The STAR® Online Partner service allows STAR debit cardholders to quickly link their STAR debit card to a PayPal® account online. With this solution, consumers can enroll for a PayPal account through their financial institution's Internet banking site, and, once registered, immediately use their debit card to fund their PayPal account to make online purchases.
Consumers do not need to enter debit card account information for each purchase using their PayPal account or expose their debit card number to merchants for each purchase. Transactions funding the PayPal account are authorized and settled via the STAR Network, similar to point-of-sale transactions.
With this innovative approach, STAR’s Online Partner service uniquely leverages the strengths of its key players to meet consumers’ need to pay for their online purchases safely, using their own money:
- Financial institutions provide brand recognition while maintaining the trusted relationship with the customer and authenticating them with “Know Your Customer” credentials.
- The STAR Network provides the robust, secure and reliable payment infrastructure that includes existing relationships and connectivity with nearly 5,000 financial institutions, as well as the certainty and efficiency of real-time payments processing, speedy settlement, and streamlined back-office tools.
- PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 87 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global e-commerce.
The result is an innovative e-commerce payment method that combines the security and convenience of PayPal with the consumer appeal of STAR debit, available directly from the financial institution’s Internet banking site.
Each year, BankNews sponsors its Innovative Solutions Awards, to recognize companies that have introduced or significantly enhanced products designed to help community banks become more efficient, expand their capabilities and, ultimately, better serve their customers. Check out the entry for STAR’s Online Partner service .