October 10, 2002 * Instant Real Time Credit Card Payments for Indian Exporters

Exporters of Indian products and services now have a new and unique avenue for the collection of their export proceeds. ResAvenue can enable any Indian exporter to accept credit card payment, through Visa, MasterCard, American Express, Diners Club & Citibank E-Cards, from overseas buyers via the Internet.

With ResAvenue's "Collect Bill Payment" pre-configured and customized Internet enabled software, exporters can send an electronic invoice to their buyers by email, with a specifically embedded, tamper proof, payment link, which when clicked by the foreign buyer, will prompt him to enter his credit card data directly on a Verisign secure SSL page, provided by Citibank N. A and ICICI Bank Limited. The buyer can then enter his choice of credit card i.e. Visa, MasterCard, American Express, Diners Club or Citibank E-Cards; get real time confirmation of the success of the transaction as well as an email from ResAvenue.

Indian exporters who exhibit abroad, can now process secure real time credit card transactions anywhere in the world, with guaranteed payments back home in Indian Rupees. The ResAvenue VIRTUAL TERMINAL is a pre-configured and customized software that can be kept continuously on during the trade fair hours, so that trade visitors and customers both can purchase products from the exporters stall and pay for them using their Visa, MasterCard, American Express, Diners Club or Citibank E-Cards; get real time confirmation of the success of the transaction as well as an email from ResAvenue. The software also generates an invoice for each transaction, which can be printed or sent by email to the customer.

This greatly improves the exporters scope of sales as well as reduces their risk of having to carry back and or exchange vast sums of foreign currency. The system also maintains online accounting, allowing the exporters head office to instantly monitor the exhibition sales performance remotely in real time.
ResAvenue processes a scheduled weekly payment by an INR cheque to the designated account and office of the exporter in India. Exporters will also be eligible for a certificate of foreign inward remittance (F.I.R.C.) on a quarterly basis for all their overseas credit card transactions.

All that is required is access to a PC / laptop computer with Internet connectivity and an account with Avenues (I) Private Limited (www.ccavenue.com).

The RBI has clarified through various notifications that payments received by exporters from a foreign buyer via a Credit Card are an acceptable form of foreign inward remittance. The RBI has further clarified that the foreign buyer need not be on a visit to India, for such payments to be received.

ResAvenue.com has priced its exporter services to suit the needs of both small and large organizations.

a) Economy Account: This account type has specially been created for low transaction frequency exporters who are testing the waters. A one-time integration fee (non-refundable) of Rs 5,000/- is charged and each credit card transaction bears a discount rate of 7%. An annual software upgrades charge of only Rs.1200/- payable on 1st April, every year, is also applicable.

b) Premium Account: This account is preferred by established Exporters who have or expect to have a large number of Internet transactions. A one-time integration fee (non-refundable) of Rs 20,000/- is charged and each credit card transaction bears a discount rate of only 5%. An annual software upgrades charge of Rs.2400/- payable on 1st April, every year, is also applicable

Account holders in both of the above schemes are provided the same services. The only difference is the Transaction Discount Rate on Credit Cards, which is 5% for premium account holders and 7% for economy account holders.

About ResAvenue
Established in the year 2001and headquartered in Mumbai, India, ResAvenue provides turnkey e-commerce solutions to hundreds of e-merchants across India. ResAvenue is the preferred Indian payment-processing service for e-commerce, providing server-based payment solutions, enabling merchants to process secure transactions in real time, 24 hours a day. The company's service is powered by proprietary technology that integrates online payment processing, fraud control, financial reporting and tracking. ResAvenue's Payment Solutions process credit cards and net banking transactions and work with any business model, including Internet call centers and retail. ResAvenue has also formed strategic alliances with leading financial institutions and technology partners to deliver the most comprehensive online authorisation and processing services available to Indian eMerchants. ResAvenue, today provides turnkey e-commerce solutions to more than five hundred e-merchants across India including major portals belonging to Union Ministry of Information Technology, I.L. & F.S., Baidyanath Group, Vakils, Kalnirnay, Oxford Book Store, IndiaInfo.com and the Shree SiddhiVinayak Ganapati Temple Trust. ResAvenue's secure, complete and leading-edge payment services maximize growth at every stage of a merchant's business lifecycle. For more information about ResAvenue, visit the company on the world wide web at www.CCAvenue.com or call (022)-26000816/46 and 26491524.