Company: US Dataworks Inc.
Approximately 88 million U.S. consumers are either unbanked or underbanked, according to KPMG LLP. In addition, unbanked and underbanked consumers regularly use alternative check cashing and payday loan services and represent total combined annual earnings of $1.3 trillion.
Reaching this growing segment of the population was the motivation behind development of PayItFast, a new cloud-based application for walk-in (in-store) payments, available through US Dataworks Inc.
PayItFast was designed for utility companies, government agencies, insurance companies, check cashing services and other entities with multiple payment locations. Users plug the combination check scanner and card swipe terminal into an Internet connection to begin processing payments.
PayItFast operates independently of a personal computer and centralizes payments into US Dataworks' Clearingworks payment platform, the company reported.
"By turning the concept of traditional walk-in payment processing on its head, US Dataworks has delivered an affordable solution to a high-cost transaction," said US Dataworks President and Chief Operating Officer Mario Villarreal.
"The combination of our Clearingworks cloud-based delivery model and the ability to process any payment type provided by PayItFast will significantly reduce the upfront and ongoing costs while accelerating funds availability."
According to US Dataworks, the app extends Clearingworks' four pillars of payment processing, which are ClearPayments multichannel payment processing, ClearDeposits payment deposit and clearing solution, ClearReturns automated returns matching and posting service, and ClearInsights integrated payment data and analytics.
In the past, most businesses were forced to rely on fragmented manual processes that delayed funds availability and inconvenienced customers, stated Leilani Doyle, US Dataworks Director of Product Management. "What's more, businesses struggle with limited counter space and staff training time, which is why PayItFast's compact design and streamlined operations is the perfect solution," she added.
PayItFast accepts all major payment types, including checks, credit cards and cash. "There's check scanning, front and back of the check at the same time," Doyle said. "You can swipe a credit card and use that for bill payment." It will also take cash, account for cash and open a cash drawer if the merchant is enabled with a cash drawer, she added.
Doyle said PayItFast reduces processing costs, which are typically much higher for walk-in payments, and based on research, the market appears to be growing. The service is offered on a monthly subscription fee basis, and residual income opportunities exist for agents who partner with US Dataworks, the company stated.
US Dataworks Inc.
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