MOUNTAIN VIEW, Calif. - Cybersource Corp. has bought a company, Paylin X Corp., that will let it offer online and offline payment services through software that can be installed in-house. Currently, Cybersource offers payment services on an outsourcing basis.
"As companies start to converge their brick-and-mortar operations they want a choice between outsourced services and software," said Lisa Bergamo, head of corporate relations for Cybersource.
Paylin X's software manages authorizations and settlements of credit card and other payment transactions in real time through connections with third-party processors and merchant-acquiring banks. Businesses can accept payments on the Internet and offline.
Cybersource will issue 8.4 million shares of its common stock to acquire the outstanding stock of St. Louis-based Paylin X. It will also assume Paylin X's outstanding stock options as warrants.
Cybersource also offers tax services, risk management, distribution control, and fulfillment management services to its business clients, but its payment service is the most popular, the company said. The company has partnerships with many large national banks to resell their services to businesses needing merchant-processing accounts.