The Green Sheet Online Edition
March 24, 2014 • Issue 14:03:02
Check is in the email
VerifyValid LLC, a company best known for giving paper checks an online makeover, recently launched the next step in electronic checks with the release of a new Mobile Checkbook app. Now consumers and businesses can send and receive electronic checks via Apple Inc. iPhone and other iOS mobile devices. Ideal for smaller businesses or anyone who accepts payments in the field, the app offers the security and convenience of check payments, without the added expense of interchange fees, VerifyValid stated.
"While consumers gain the freedom to pay for goods and services directly through the Mobile Checkbook app, our business customers experience greater convenience in accepting payments anytime, anywhere without incurring costly interchange fees associated with card transactions," said Paul Doyle, founder and Chief Executive Officer of VerifyValid.
Because the app operates on an open network, consumers and businesses are able to send e-checks to anyone with a valid email address, VerifyValid noted. The app allows users to write, approve, sign, receive and deposit check payments through iOS devices.
For new customers, VerifyValid is offering a free starter checkbook. "With our free starter checkbook, users can see the power and convenience of eCheck firsthand," Doyle stated. Once an account is opened, VerifyValid users have access to their own free eLockbox, where they can view and print electronic e-checks received and deposit payments directly into checking accounts at participating financial institutions.
Originally built on a fraud prevention platform, VerifyValid said check authenticity can be fully validated. According to the company, users can confirm that a check was issued from an authenticated account and has not been changed or altered in any way, a process that mitigates item representment.
"Based on growing instances of card network breaches, we saw a definite need for an advanced payment solution that builds upon traditional check payments to better service and protect businesses and their customers," Doyle noted. VerifyValid works with independent sales representatives, and the company plans to expand its reseller network in the near future.
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