Siphem Expands to Western Europe

This year, Siphem is organizing a new focus towards Western Europe as it prepares to launch business services in London. Traditionally, Siphem has been involved in debt recovery and fraud prevention services for corporations, retail establishments, and ecommerce businesses. With this new step, Siphem aims to break into other related industries in one of the world’s largest economic zones. This is the culmination of many years of hard work and collective planning, building relations in London and throughout the European Union.

Core Business Services of Siphem:

Siphem works as a protector for online businesses against the risk of credit card fraud by providing industry leading verification services. The Siphem verification process will automatically flag suspicious and potentially fraudulent credit card transactions, allowing merchants to verify the details before processing. This protects the merchant against charge backs which can result in a double loss of merchandise and revenue. Siphem also operates a charge back / buy back system to relieve merchants of the burden of fraudulent transactions.

The Siphem Business Model:

Key to the success of the Siphem business model is a dual approach to merchant account protection and debt recovery. As ecommerce continues to expand globally, the number of online sellers requiring chargeback and credit card fraud increases, as does the number of bad debts. Siphem has developed proprietary software for merchant account protection, as well as relationships with international banking leaders and debt collection agencies that stand poised for global expansion.

Siphem has over five years experience specializing in the purchase of credit card chargebacks, bad check drafts, 900 chargebacks and direct bill on transactions conducted through the internet or by telephone.

Siphem Proprietary Software & Merchant Accounts:

The Siphem merchant protection software is easy to integrate with existing shopping carts and provides real-time verification of credit card transactions. The verification methods are based on matching customer records with local street addresses and bank security codes, and work with Visa, Master Card, and American Express. Card numbers are also reviewed using the Mod-10 algorithm for authenticity. IP tracking adds an extra layer of security for online sellers.

The Siphem merchant account is similar to services offered by PayPal, WorldPay, VeriSign, and other leading online credit card processing companies.

Debt Collection Services:

The Siphem charge back / buy back program offers an incentive to businesses involved in the online processing of credit cards that are not provided by other merchant accounts. This security is also key to the Siphem business model of merchant protection. Store owners receive immediate cash for bad debts that can be used for reinvestment, expansion and new business opportunities.

Advantages:

• Allows companies to focus on their primary business.
• Eliminates the need to deal with delinquent consumers and/or third parties.
• Eliminates the wait for contingency payments.
• Eliminates the work of managing collection agencies.
• Reduces internal collection work force and associated costs.
• Removes the risk of delinquent consumers declaring bankruptcy.
• Allows an exit strategy for bad debt.

Siphem Expands into Europe – 2008:

Following a successful first five years of development and operation in Australia, Siphem is making plans to expand into the European Union with its merchant protection business services in 2008. Building on past success and steadily planning the expansion, the company has focused on improvement of core software functionality, solidifying relationships in the banking sector, and advertising its services to a new market community. The company will open its first office in London this year and begin active sales and marketing in the online business sector. The details setting Siphem apart from similar services make the potential for growth and expansion in the sector positive.

The Shack Group is a leading investor in Siphem and has led development of its software and business relations in Australia.