster "time to transact"

Commerce Enrollment offers several key features, including:

• White-labeled product that matches the look-and-feel of any partner
• A clear, well-defined step-by-step process for applicants
• "Immediate" approval based on Service Provider-defined rules
• Secure hosting
• Performs a variety of automatic checks including: OFAC check, electronic signature, identity verification, email verification, DOTS address validation, credit check, and other services designed to identify suspicious applicants
• Customizable workflow and qualification checks to support existing business processes

Through the beta period, PaySimple offered their private-labeled Commerce Enrollment experience to their merchants as an integrated part of their signup process. PaySimple found that customers preferred directly inputting their personal and business information into Commerce Enrollment, and the PaySimple team found that customers using the Commerce Enrollment application were easier to get approved and moved more quickly through the process.

"We're proud to be the first company to offer a simplified enrollment experience to our merchants," said Eric Remer, PaySimple CEO. "When small business customers come to us, they are looking for payment services quickly. Commerce Enrollment is the perfect addition to our "one-system" solution and compliments our commitment to simplifying and empowering the lives of our customers."

Pricing and Availability

Commerce Enrollment is commercially available effective immediately. Additional information is available at www.ipcommerce.com/Platform/Commerce_Enrollment.aspx . For pricing information, please contact Peter Osberg at posberg@ipcommerce.com .

About IP Commerce: Based in Denver, Colo., IP Commerce, Inc. is a software company that provides dramatically simplified development, certification, and deployment of secure commerce solutions. The company's IP Commerce Platform, Commerce Lab, and Commerce Marketplace unites software companies, service providers and distribution channels in a private-labeled end-to-end network delivering on-demand access to commerce services, -- far more quickly, easily and securely than ever before. IP Commerce opens worlds of commerce.

IP Commerce maintains partnerships with some of the world's most respected financial institutions and software companies. The company is backed by leading investors, including Meritage Funds, Venrock, and Appian Ventures. For more information, visit www.ipcommerce.com .

About PaySimple: PaySimple creates platforms that simplify and empower the lives of small business owners. PaySimple provides an on-demand Software as a Service (SaaS) platform that enables small businesses to bill, collect, and manage their customer payments under one user-friendly system. The PaySimple solution includes: recurring billing, email invoicing, ACH direct-debit, credit card processing, e-check processing, EFT, online payments, and more. For more information please go to www.paysimple.com .

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.