Vindicia Press Releases
Vindicia Delivers Next-Generation Billing and Fraud Management Offering for Online Merchants
Fraud Screening Module Punctuates Company’s Momentum;
Revenue Triples, Customer Base Doubles in 2007
SAN MATEO, Calif. – March 31, 2008 – Vindicia, a leading provider of on-demand payment management software, today announced it has added a fraud screening module to its integrated billing and fraud management offerings, Vindicia CashBox™ and Vindicia ChargeGuard™. The module enables online merchants to adopt sophisticated commerce models to build revenue, and optimize their false positive and customer acquisition rates while continuing to prudently manage occurrences of true fraud.
The company also announced a $5.6 million round of series C funding (see related release, “Vindicia Raises $5.6 Million in Series C Financing from Leader Ventures and DCM.”)
“False positives” — where a valid transaction is refused for being wrongly suspected of fraudulence — represent enormous lost revenue for online merchants. Leveraging the functionality of CashBox and ChargeGuard, the fraud screening module helps merchants limit false positives and optimize the true fraud chargeback rate and as a result keep the customer acquisition pipeline wide open.
“As merchants move toward the online delivery of goods and services, there are key challenges they need to overcome to achieve their revenue goals,” said Gene Hoffman, Chairman and CEO of Vindicia. “Supporting diverse pricing plans, dealing with credit card breakages, understanding the impact of fraud on customer acquisition strategies and enabling global payments are just some of the critical components that help build lasting customer relationships. We believe there is a tremendous market opportunity to service the online merchant community and provide it with solutions that address these critical requirements.”
“As our community of artists has grown exponentially, we have introduced value-added content that strengthens our relationships with our members,” said Steve Gonzalez, VP Business Development, deviantART. “Vindicia provides us with a powerful billing infrastructure that incorporates a number of ‘best practice’ features to ensure that we are optimizing both the experience for our members and our revenue stream.”
The science of billing customers can be one of the most strategic weapons online merchants have to boost their bottom lines. However, managing payment infrastructure is not a core competency for any online business. The Vindicia solution focuses on helping merchants maximize customer acquisition and retention while providing them with the flexibility to fine-tune their business models as customer needs dictate. Vindicia CashBox is a best-of-breed billing system that improves customer retention and maximizes profit through recurring and real-time payment management. Vindicia ChargeGuard helps online merchants recover lost revenue by providing automated fraud screening and chargeback management services.
The addition of the fraud screening module announced today comes at a time of dramatic growth for Vindicia, with revenues tripling in 2007. Also during 2007 the company’s customer base doubled, with companies such as deviantART, EnlightenNext, Reunion.com, and Homestead enthusiastically embracing Vindicia’s on-demand billing and fraud management solution to help them increase revenue through sophisticated e-commerce models. Vindicia has handled over 41 million transactions since the start of 2007 and over 20 million accounts since its inception. The capabilities announced today are a direct response to demand from customers for a solution that encompasses both pre- and post-transaction fraud management products.
Pricing and Availability
Vindicia CashBox and Vindicia ChargeGuard are available immediately. Pricing is based on transactions processed and a merchant’s online revenue and starts at $2,000 per month.
Contacts:
Randy Wambold
CHEN PR
781-672-3119
rwambold@chenpr.com
Sanjay Sarathy
Vindicia, Inc.
650-522-4490
ssarathy@vindicia.com
About Vindicia
Vindicia offers an on-demand strategic billing solution for marketing and sales that manages subscriptions and one-time payments for online merchants. We work with some of the best-known brands on the Internet, including Symantec, Activision Blizzard, Intuit, and Atari/Cryptic. As an externally audited PCI Service Provider and a SAS 70 Type II company, Vindicia securely handles online revenue of over a billion dollars annually. For more information, visit www.vindicia.com.
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