buySAFE blog

VeriSign Announces Partnership and Investment in buySAFE, Inc.

A major announcement and copy of the press release just issued by VeriSign, Inc. 

VeriSign Adds buySAFE Merchant Bonding Solution

to its Offerings for Online Businesses

Global Leader in SSL Security Enables Merchants to Enhance Consumer Trust with Security and Verification of Merchant Reliability

BALTIMORE – August 4, 2009– eTail East Conference, Booth #27 – VeriSign, Inc. (NASDAQ: VRSN), the trusted provider of Internet infrastructure services for the networked world, is broadening its portfolio of trust-building solutions for online commerce with buySAFE, Inc.  buySAFE provides online merchants a bonding solution that inspects the merchant’s business, monitors their performance and enables shoppers to bond their purchases, which has been shown to significantly increase Web site conversion, sales and customer loyalty.

Under terms of a new alliance, VeriSign will promote the buySAFE solution along with its globally trusted VeriSign® Secure Sockets Layer (SSL) Certificates and VeriSign Secured® Seal solutions.  Together, the two offerings make it easier than ever for online businesses to cultivate trust with consumers. For more information, go to www.verisign.com/buysafe

VeriSign® SSL Certificates with the VeriSign Secured® Seal help assure consumers that their transactions and personal information remain secure.  buySAFE’s bonding solution assures shoppers that the merchant is reliable, stable and able to deliver on the promises made.  By increasing shopper trust and confidence in the merchant, buySAFE increases Web site conversion, generates more repeat buyers and increases merchant profitability.¹  As a result, online shoppers and merchants both benefit.

“As the most trusted brand on the Internet, VeriSign has long provided solutions that help online merchants boost consumer confidence by establishing trusted relationships, and today’s announcement continues this commitment,” said Chris Babel, VeriSign’s senior vice president and general manager, authentication. “Combined with VeriSign SSL protection and the VeriSign Secured Seal, buySAFE’s bonding solution enables online merchants to build greater confidence with online shoppers, helping drive conversion rates and revenues.” 

buySAFE is a two-part trust solution. The buySAFE Seal provides an explicit third party endorsement of a merchant’s quality and reliability, thereby helping eliminate consumer uncertainty.  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.² The benefits of the bond option provide uncertain shoppers an added level of confidence, which in turn makes them more likely to buy. buySAFE has been shown to increase Web site conversion 10.6 percent on average, making buySAFE’s free solution highly profitable for online merchants.³  Together, the VeriSign and BuySAFE solutions address the two key sources of consumer uncertainty: information security and merchant reliability. 

 

 “We are excited about our alliance with VeriSign, as we offer highly complementary solutions for online merchants,” said Jeff Grass, president and CEO of buySAFE.  “VeriSign’s leadership in authenticating and securing Web sites now combines with buySAFE’s expertise in ensuring confident, fully-guaranteed online shopping through bonding. At a time when consumer confidence is low and online shoppers feel uncertain, the confidence that online merchants can build with VeriSign and buySAFE is invaluable.”

The VeriSign Secured Seal appears on Web pages of merchants whose identities have been verified by VeriSign through SSL certification. Site visitors click on the seal to verify a merchant’s site information in real time. Sites secured by VeriSign SSL and that show the VeriSign Secured Seal have been shown to experience lower shopping cart abandonment and increased visitor-to-sales conversions.⁴

¹  Testing by 12 online merchants (including many in the Internet Retailer Top 500) across 11,200 separate purchases, showed significant increases in repeat buyers who experienced buySAFE 30, 60 and 90 days later.  Your company’s results may vary.

 2 Available to United States based shoppers only.  Not available to shoppers in some states.

³  Average buySAFE Impact Test results based on A-B tests conducted by 45 separate online merchants over 5,228,801 online site visits.  Approximately 50% of visitors were shown the buySAFE Seal and Bond option, and 50% were not.  The average relative increase in conversion for all merchants was 10.6%.  Every merchant participating in the test showed a positive conversion increase of at least 4.5%.  Your company’s results may vary.

⁴  Based on customer reported results. Case studies can be found at: http://www.verisign.com/ssl/ssl-information-center/ssl-case-studies/index.html  Your company’s results may vary. 

About buySAFE

buySAFE, Inc. provides eCommerce bonding services that build consumer confidence and provide significant financial and brand building benefits for online merchants.  buySAFE’s bonding solution is backed by the financial strength of Liberty Mutual, Travelers, and ACE USA and its identity theft protection services are provided in partnership with Assurant Solutions.  With over 4 billion views of the buySAFE Seal, 20 million bonded purchases and over 3,000 buySAFE Bonded Merchants, buySAFE is widely recognized as a leader in providing confidence and safety for online buyers and increased sales and profits for online merchants.  buySAFE’s investors include Grotech Ventures, Core Capital Partners, VeriSign, Inc. and The Hartford Financial Services Group.  For more information, visit:  http://www.buysafe.com

 

About VeriSign  

VeriSign, Inc. (NASDAQ VRSN) is the trusted provider of Internet infrastructure services for the networked world. Billions of times each day, VeriSign helps companies and consumers all over the world engage in communications and commerce with confidence. Additional news and information about the company is available at www.verisign.com.

VeriSign Contacts

Christina Rohall, crohall@verisign.com, 650-336-4663

Investor Relations: Nancy Fazioli, ir@verisign.com, 650-426-5146

buySAFE Contact

Hans Dreyer, hdreyer@buysafe.com, 703-778-4445 x110

Any surety bond or insurance policy or contract issued or sold as part of the buySAFE services will be issued and sold by buySAFE, a licensed insurance producer.  buySAFE, Inc. is an agent for the insurance company that will issue the bond.  VeriSign is not a licensed insurance producer or insurance company.  VeriSign does not have the authority to solicit, negotiate or sell surety bonds or any other insurance policies or contracts.  By promoting, negotiating or selling the buySAFE services, VeriSign is not soliciting, negotiating or selling surety bonds or other insurance policies or contracts.

Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to such factors as the inability of VeriSign to successfully develop and market new products and services and customer acceptance of any new products or services, including VeriSign SSL and VeriSign Secured Seal solutions;  the possibility that VeriSign’s announced new services may not result in additional customers, profits or revenues; and increased competition and pricing pressures. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2008 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.

©2009  VeriSign, Inc. All rights reserved. VeriSign, the VeriSign logo, VeriSign Secured,  the Checkmark Circle logo, and other trademarks, service marks, and designs are registered or unregistered trademarks of VeriSign, Inc., and its subsidiaries in the United States and in foreign countries. All other trademarks are property of their respective owners.

# # #

What is buySAFE?

In response to many questions from readers to "put it all together for me", here's a quick overview on "The Problem" buySAFE solves, how we solve it and the benefits to online merchants and shoppers.

 

1. The Problem:  
Buyer uncertainty costs online merchants millions of dollars in lost sales and profits each day.  It is a pervasive problem that affects every online retailer — even the biggest sites with the strongest brands.

Source of the Problem:  Consumer uncertainty is caused by two main consumer concerns that, if unanswered, reduce the likelihood of web site visitors becoming buyers.  These are:

v      Is my personal information secure?  SSL & site scanning are website security solutions designed to address this concern.  Shoppers are assured the site is authentic, their information is SSL encrypted and the website is secure from hacker break-in.

v      Is this merchant reliable and will they perform as promised? – buySAFE’s website bonding completely addresses this concern.  buySAFE builds confidence by reducing consumer uncertainty about merchant reliability and performance.

2. The Solution:  buySAFE

buySAFE provides ecommerce merchants a unique trust solution for increasing confidence of website visitors, turning more of them into buyers.

 

buySAFE…

v      Builds confidence with website visitors

o        More visitors become buyers

v      Increases merchant  sales & profits

o        10.6% avg. conversion & sales lift

o        14% avg. increase in repeat buyers

v      FREE solution for online merchants

o        Makes it risk-free to try & use

The Company:

v      Over 4 billion – # of views of the buySAFE Seal online

v      Over 30 million – $ invested in buySAFE, Inc.

v      Over 20 million – # of purchases bonded

v      Over 3000 – # of websites using buySAFE

 

3. How it Works: 
buySAFE is a two-part trust solution, proven to be highly effective at increasing website conversion and sales for ecommerce merchants.

v      The buySAFE Seal provides an explicit 3^rd party endorsement of a merchant’s quality and reliability, thereby eliminating consumer uncertainty.  The buySAFE Seal reassures shoppers that the business behind the website is stable, reliable, trustworthy and able to deliver on the promises made.

v      The buySAFE bond option in checkout, provides shoppers an option – at their choice – to purchase a bond that provides two valued benefits:

        - A full guarantee of the transaction terms of sale up to $25,000 and

        - Thirty days of identity theft protection everywhere, thereby completely addressing the two sources of consumer uncertainty (information security and merchant reliability).

The dual benefits of the bond option provide uncertain shoppers an added level of confidence which in turn, makes them more likely to buy.  Here's an example of the buySAFE Seal and bond option at work in a merchant's shopping cart - they both increase website conversion.

 

 

4.  The Benefits - Increased Website Conversion and Buyer Loyalty

 

A.  buySAFE Increases Website Conversion by over 10%

buySAFE’s value to online buyers and merchants is reflected in increased website conversion and repeat buyer rates seen by buySAFE Merchants. 

v      buySAFE’s average conversion lift over the last three years is over 10% and the impact has been steadily increasing over time.

B. Increases Repeat Buyers by up to 20%

buySAFE increases repeats buyer rates by as much as 20%.  By providing a better buying experience, buyers reward merchants with increased loyalty and repeat purchasing.  

v      As a free service for online merchants, buySAFE is a virtual necessity for every online merchant serious about growing their business.

 

       

        Finally, check back next week as buySAFE will be releasing the results of two in-depth studies on the Conversion & Repeat Buyer Impacts seen by buySAFE Merchants.  This will both be released on this blog within the next two weeks!