ClearCommerce

In 1995, as the internet was just beginning to reshape commerce, a new company called ClearCommerce was founded in Austin, Texas, by Julie Fergerson. The company focused on a critical problem for the burgeoning world of e-commerce: how to handle transactions when the customer and their credit card weren't physically present. They developed software that provided solutions for these 'card-not-present' sales, tackling everything from real-time payment processing to the growing threat of online fraud. The company offered a suite of tools for businesses selling online or through mail and telephone orders. These tools automated transaction processing, calculated shipping and taxes, and, most importantly, analyzed transactions for potential fraud. As online sales grew, so did the risks of fraud and chargebacks, making ClearCommerce's services essential for merchants wanting to protect their revenue. The company successfully raised capital, including a Series C round of $30 million in February 2000, to expand its operations. A significant chapter in the ClearCommerce journey came in early 2005 when eFunds Corporation, a provider of risk management and electronic payment solutions, announced its decision to acquire the company. The deal, valued at approximately $19.4 million, was a strategic move for eFunds to strengthen its own offerings in online transaction processing and fraud prevention. The acquisition integrated ClearCommerce's specialized 'card-not-present' fraud detection capabilities with eFunds' existing data, aiming to provide a more comprehensive defense against payment fraud for a combined customer base.