VeriSign is broadening its portfolio of trust-building solutions for online commerce through a strategic partnership and investment in buySAFE Inc. BuySafe President and CEO Jeffrey Grass said VeriSign has a dedicated sales and marketing team that will promote BuySafe to VeriSign customers - the marketing will roll out in phases.
Grass said the companies are not disclosing details on the investment, but said it was a "non-trivial amount" for buySAFE. The company provides online merchants a bonding solution that inspects a merchant's business, monitors their performance and enables shoppers to bond their purchases, which has been shown to increase Web site conversion, sales and customer loyalty. BuySAFE had started as a service for eBay sellers and then broadened its scope to off-eBay merchants.
Grass said the current economy plays into the need for trust and safety as strapped consumers are looking for deals on smaller websites, he said. "Helping allay their concerns plays to buySAFE's value proposition."
The buySAFE bond option in checkout provides shoppers a choice to purchase a bond with two benefits: a full guarantee of the transaction terms of sale up to $25,000, and thirty days of identity theft protection service. BuySAFE's bonding solution is backed by Liberty Mutual, Travelers, and ACE USA and its identity theft protection services are provided in partnership with Assurant Solutions. BuySAFE has over 3,000 buySAFE Bonded Merchants, over 4 billion views of the buySAFE Seal, and 20 million bonded purchases.
BuySAFE investors include Grotech Ventures, Core Capital Partners, VeriSign, Inc. and The Hartford Financial Services Group.
Under terms of a new alliance, VeriSign will promote the buySAFE solution along with its VeriSign SSL Certificates and seal solutions.
http://www.verisign.com/buysafe
