The $60 personal Internet credit/debit card payment terminal developed by eConnect continues to pick up support. Kanakaris Wireless signed a deal Friday for 1,000 ‘eCashPads’ at $50 each. Kanakaris has the option to purchase an additional 4,000 ‘eCashPads’ at the same price through Dec 31. The ‘eCashPad’ sells for $59.95 and attaches to any desktop computer. Montreal-based First American Payment Systems announced last month it is purchasing an initial 10,000 ‘eCashPads’ as part of its ‘Member Money Exchange Center’ program. MMEC is a full-service online cash transfer system specializing in online gaming and is set to launch in July 2001. eConnect also signed deals with CA-based Mediatechnics Systems and Zimmerman’s Toyland to sell the ‘eCashPad’ to the general public. The home payment terminal was released late last year. (CF Library 11/2/00; 4/18/01; 5/9/01; 5/30/01)
First American Payment Systems announced that it has selected eConnect, manufacturers of the eCashPad, as an integral part of its MMEC (Member Money Exchange Center).
MMEC (Member Money Exchange Center) is a jointly developed venture of FAPS and the Sygenics Corp., www.gcsports.com.
FAPS is purchasing an initial 10,000 eCashPads to correspond with eConnect’s rollout. In addition, FAPS will aggressively market the eCashPads to their existing merchants and consumers in the ensuing months according to Anthony Varvaro, president of FAPS.
Varvaro further stated “As a leader in Internet payment solutions, we are proud to integrate eConnect’s technology into our system. The ability of the MMEC consumer to send real cash payments by ATM card with PIN entry, combined with the total security and ease of use of the eCashPad, will benefit all of our merchants and give peace of mind to our customers.”
eConnect will drive the Canadian MMEC eCashPad originated transactions to FAPS and will generate a transaction fee per eCashPad usage as MMEC customers use their eCashPads for a variety of transactions ranging from bill payment to online gaming. MMEC is a full-service online cash transfer system specializing in online gaming.
MMEC has targeted the launch date for public access in July 2001. MMEC expects to have 15,000 registered users within the first 6 months of operations. The MMEC system will allow customers to track all of their online gaming transactions as well as transfer funds directly to or from their personal bank accounts.
FAPS is a leading payment facilitator in the online gaming market with offices in Montreal; Las Vegas; Birmingham, Ala.; and Margarita, Venezuela. In 2000, FAPS processed over $25,000,000 in transactions for its customers.
The $60 personal Internet credit/debit card payment terminal developed by eConnect is picking up some support. Kanakaris Wireless yesterday announced plans to develop software and hardware enhancements which will enable the eConnect ‘eCashPad’ terminal to read checks electronically from home. The proposed ‘AKPay’ system will expand the usage of the ‘eCashPad’ beyond Internet card present credit card ‘Bank Eyes Only’ transactions, PIN entered ATM card instant Internet merchant cash payments, and smart card Internet micro payments. The ‘eCashPad’ sells for $59.95 and attaches to any desktop computer. Montreal-based First American Payment Systems also announced Tuesday it is purchasing an initial 10,000 ‘eCashPads’ as part of its ‘Member Money Exchange Center’ program. MMEC is a full-service online cash transfer system specializing in online gaming and is set to launch in July 2001. eConnect also signed deals with CA-based Mediatechnics Systems and Zimmerman’s Toyland to sell the ‘eCashPad’ to the general public. he home payment terminal was released late last year. (CF Library 11/2/00; 4/18/01; 5/9/01)
Carley Zimmerman, president of Zimmerman’s Toyland Inc., announced that Zimmerman’s Toyland Inc. has signed the eConnect merchant agreement which allows consumers shopping at [www.zimmermanstoys.com] to pay using eConnect’s Bank Eyes Only payment system.
EConnect’s eCashPad, which easily connects to most computers, is a secured payment-processing device designed to allow easy and secure transactions on the Internet. Through the use of a built-in magnetic card reader, the eCash Pad allows the use of a credit or ATM card for transactions over the Internet with eCashPad-enabled merchants.
“The eCashPad will allow our consumers and business affiliates to purchase in a secure card present environment. This will greatly reduce chargebacks and increase security. In addition, eConnect technology gives us a unique and value added edge in the eCommerce industry that we are looking forward to implementing,” stated Zimmerman. Zimmerman’s Toyland Inc. placed an order for delivery of 100 Zimmerman’s Toyland Inc. labeled eCashPads that will be freely distributed to its retail customers in the second quarter of 2001.
About Zimmerman’s Toyland Inc.
In addition to winning numerous window display competitions from manufacturers, Zimmerman’s Toyland is also a two time First Place Winner of the prestigious “Playthings Magazine” — an annual awards competition for store promotion and merchandising nationwide. Zimmerman’s Toyland Inc. is a privately held California corporation with a mission to sell high quality specialty and mass market toy products with open ended play value to enhance the learning experience of infants and children. In addition to the retail store at 555 LaSierra Drive in Sacramento, CA which carries over 5,000 different items, Zimmerman’s also has a catalog (1-800-491-3950) and website ([www.zimmermanstoys.com]). Among the lines that Zimmerman’s sells are: Brio, Madame Alexander Dolls, Corolle Dolls, Manhattan Toy, Lego, Kovualis, Tiny Love, Little Tikes, Peg Perego, Radio Flyer, Chicco, Bruder and Steiff.
Rick Wilson, president of Mediatechnics Systems Inc., Monday announced that Mediatechnics has made available through its e-Commerce site the ability for their distributors and end-user customers to purchase and implement eConnect’s eCashPad (OTCBB: ECNC) for secured payment options over the Internet.
Mediatechnics customer base includes companies such as Compuware, Electronic Arts, Intel, Oracle, Sybase, Unisys, and over 100 distributors worldwide. Mediatechnics has placed an order for delivery of 100 Mediatechnics labeled eCashPads that will be freely distributed to Mediatechnics customers in the second quarter The eCashPad is a secured payment-processing device designed to allow easy and secure transactions on the Internet. The eCashPad easily connects to your computer. Through the use of a built-in magnetic card reader, the eCashPad allows the use of a credit or ATM card for transactions over the Internet with eCashPad-enabled merchants.
The need to type your credit card information when making a purchase is elminated. The unique software of the eCashPad provides the same level of financial security that is available using an ATM at the grocery store or gas station. eCashPad provides a direct link between your card and the bank, protecting your information from theft or disclosure through its “Bank Eyes Only” transaction.
Wilson stated, “The eCashPad will improve our accounts receivable and provide a quick and easy payment solution for our customer base. Our market research shows that consumers who do not use the Internet for their purchases are mainly concerned with a lack of security for their financial information. “Our analysis of the eConnect technology has proven to us that they do have the level of security that the consumer requires, packaged in a high quality, affordable consumer device to provide security for their financial transactions. As a merchant, we now become proactive in providing additional solutions to our customers at lower merchant costs.”
Mediatechnics Systems Inc. is a privately held, California corporation with a charter to design, develop, manufacture and market highly efficient CD Duplication systems. In addition, Mediatechnics distributes Kodak CD Recordable media and high volume CD-ROM Replication and silk screening services for customers throughout the world.
eConnect announced that the company will now accept eCashPad orders via check or money order.
“We have started the inventory planning process for November and December eCashPad deliveries, and are now accepting payments by check or money order for $59.95, not including shipping,” eConnect spokesperson said.
The eCashPad is a simple and common sense approach to Internet commerce security. The eCashPad enables consumers to use their financial cards and prevents the card data from being seen or stored at the merchant’s web site. These are called Bank Eyes Only(TM) transactions.
Additionally, the usage of the eCashPad with the ATM card with PIN entry will enable real-time cash payments over the Internet.
“eCashPad users will enjoy a 10% discount savings at Artaste.com., which will be eCashPad compliant in November,” said Thomas S. Hughes, founder, chairman and CEO of eConnect, describing the company’s soon-to-launch art-auction site. “We have also had early indications that other companies may be inclined to offer a cash incentive discount to consumers electing to pay with an ATM card with PIN cash payment.”
Orders should be sent with check or money order to:
eConnect 2500 Via Cabrillo Marina San Pedro, CA 90731 Attention: eCashPad Orders Department.
San Pedro, CA-based eConnect confirmed this morning that it expects the first commercially-ready models of the ‘eCashPad’, the Company’s first secure electronic payment product, to be delivered to affiliate National Data Funding Corp. on Sept. 25. eConnect has placed an initial order to manufacture 100,000 ‘eCashPads’ with Asia Pacific Micro Devices Inc., of Oakland, CA. With its proprietary software, the ‘eCashPad’ will enable users to swipe ATM card-with-PIN as well as credit and smart cards, routing account numbers exclusively to authorizing financial institutions for secure, ‘Bank Eyes Only’ e-commerce transactions. NDFC of Chico, CA has agreed in principle to be acquired by eConnect. Trading in the stock of eConnect was briefly suspended in March amidst allegations of fraud. A class action lawsuit was filed on behalf of stockholders. The complaint alleges that eConnect Iinflated its relationship with Palm Computing and made other false claims. (See CF 3/21/00)
eConnect announced that Global Launch, viewable at the eConnect site ([http://www.econnectholdings.com]), now details eConnect’s business strategy for Bank Eyes Only transactions.
eConnect’s eCashPad electronic payment system also opens the Internet to consumers who do not have credit cards, by enabling purchases with PIN-secured bank ATM cards. The company believes that the simple action of swiping a credit card or ATM card will grow Internet commerce and expand business transaction opportunities for eConnect.
Separately, eConnect announced its latest unaudited financial results. During its first quarter ended March 31, 2000, eConnect’s investees, Power Click and Top Sports, were operational, while the Bank Eyes Only(TM) electronic payment systems products were in the development stage. The Company said that because its investees’ results are recorded on the equity method of accounting, the losses (net of revenues, less expenses) are reflected in eConnect’s first-quarter results as equity losses of investees.
eConnect said that in its first quarter, it recorded a net loss of approximately $19.2 million, and basic and diluted loss of ($0.14) per share, compared with a net loss of approximately $175,000, and basic and diluted loss of ($0.01) per share in the comparable 1999 period. Weighted average shares outstanding increased to approximately 136 million from approximately 14 million. Approximately $15.6 million of the most recent net loss resulted from the issuance of common stock as payment for services as the company expanded business relationships necessary to develop, manufacture and distribute its proprietary electronic payment systems.
eConnect will announce this morning an agreement to supply 1,000 free ‘eCashPads’ to Kanakaris Communications. eConnect also announced this week it has structured a licensing arrangement with PalmPilot to enable first-ever wireless hand-held Internet terminal transactions. The eConnect ‘eCashPad’ simply attaches to the consumer’s computer keyboard, enabling Kanakaris customers to download entertainment programs with a card swiped “bank eyes only” cash ATM card and PIN payment or a credit card payment, whereby Kanakaris Communications never sees the credit card data nor is the credit card stored at the KKRS Web site. eConnect says it expects to distribute 100,000 ‘eCashPads’ to major Internet business sites. The PalmPilot deal is part of a joint venture deal with FL-based Pilot Island Publishing’s ‘PocketPay’ solution. EConnect’s has been a high-flying stock this week.
CA-based eConnect has emerged as the hottest OTCBB stock, setting new volume records and surpassing price gains, on a percentage basis, of most NASDAQ traded stocks. The San Pedro, CA-based firm is a developer of global Internet ATM and PIN cash payment transactions. The company’s stock soared more than 300% last week. On Friday the firm announced it has structured a licensing arrangement with PalmPilot to enable first-ever wireless hand-held Internet terminal transactions. The PalmPilot deal is part of a joint venture deal with FL-based Pilot Island Publishing’s ‘PocketPay’ solution. The ‘PocketPay’, which will be a hand-held combination ‘Palm VII’, phone and bank card Internet terminal, will send encrypted ATM card with PIN or credit card data to the ‘Palm VII’ proxy server center, which in turn will then send on the data to the ‘eConnect/RGTecq Linux Transaction’ server, which in turn will pass on the transaction to the eConnect host systems for bank card authorization. eConnect also confirmed this morning that the ‘eConnect/RGTecq Linux Transaction’ server successfully sent a full Internet ATM card with PIN message format to eFunds over the weekend. The company is also aiming to bring instant cash payment by ATM card and PIN to Internet commerce. The company further announced this morning a new merchant portal featuring more than 200 paid merchant listings with an additional 1,500 merchants projected to join the site before the end of April. The re-designed PowercClick portal builds on eConnect’s recent acquisition of the Powerclick network.