In the space of only two months SETcom, a dynamic new Commerce Service Provider (CSP), has established itself as the largest SET-compliant CSP in Africa. Founded toward the end of 1999, the company is one of the fastest growing CSP's in the country, already boasting a client base of 80 vendors.
While the Internet revolution has opened untold gateways for on-line business, the challenge to effectively secure the implied transactions is equally huge. To further complicate matters, the widespread use of Secure Sockets Layer (SSL) to protect on-line transactions has proven inadequate.
SETcom sales and marketing director, Jentje Hoadley states that there was a definite need in the marketplace for simple, cost-effective CSP services. "SETcom does offer SSL, although our niche offering comes in the form of SET(tm) Specification, a powerful alternative to SSL," states Hoadley. This elevates SETcom above the host of other CSP's popping up around the country.
In an article on Internet.com, Kurt Seifried comments, "Most security experts have been aware of problems with SSL, but generally speaking we haven't said much because there wasn't much of a replacement for it." Dale Peterson of DigitalBond concurs, "I think that it (SSL) certainly shouldn't be the protocol for most e-commerce transactions, but for the exchange of private data over the Internet it is OK."
SETcom has simplified e-commerce enablement considerably, realising hassle-free implementation. Its quick to market offering guarantees improved security, with no added software required. "When vendors discover how easy it is to use SETcom, they are typically anxious to employ our services," remarks Hoadley. "Our cost-effective e-commerce solutions are available from R150 p/m, and guarantee a reliability uptime of 99.9%."
Basically, SET is an open technical standard developed by Visa and MasterCard to ensure secure card payment transactions over the Internet. The protocol relies on cryptography and digital certificates to ensure message confidentiality and security. "Digital certificates create a trust chain throughout the transaction, verifying cardholder and merchant validity," declares Hoadley. "This process is unparalleled by other Internet security solutions, since it reinforces trusted business relationships while protecting against fraud at a level existing systems do not."
SETcom's comprehensive suite of mission critical real-time e-commerce services includes shopping cart, credit card processing, tax calculation, shipping management and fulfilment messaging, among others. The key benefits of SET for vendors include increased sales from existing online shoppers who can confidently expand their shopping efforts; additional sales from consumers who were previously concerned about security; a reduction of exception handling; and reduced incidents of fraud.
Regarding the future, SETcom has ambitious plans to sign up 1 000 vendors by the end of 2000, to secure 20% of the top 100 companies in SA, and to expand beyond SA borders. How does the company hope to achieve this? "Very focused marketing, strategic alliances with local and international channel partners, and a highly competent direct sales force," concludes Hoadley.
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