Stock: ECNC ...Where are my tech people ?

[2EZ2BRICH]

click and let me know what you think about this technology: http://www.econnectholdings.com/

instead of putting you credit card info into a particular site, you will have this devise at home to swipe your credit card and then somehow the info from your card is transmitted. i'm not computer savy, let me know what ya think. it's a penny stock now, trading at about 5 cents. they have signed big deals with Verisign and First Data.

 

[THE STEEL BEAST]

RISKY................SEEMS LIKE PEOPLE WOULDNT WANT SUCH A DEVICE IN THEIR HOUSE FOR SECURITY REASONS............ALSO IT PROBABLY WILL BE ANTIQUATED TECHNOLOGY THAT NEVER IMPROVES...........I COULD BE WRONG,BUT IT DOESNT LOOK TOO REVOLUTIONARY.

 

[THE STEEL BEAST]

PLUS WHY WOULD ANYONE PAY FOR SUCH A DEVICE,WHEN YOU CAN JUST TYPE IN YOUR INFO.

 

[2EZ2BRICH]

thanks for the reply big guy !


if i understand correctly, this will prevent you from having to put your credit card number, exp date etc. the device will send your info in an encrypted format. sounds like a good plan, but what do i know.

2ez2brich

 

[WODIN]

Given the current consumer base this could last for about 5 to 10 years. It's not revolutionary in the least but it is familar, that may get alot of technophobic people to buy online.

 

[2EZ2BRICH]

eConnect announces that its Bank Eyes Only™ Merchant Integration Kit has been published for immediate installation and activation by VeriSign web merchants wishing to receive eCashPad payments

August 21. eConnect (ECNC:OTCBB) today announced the release of its Bank Eyes Only™ Merchant Integration Kit (MIK) at the web site of http://www.econnectholdings.com/cabs.


The MIK provides the VeriSign web merchant the instructions to immediately download and install the MIK and to begin accepting eCashPad card swiped transactions from the initial base of eCashPad owners.
Present VeriSign Payflow Pro merchants wishing to receive card present transactions originating from the eCashPad will be required to add on an additional Payflow Pro credit card present account plus an additional credit card present merchant account.

Web merchants not offering the VeriSign Payflow Pro gateway service simply need to add on the VeriSign gateway without canceling their existing verbal credit card order service. This will enable consumers without an eCashPad to still purchase from the merchant's web site by using a verbal credit card order.

Verbal credit card orders are when a consumer types in their credit card data which is then seen by the merchant and stored at the merchants web site. eCashPad payments enable consumers to effect Bank Eyes Only™ transactions which prevent card data from being seen or stored at the merchant' site and will offer the web merchant a lower charge rate from their verbal credit card processor.


The eConnect Bank Eyes Only™ system currently supports card present credit card payments which are routed through the VeriSign payment gateway for authorization.

The eCashPad, retailing at $59.95, is a device that attaches to the consumers lap top or desktop computer enabling them to effect Internet cash payments by PIN entered debit, card present credit cards and smart cards.

"With the publishing of the Merchant Integration Kit, we are now open to all VeriSign merchants. They now will be able to receive card present credit card payments. eConnect will generate a Bank Eyes Only™ service fee per transaction. These fees will be paid monthly to eConnect by the merchants using their eCashPad.
The MIK in combination with the eCashPad now completes the eConnect Bank Eyes Only™ payment infrastructure, which presently is gated through VeriSign. The eConnect Bank Eyes Only™ service is now an additional cost savings service for web merchants to offer at their sites," stated Thomas S. Hughes, Chairman and CEO.

SAFE HARBOR: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created under those sections. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.


BACK TO TOP

 

[2EZ2BRICH]

October 19 - Update on Developments

The eConnect Bank Eyes Only™ system now consists of both a front end and back end infrastructure.

eConnect is the front end processor who receives the credit card eCashPad originated payment. Next, the transaction is handed off to VeriSign, who hands off the transaction to our back end processor, who then settles the transaction with major banks. These banks send the web merchant the money owed, less the discount rate, which is charged by the acquirer bank to the merchant.

The front end of the Bank Eyes Only™ system is a hardware solution to cost efficient and safer Internet commerce and consists of:
The eCashPad to send the payment.

The Merchant Integration Kit which enables the web merchant site to communicate with the eCashPad.

The web merchant receiving a Merchant ID# which enables the acquirer bank to make payment to the web merchant from an eCashPad originated transaction.

The back end of the Bank Eyes Only™ system consists of:
VeriSign, who gates the Bank Eyes Only™ transaction to the back end processor.

The back end processor, who settles the transaction with the acquirer bank.

The acquirer bank, who makes a payment to the merchant's bank, less discount fees. These fees will be reduced for the merchant because the consumer's credit card payment was done with an eCashPad.
The eConnect eCashPad USB is going to be used by eConnect as the mass marketed consumer unit. The eCashPad Version 1 was a demonstration model which was used by eConnect as a learning device as we built the overall Bank Eyes Only™ system.

Our target to begin the 14-day Tryout campaign is mid November. eConnect will send the eCashPad USB to consumers for 14-days to try out. The consumer will then either pay eConnect for the eCashPad using their new device which allows for a credit card present payment or they will return the eCashPad to us.

It is the marketing goal of eConnect that word of mouth by consumers will rapidly bring in additional web merchants.

It is the financial goal of eConnect to show eCashPad sales and eCashPad transaction fees generated this quarter.

BACK TO TOP


--------------------------------------------------------------------------------


October 16 - Common Stock Purchase Agreement Reference to Floor Price

Reference P3. Section 1.21
P6. Section 2.2C and on to Page 7

To view full Common Stock Purchase Agreement, click here.

BACK TO TOP


--------------------------------------------------------------------------------

September 24 eConnect Update


The completed portions of the eConnect Bank Eyes Only™ system are:

1. The eCashPad: The home Internet terminal to effect credit card present and ATM card with PIN entered same as cash Internet payments.

2. The Merchant Integration Kit: Enables web merchants to install the communication link between the eCashPad and the merchants web site so that card present credit card and PIN entered debit payments can be made by the consumer.

eConnect is presently working to certify eCashPad originated card present credit card merchant discount rates with our gateway and acquirer services. Web merchants will thereafter enjoy a lower discount rate than their present Internet rate, whenever they are being paid by an eCashPad transaction.

eConnect is also presently working on delivery of eCashPad PIN entered same as cash payments to web merchants.

eConnect revenues will be generated from:

1. Merchant's adding the gateway service to enable the eConnect Bank Eyes Only™ solution.

2. Merchant Fees generated when consumers are using an eCashPad at the merchant's web site.
BACK TO TOP


--------------------------------------------------------------------------------
September 15th News Update
September 15, 2001: eConnect has now received a proposal from an ATM card network to begin a Pilot for eCashPad originated ATM card with PIN debit Internet payments.

The Pilot requires that the participating Internet merchants be sponsored by a member bank within the ATM network organization. Once the Pilot has been successfully concluded, the ATM card network will then allow Internet card swiped transactions to occur in a network wide production environment.

We are in contact with many Internet merchants and service providers who we expect will incentivize their customers to pay by a same as cash ATM card with PIN payment. These are the exact same type of payments that occur every day at grocery stores and service stations and will be a major breakthrough for fundamentally increasing the usage of Internet commerce.

eConnect is already leading the way for first ever Internet card present credit card transactions, which is also a major breakthrough for safer Internet commerce and a substantial improvement for web merchants.

eConnect in now in discussions with partners to determine the best strategy of generating critical mass usage of the eCashPads by Thanksgiving. We are anticipating major breakthroughs in the launch of the PERFECT industry and note that eConnect's first day of business began on August 21 with the publication of the Merchant Integration Kit.

Elemental forces within the Internet, which continues to grow on a daily basis, are readily accepting the eConnect Bank Eyes Only™ system. The cutting edge usage of home Internet hardware, such as the eCashPad and the generation of fees from incoming eCashPad transactions, positions eConnect for a bright and exciting future.

In related news, eConnect filed an amendment to the SB2 filed July 30th in response to comments received on the SB2 filing.

As a separate point, we urge everyone to buy American flags, or go to a restaurant or purchase new clothes so that the economy of the United States moves forward and we in effect tell the terrorists that they have not succeeded and never will succeed.

BACK TO TOP


--------------------------------------------------------------------------------

Bank Eyes Only™ Product Update
September 9, 2001: We now have all three elements in place that provide a cohesive Bank Eyes Only™ product that will be sold in volume with the help of respected companies. We are providing a first ever Internet credit card present service for web merchants.


Element 1. A terminal from the home.

1. In order to accomplish a PERFECT Internet transaction, you need a simple and inexpensive terminal... we have that in the eCashPad Version 1, which attaches to most desktops, and we will have the eCashPad Version II, which features a USB connector and enables the consumer to hook their eCashPad to a lap top, desktop or PDA device, and it will be arriving in October.

Element 2. A published Merchant Integration Kit (MIK) which enables web merchants to download and install the MIK at their site in order to be paid by an eCashPad transaction.

2. The MIK enables communication by the eCashpad with the web merchant's site. The MIK can be easily accessed and downloaded by the web merchants. Since August 21, the Merchant Integration Kit has been available and we have watched multiple merchants download and install the MIK at their site.

Element 3. An Acquiring Bank will be assisting eConnect by offering Card Present web merchants a lower Discount Rate than what they presently pay on non card present transactions.

3. What is the sense in a web merchant installing the MIK other than offering a safer credit card transaction to their customer? How about a Discount Charge rate that no matter what the web merchant's volume and level of Discount Rate for non credit card present transactions, they receive a substantially lower Card Present Rate when being paid by an eCashPad.

Over the last week, we have arranged this incentive with an extremely focused and participating acquiring bank.

This company will acquire the eCashPad transaction business for those web merchants who need to sign on for the service. Goldstake.net, for example, can keep their present non card present acquirer but needs the new acquirer for credit card present transactions.

All elements are now in place to enable eConnect to aggressively sell eConnect Bank Eyes Only™ system.

We are presently hiring straight commission sales people who are all professionals and know how to close the deal. This week we can finally begin to sell the Bank Eyes Only™ service as the full package.

The above applies to eCashPad originated credit cards. We can also now hand off PIN translations of ATM card with PIN and debit card payments...which is the same as cash to Internet merchants, small businesses etc., all delivered in real time across the Internet.

We are in the process of arranging direct handoffs of PIN translation to a strategic partner and into the POS networks for ATM card and debit card with PIN authorization. An eCashPad PIN transaction is simple...if the consumer has cash in their checking account, then the transaction is completed with the money immediately debited... if they do not, then there is no completed transaction. This type of transaction immediately lends itself to home gaming, home entertainment and other Internet services.

This week we are now in business and are launching the PERFECT industry.
BACK TO TOP



--------------------------------------------------------------------------------

eConnect Progress Update
September 4. eConnect has made progress in charting the unknown territory of Internet credit card transactions. Organizations working with eConnect have begun introductions of eConnect to banks who would act as both the acquirer of a card present transaction and as the settlement bank for the card present transaction.


Web merchants will be offered a lower Discount Rate to receive eCashPad originated credit card present payments as opposed to non card present Internet credit card orders.
Merchants who wish to be paid by an eCashpad Bank Eyes Only™ e-payment will be asked to simply access the participating bank's web site, click the Bank Eyes Only™ icon, and to then sign on for the bank to acquire that merchant's receipt of card present credit card payments.

The merchant can still keep their existing previous verbal credit card bank relationship but needs to add on the new bank for credit card present transactions.

PIN entered ATM card/debit card payments:

eConnect is now capable of PIN translation (Derived Unique Key Per Transaction) and is in ongoing and fast forward talks with POS gateways and networks. We are focused on beginning a pilot this month for eCashPad originated ATM card/debit card same as cash payments to Internet merchants.

Definitions:

Discount Rate: The percentage of credit card sales amounts that the acquiring financial institution charges the Internet merchant for the settlement of the transaction.

Credit card not present: This is the type of transaction whereby the consumer either types in their credit card data or calls in or faxes in their credit card data to the merchant. In general, the Discount Rate for this type of transaction begins at 2.95% of the purchase and can and does go far higher depending on the type of merchant being paid for.

Credit card present: This is the eCashPad transaction as the credit card is being read by the eCashPad when the home Internet user swipes their credit card on the eCashpad. Card present credit card transactions are far safer for the consumer and will result in a lower bank Discount Rate for the web merchant.

PIN entered ATM card/Debit card: This is the Internet eCashPad transaction whereby the consumer swipes their ATM card or debit card and then enters their PIN. This is known as an on line debit POS payment and results in the immediate debit of the cash amount from the consumers bank account. It is a same as cash Internet payment to the web merchant.
BACK TO TOP



--------------------------------------------------------------------------------


eConnect News Announcement on the Bank Eyes Only™ service

August 29. As of August 21, eConnect published the Merchant Integration Kit which now enables web merchants to add on the Bank Eyes Only™ service at their web sites.

The eConnect solution for safe Internet commerce is eCashPad originated transactions to make card present credit card payments. This is uncharted territory and the next step is to begin discussions with major banks to determine lower card present rates for Internet merchants being paid by an eCashPad originated transaction.

When we know these new card present rates they will be posted at our web site.

The same eCashPad can also make a PIN entered on line debit cash payment to Internet merchants and eConnect will soon be entering into proof of concept PIN entered payments by eCashPad originated ATM card/debit card payments. These transactions are the same as cash to the web merchants and will open up payments by non credit card consumers, and by consumers who wish to pay cash for purchases.

It is more and more evident every day that the eConnect eCashPad hardware solution for Internet commerce is the best solution to substantial reduction of Internet credit card fraud and for the implementation of PIN entered debit cash payments. (see articles that we have posted)

eConnect has now completed the Bank Eyes Only™ solution which consists of the eCashPad and the Merchant Integration Kit.

As of August 21, eConnect has had a full Bank Eyes Only™ system to offer as an alternative method of payment to Internet merchants. We have grown beyond the roll out schedule, and are now working aggressively to market and sell the Bank Eyes Only™ solution to both consumers and merchants and to engage strategic alliances with key companies who see the eConnect Bank Eyes Only™ solution as important to their own business interests.
BACK TO TOP

 

[kunta]

2EZ2BRICH ECNC is moving now but watch out...last year made a lot of money on it but it also tanked too...in summary ECNC is a joke

 

[kunta]

2EZ heres a tip for you EDIG.......

 

[2EZ2BRICH]

Kunta,

i hear ya ! i work for a brokerage in NY. i saw a client buy 100,000 shares, back in the end of 1999, for pennies (i believe it was .07 - .12 cents) damn thing went up to $20. so that put there account at $2mil. unfortunately, they didn't sell...can we say greedy ! so they were millionaires for about 2-3days.

i've kept my eye on this company every since. ya gotta admit though, signing with Verisign and First Data, is pretty significant and it does seem like a good idea.

i purchase all the time from the net, and i always think that what if someone hacks that particular site. would they have access to my card credit info.

please keep the comments coming. this stock was at .01, last week and now it's trading at .06. not a bad gain huh ?

2ez2brich

 

[kunta]

2EZ are you in ECNC now? also that guy had to be an idiot for not selling unless those shares were restricted... yeah ECNC is a nice gainer so far passed on it at .022 cause i'm transferring funds now at .068

 

[2EZ2BRICH]

i'm not in ECNC now my friend. keeping an eye on it though.

i had EDIG, back in early to mid 2000. priced dropped on me and i dollar cost average my way out.

here are some other no gainers for me: IMON, VCSY, BICO. made and lost money with both.

 

[kunta]

man stop it your bringing back some good memories for me man VCSY was a monster 3 to 121 in like a month

 

[2EZ2BRICH]

damn thing up 56% now ! Shiat ! hehehe gotta control my emotions though. probably back down 60% tomorrow.

 

[kunta]

yeah EZ if your gonna get in just get in for the gap already a few days up, and the day chart looks real good

 

[2EZ2BRICH]

up 80% bro...hehehe it's killing me !

 

[kunta]

dang if that kills you, it kills me that i passed on VLPI at .20 mofugga ran to 2

 

[r00+]

I work in the smart card industry. In fact, I'm a leading advisor/developer for EMV (Electronic Visa, Mastercard).

The reason this stuff never takes off is simple.
For the user at home, username/password is good enough and so is CC#. Consumers don't want the hassle of hardware and hardware drivers, even if they're free! (Case in point, Amex gave away thousands of smart readers to Blue users and the BlueCert system failed)

The market is too soft to penetrate it with items that in the end, wind up making more work for the consumer. (Installing hardware and drivers is a lot of work for people who don't know any better)

Don't buy.

 

[2EZ2BRICH]

thanks for the reply r00+ !

have you checked out the web site my friend. if not read and let me know if you still feel this way. i just received and email, agreeing with your comments R00+. this is why it is so necessary to do thorough research. to me, this seems like a good deal, yet, i am niaeve to a lot of this 'tech stuff.

Kunta,

we need to keep in touch my friend. let me know what ya hearing and buying: [email protected]

 

[kunta]

EZ just contact me through AIM i'm on either as UFalum2000 or UFalum2001, you shoulda asked me a few wks ago i woulda hooked you up with HRBG.... $9 with a $2 dividend, only had to hold a wk for a 25% safe gain

 

[r00+]

EZ,
Just read the website. I feel even more so than I did before.

They don't appear to have a good market strategy for getting readers into comsumers hands cheaply. 60 bucks is a lot of money for something the average internet user will use maybe once per month.
Also, I see no Bluetooth/802.11 developments to put those readers into palm devices for instant payment at participating Real-Life merchants. That would put them over the top and into a Buy recommend.

Technodamus says, "This bitch is gonna tank in 8-12 months."

I think you had a stock thread two weeks ago and I recommended acti and ctech. Both have made massive gains since then. Look for acti to double by end of November.

 

[2EZ2BRICH]

hey r00+,

can we all stay in [email protected] or AIM: brich2ez


2ez


oh yeah, thanks for the info !

 

[freshr1]

I agree with r00+. This'll never take off. People don't want to install extra hardware for something which can be done over a webpage. All online CC pages are secure already, so the security isn't an issue.

Man, I haven't played with stocks for a long while. Made some nice cash when I got in on the RHAT and some other IPO's. Got out just in time! Then I lost about $10k in TDFX when they shut down. Damn, their new hardware woulda kicked ass. They were almost done!!! Maybe I'll start lookin into investing again. Penny stocks all the way.

my $0.02