Press Release
ConSyGen Announces the Launch of its BizPay(TM) Payment
System
BizPay(TM) merchants can accept credit cards online without
traditional merchant services. Merchants will receive
real-time fraud screening and real-time reporting when using
the BizPay(TM) technology.
TEMPE, AZ - July 11, 2001 -- ConSyGen, Inc. (OTC Bulletin
Board: CSGI) announced today that the beta testing of its
BizPay(TM) payment system has been successfully completed.
On July 16th, BizPay(TM) will be launched and will accept
merchants wishing to use its BizPay(TM) payment system. The
launch will be supported by a very aggressive marketing
campaign, designed to reach over 1,000,000 potential
merchants per day, for the next several weeks. Phoenix
Burns, Inc. d.b.a. Internet Corporate Awareness Programs
(ICAP), ConSyGen's online marketing firm, will spearhead the
marketing campaign.
The BizPay(TM) payment system, which will be used by such
industry heavyweights as Earthlink and Cardservice
International, has been tested privately for several months
and is now ready for general availability. Cardservice
International, servicing over 185,000 merchants and
processing over $12 billion in annual bankcard volume, is
ConSyGen's preferred merchant bankcard service provider.
Merchants will pay for BizPay's(TM) superior technology only
when transacting business. On each transaction, 5% of the
transaction plus $1.00 is charged. Since BizPay(TM) does
not charge the monthly fees that more traditional processors
charge, BizPay(TM) merchants will find this solution very
cost effective. Traditional merchant service accounts
generally have monthly service fees of roughly $55.00
assessed before the merchant has accepted a single
transaction. In addition to the monthly fees, which are
generally assessed for such services as customer service
phone support, payment gateway license fees, monthly printed
statement fees, and a monthly volume minimums, top-tier
Internet merchants can expect to pay approximately 2.85%
plus $0.30 per transaction. BizPay(TM) merchants only pay
fees when they transact business within the BizPay(TM)
payment system. In addition to no monthly fees, BizPay(TM)
does not charge application or setup fees.
Lewis Burridge, ConSyGen CEO said, "A merchant who does only
one $50.00 transaction will pay approximately $3.50 to
BizPay(TM). If that same merchant had a traditional
merchant account, in addition to paying 2.85% plus $0.30 for
the transaction, he would also be assessed the $55.00 in
monthly fees. $3.50 is a lot easier for a small merchant to
justify than the $56.73 he'd be paying a traditional card
processor." Burridge continued, "In addition to being more
cost effective for smaller merchants, we also provide
real-time statements to our merchants. Rather than waiting
30-45 days to review their previous month's book of
business, our merchants simply login to their BizPay(TM)
Merchant Account for real-time reporting. Our merchants can
manage their current book-of-business anytime, in real-time.
BizPay isn't for the Amazons of the world, not today at
least. Although the fraud prevention tools and real-time
reporting make BizPay(TM) the ideal solution for any
merchant, it is expected that the system's early success
will be with smaller merchants just entering the eCommerce
arena, or for those merchants looking to alleviate the steep
monthly fees assessed for traditional merchant services.
Our relationships with Cardservice International and
Earthlink indicate that this market is extremely
under-served, and has been waiting for our "pay-for-play"
solution."
In addition to Earthlink-specific launch later this summer,
ConSyGen is also working with other major shopping cart
vendors, bankcard processors, acquiring banks, and Internet
Service Providers. It is estimated that only 20% of the
25,000,000 merchants in the United States are currently
setup to accept credit cards. Many of those merchants,
BizPay's(TM) target-market, currently do not accept credit
cards, citing the monthly fees associated with a traditional
merchant account as their primary objection. As the
technology gains mind- and market-share, BizPay(TM) could
easily be the next "household name" on the Internet.
Merchants wishing to signup prior to July 16th may visit
www.mybizpay.com and complete the BizPay(TM) Merchant Signup
Form located on the homepage. Email notification will be
sent to those merchants who have signed up prior to July
16th, notifying them of the availability of the BizPay(TM)
payment system. The online application for the complete
offering of BizPayMerchant Services will be available on
July 16th at the same website.
ABOUT CSGI
Established in 1996 as a high technology software
development and R&D company, ConSyGen, Inc. has focused its
business on providing innovative and superior commerce
solutions worldwide. The primary CSGI product lineup
includes the Counterfeit Cop(TM) and BizPay(TM).
Forward Looking Statements
Forward-looking statements involve risks and uncertainties
that may cause actual results to differ materially from
those projected in such forward-looking statements. Factors
which could affect results include the development of
competing or superior technologies, market awareness,
acceptance of ConSyGen's technology or products, the
company's ability to attract and retain qualified personnel,
the companies ability to protect its proprietary information
and other risk factors set forth in the company's SEC
filings.
CONTACT:
BreakOut Investment Marketing
David Keaveney, 602/478-1621
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