ATLANTA, Ga. — Accullink LLC, an Atlanta-based investor group, has acquired Pay by Touch's suite of 25 global patents that enable a software-only solution for PIN-based payment transactions on the Internet.
Accullink is commercializing the patent suite through its subsidiary ATM Direct, an alternative payment provider. The company has established operations in a Tier 1 data center, launched an Internet PIN Debit payments platform, secured significant merchants for pilots, and received commitments from several EFT networks for directly processing merchant transactions. ATM Direct will be headquartered in Atlanta, Ga., with technology development staff in Dallas, Texas, and Bangalore, India.
"Online merchants are seeking a low-cost payment method that consumers will quickly and easily adopt," said Nandan Sheth, president of ATM Direct. "Internet PIN debit offers the most compelling alternative payment method on the market. In addition to lowering merchant fees, this is the only payment method that has the potential of dramatically reducing online fraud."
PIN debit has been used for over 20 years at brick and mortar retailers and is the most secure and one of the most preferred consumer payment methods. Until now, there has been no software-only solution that allows consumers to pay for Internet purchases using their PIN debit cards. Current online payment options are limited to standard signature debit card and credit cards, plus a handful of alternative payment services such as PayPal and Bill Me Later.
