AP Technology has seen a lot change since opening it doors in 1989. The provider of payment origination solutions to bank, financial institution, government, university and business clients is responsible for processing in excess of $30 billion annually for the 6,000 customers that rely on its check issuance, electronic payment, data conversion and data transfer technology, the company said.
From the beginning, innovation has been a central theme. "We consider ourselves a startup with 25 years of experience," said AP Technology Chief Executive Officer Richard Love. "The reason we say that is we've been building applications that are sitting in the back office of large, major financial institutions and large corporations and providing some good fundamental payment applications for that."
To augment that business, the company launched APeChecks, a cloud-based platform with mobile payment capabilities. "We've taken 25 years' experience working with accounting applications, and we get to marry those together into newer technology with cloud applications with a mobile front end," Love noted.
While cloud-based payment applications are nothing new, one aspect is often overlooked. "One of the things we find is that everybody is kind of leaving the small businesses in the dust because they're not embracing checks," Love said. "And for small businesses, there are still 20 billion checks being processed each year."
He said two primary reasons exist for small businesses to retain checks. One is to maintain control over finances and the other involves cash flow. Often a business owner will have an accountant print a batch of checks, then release checks as they become due. "That business process is really important to small businesses, and they don't want to dump that process to go to an ACH or some other electronic format," Love said.
AP Technology found that it could help small businesses bridge the gap and save time by automating the process through the cloud, so checks can be printed and delivered on demand. "Now that CEO on Friday could actually be on a golf course and they can pull out their mobile app and say, 'Oh, I've got approvals to do,'" Love said, adding that the business owner is able to sign directly on the mobile screen to approve checks. Using multitiered security, the digital signature is then transferred to checks upon printing.
Beyond remote approvals, the platform offers automated clearing house (ACH) and other payment options. Businesses are able to send email billing notifications to accounts payable departments, at which point, if an ACH payment is selected, the account information is entered and electronic delivery of payment is executed.
AP Technology said it has evolved its platform to accommodate not only business-to-business, but consumer-to-business clients as well, all with the utmost security. "Our mobile application and the security that we provide in that application is three tiers deep just in the communication of that data and that data at rest," Love said. "We have patented technology on secure movement of financial data and automation of that movement of data."
To provide a buffer against fraud, AP Technology developed tools for scoring customers based on a number of variables. "Besides vetting the customer, doing all the fact checking, anti-money laundering and all those other factors, we also give a score and decide, as they're using our system, what levels they can deal with per transaction, per day and as far as geographical locations related, too," Love said.
In the coming months, AP Technology plans to expand its sales channels. "APeChecks' ISO reseller program will be introduced in Q1 2016," said Greg Wilfahrt, the company's Chief Mobility and Marketing Officer. "It will provide generous income for ISOs, while providing merchants with flexible, cutting-edge ACH and e-check services – yes, traditional check solutions, too – wrapped in the APeChecks payment platform."
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
Chief Mobility and Marketing Officer
Company Profile originally appeared in
The Green Sheet Issue 150802
220601 - Nationwide Payment Systems
211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
180801 - Century Business Solutions
180502 - Priority Payment Systems Northeast
180501 - Merchant e-Solutions Inc.
180301 - Wirecard North America
180201 - Sysnet Global Solutions Ltd.
171202 - Secure Cryptopayments
171002 - National Benefit Programs LLC
170902 - Frates Insurance & Risk Management
170901 - DCS Holdings Group LLC
170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
170701 - Veratad Technologies LLC
170502 - Frontline Processing Corp.
170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
161201 - CSR Professional Services Inc
161102 - Digitzs Solutions Inc.
161101 - Residual Sheriff LLC.
160801 - DigiPay: Solutions Inc
160702 - CreditCardProcessing.com
160201 - Lead Tracking Systems LLC
151202 - Benseron Information Technologies Inc.
151201 - CardWare International Inc
151101 - Lion Capital Group LLC
150801 - Topcreditcardprocessors.com
150702 - Vision Payment Solutions LLC
150601 - Conformance Technologies
150502 - Global Processing Systems
150402 - Mercantile Processing Inc.
150401 - Field Guide Enterprises
150302 - Signature Card Services
150301 - Premier Payment Systems Inc.
150201 - Humboldt Merchant Services
150102 - Expansion Capital Group LLC
141102 - National Merchants Association
141001 - Instant Credit Manager
140902 - Merchant Cash and Capital LLC
140701 - National Transaction Corporation (NTC)
140601 - Total Merchant Services
140501 - Nationwide Payment Solutions
140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
140201 - Process Pink Payments LLC
131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems