UniCache Seeks to Negate Credit Card Fraud

Online payment solutions are popping up all over the place, a result of the many problems dogging e-commerce transactions. One of the biggest problems, of course, is fraudulent transactions, especially with credit cards. Fraudulent credit card transactions are the bane of the online gambling industry, as its operators would prefer a credit card-type payment system without the problems attached to credit cards.

One solution, UniCache, seeks to remove credit cards from the transaction. The product comes from e-Commerce Facilitators, Ltd., which holds an exclusive license to market the system to the gaming industry. UniCache is a robust transaction platform providing flexible online security protocols of Ascendant RealPay, SET, PKI, and SSL. It offers an encrypted, real-time escrow-like payment system that works with credit cards, wires, ACH (Automated Clearing House) and most currencies.

Former Starnet executive Ed Starrs, heads the company and explains that the UniCache system "removes all e-commerce issues." Simply put, the credit card number doesn't go to the gaming site operator. Instead, whenever a player enters their credit card number, it goes through the UniCache site, which then passes the payment either to the site or from the site to the player's account. As a result, the player is assured that their account number isn't seen outside of the UniCache system, while the gaming site receives an actual real-time payment.

Players set up a UniCache account even receive an ATM card that can also be used for real-world transactions. Players will like the ability to open a UniCache account depositing money from a credit card, digital check, debit card or other direct deposit means. Whenever a player needs to make a payment transaction, another window pops open that takes the player off the Internet and onto a secure "bank-like" extranet for the UniCache site. As a result, no one, including UniCache's employees or the gaming merchant and its employees, have access to sensitive information like the customer's name, credit card number or bank account information.

Gaming site operators, meanwhile, set up a merchant account with e-Commerce Facilitators, who in turn is working with numerous international banks, including the World Bank of Scotland, Bank of Ireland and others. The company is "taking the high road" by being selective when choosing operators to use the UniCache system, according to Starrs. At the very least, these gaming operators must be credit worthy and pass security clearances, he explained.

After operators are signed on, e-Commerce Facilitators gives them a startup package providing them with all the tools needed to set up as a UniCache merchant. The package includes some HTML coding for seamless movement between the gaming site and the UniCache extranet, as well as a biometric mouse for controlling access to one or two staff members.

Starrs explained that there are several benefits for operators who use the UniCache system, including:

the elimination of chargebacks;
the system will be less expensive to use;
all deposits are made in cash;
and there will no longer be any need to distribute payments or refunds to customers.

Plus, Starrs adds, operators have access to real-time reports showing their deposits from customers using UniCache, balance of funds, and much more.

The system is currently being beta-tested, with February 1 set as the target date to offer the new payment solution system to the online gaming industry.