Starting today, some online shoppers can use PIN-debit to purchase products through 2Checkout.com with the addition of PaySecure as its newest payment option.

PaySecure, a sophisticated encrypted PIN-Debit payment option is the first software-only service of its kind in the U.S. The service is fully automated and unique in comparison to traditional online payment methods and fills a nice niche for 2Checkout. Signature debit is a preferred payment method for many 2Checkout customers, but paying by PIN-Debit has never been an option until today. The addition expands 2CO’s market of potential buyers, who prefer to use PIN debit, or have PIN-only debit cards.

Here’s how the system works. PaySecure’s graphical PIN-pad appears during checkout when the system determines a customer’s debit card can be used with a PIN and the card is a member of Acculynk’s network. Customers are given the choice to enter their PIN on the PaySecure PIN-pad or run the transaction as signature debit. If they choose PaySecure, they enter each digit of their PIN into a unique, scrambling graphical PIN-pad by mouse, making the process undetectable by online scammers. Upon completion, they click “submit” and receive payment confirmation. Click here for a PaySecure demo.

Acculynk, the developer of PaySecure, is a leading technology provider with a suite of software-only services that secure online transactions. Unlike other alternative payment methods on the market, the company’s PaySecure model is fully automated and will not require new passwords, log-ins, or redirection to another website for payment. Consumers will only need their debit card and four-digit PIN.

PaySecure is in a pilot stage of development and currently supported by a select group of debit card networks, with additional networks to be added in the near future. 2CO’s integration of PaySecure falls in line with recent news about a recent rollback of credit accounts and credit limits from leading financial institutions. The news suggests an increased number of consumers will be forced to rely on their PIN-Debit cards in the future. Unprecedented and almost rash decisions have been made by financial institutions regarding the credit market that will inevitably impact customer buying behaviors and more than likely result in an increased use of PIN-Debit.

For example, American Express, recently offered to pay some cardholders $300 to close their credit accounts in an attempt to reduce default risks through the country’s recent recession. Other institutions are following suit in attempts to stop the bleeding. Creditaddict.com drew attention to a recent Money Magazine article stating “…credit card issuers have recently started reducing credit limits for some borrowers, even those with good credit records.” The article says that something as simple and irrelevant as living in a high foreclosure area, whether your credit is good or not, may result in a reduction of your personal limit.

Finally, a Huffingtonpost.com article pointed out that “…Credit-card companies have had to rein in their lending and shed accounts. Since that risks shrinking profits, they’re also trying to get as much as they can out of their existing customers, by doing things like sharply increasing their interest rates.”

The recent reactions from the financial sector suggest 2CO’s move to adopt and integrate a PIN-Debit payment method could not have been more timely. Not only will it result in an increase in customers who prefer to use PIN-Debit as their payment method of choice, but due to the credit crunch, it may soon rise to become a payment method of need for others.