Setcom, a leading secure payment solutions provider, has partnered with Thirt.com, an online escrow and delivery company, to offer SMEs (small-to-medium enterprises) and private individuals a comprehensive one-stop online trading solution.
The pre-paid solution, named "Personal and SME Account", includes a management system for secure e-commerce trading using the escrow service. There are no complicated set up fees and merchant accounts can be activated within minutes.
Commenting on the new service, David Liu, Managing Director of Setcom, said: "We have taken a variety of existing Setcom products, simplified them, added the Thirt.com escrow solution, and bundled it into a pre-paid e-commerce solution. This application not only saves time and money, but also increases productivity and cash flow."
"Setcom provides the technical platform and Thirt.com specialises in the financial back end, including escrow services and logistics management. This service caters for entry-level SMEs and private individuals who wish to extend their online offering in a secure way."
"The Personal and SME Account uses Thirt.com's escrow services to accept all purchases," says Cuan Akal, Marketing Manager of Thirt.com. "Upon receiving an order from a buyer, Thirt.com will charge the buyer's credit card with the amount of the purchase. The funds are then held in trust for 7 days while delivery is made. After the escrow period, the funds are paid into the seller's account."
Taking their cue from the pre-paid cellular phone model, Liu points out that the Thirt/Setcom service does not bound merchants to long-term contracts.
"No lengthy application process for virtual merchant accounts is necessary, which enables immediate acceptance of credit card payments and secure trading. In addition, recharge vouchers can be purchased online, allowing subscribers to control more precisely their trading capabilities," Liu adds.
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Thirt's objective is to facilitate transactions for clients in a protected environment. The business is available over the Internet through either a traditional web browser allowing a buyer and seller to complete a deal under 'escrow' or trust conditions. With the growth of transactions over the Internet, fraud has become an accepted part of e-commerce in the digital economy. THIRT.COM has been established to alleviate the risk to both buyers and seller's participating in e-commerce. THIRT.COM have accomplished this by means of setting up a trusted third party payment vehicle which maintains control over funds on behalf of both the buyer and seller until a deal is concluded. In order to facilitate the geographic boundaries currently prohibiting secure e-commerce, THIRT.COM also offers a logistics solution that takes care of all fulfilment issues.
Setcom
Setcom provides a wide range of mission-critical real-time e-commerce services, including shopping cart facilities, credit card and debit card processing, tax calculation, shipping management, fulfilment messaging and order management. Founded in 1999, Setcom has extensive experience in successfully routing and processing payment transactions.
To date, 95% of First National Bank's Internet Merchants use Setcom. And with an extensive national network of over 300 channel partners it has provided services to a multitude of SMEs and corporations. Some of the largest enterprises such as Interflora, Exclusive Books and The Star newspaper count on Setcom to provide a 24/7 enterprise-class infrastructure.
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