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IP Commerce and PaySimple Introduce Automated Online Merchant Application and Enrollment Program

Beta Launch of Commerce Enrollment™ Sees Improved Application Approval Times and Increased Customer Satisfaction

DENVER, CO, November 11, 2008 – IP Commerce, Inc. and PaySimple today jointly announce the launch of Commerce Enrollment™, an automated online merchant application. IP Commerce and PaySimple co-developed the 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, 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:

  • A clear, well-defined step-by-step process for applications
  • “Immediate” approval based on Service Provider-defined rules
  • Key qualifiers that drive and configure the merchant approval process
  • Secure hosting
  • Compliance with bank underwriting requirements
  • Program includes: OFAC check, electronic signature, identity verification, email verification, DNS checker, IP2Location, DOTS geophone, DOTS address validation, credit check
  • “On” and “Off” network application compatibility
  • 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. 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 Venrock, Appian Ventures, and Meritage Funds. For more information, visit www.ipcommerce.com

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