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Pay By Touch Introduces 'One-Button' Electronic Deposits for Retailers Offering Check Cashing
Paycheck Secure Powered by Pay By Touch Now Features 'Check 21'
Last Update: 8:02 AM ET Jul 10, 2006 - CBS MarketWatch
SAN FRANCISCO, July 10, 2006 /PRNewswire via COMTEX/ -- Pay By Touch, the global leader of biometric authentication, personalized rewards, and payment solutions, today announced the launch of Paycheck Secure 8.0, an upgrade from the previous version of Paycheck Secure, that allows retailers to electronically deposit all checks at once with the simple touch of a button.
To date, more than $8 billion in checks have been cashed using Paycheck Secure powered by Pay By Touch.
Paycheck Secure 8.0 enhances existing technology that enables fingerprint authorization for customers cashing government or payroll checks. Benefits of the new version include significant time savings, more secure transactions and faster access to funds.
"Paycheck Secure is a win-win for consumers and retailers," said John Rogers, founder, chairman and CEO of Pay By Touch. "Paycheck Secure retailers are improving their bottom lines and becoming more competitive through quicker check cashing and a streamlined business process."
Convenient and Secure
Paycheck Secure 8.0's Check 21 feature allows the deposit of checks using electronic images rather than paper checks. This means that busy retailers no longer need to make trips to the bank to make deposits. The new feature may also improve retailers' cash flow with more frequent deposits.
The competitive advantage for retailers is in the ability to accept third-party checks for deposit, reduced risk, simplified historical record keeping and streamlined store management procedures.
How It Works
Signing up to use Paycheck Secure is simple and takes about a minute. Customers simply provide a photo ID, two finger scans, and a digital photo which is taken right in the store. Once enrolled, customers can quickly and securely cash payroll checks with a quick and simple finger scan. No IDs are necessary, and risk to the retailer is dramatically reduced.
After a store has completed their check cashing activities for the day, the Manager can deposit a batch of checks to the bank account electronically with just the touch of a button.
"As a person without a bank account, cashing my paycheck has become much easier using Pay By Touch's Paycheck Secure," said California resident Isidro Vega. "I just walk in, put my finger down, and the clerk instantly 'knows' me."
Assists in Compliance with Federal Government Regulations
Paycheck Secure 8.0 makes it easy for retailers to comply with federal check cashing-related laws by automating some of the reporting required from any check cashing business.
"Banks are concerned that money service businesses are not complying with all the government regulations," said Jeffrey Louie, owner and operator of the ABC Check Cashing Company in Sacramento, Calif. "Our banker loves the Paycheck Secure system because it streamlines record keeping and automatically enables compliance."
For additional information about the Paycheck Secure product, visit
http://www.paychecksecure.com/.
Overview
Paycheck Secure is a complete payroll check cashing solution. Our system stops fraud and speeds check cashing by using the latest fingerprint scanning technology and the nation's largest commercial biometric database.
The previous version of Paycheck Secure was named the BiometriTech Product of the Year in 2003
How the System Works
Your customer completes a one-time one-minute enrollment at any Paycheck Secure location. The customer's driver's license information and fingerprints are recorded in the system, along with a digital photo of the customer.
When the customer returns to your store to cash a check, all they need to do is put their finger on the scanner, and the fingerprint scanner verifies your customer's identity. The customer's complete check cashing history appears on the screen, and Paycheck Secure will make a clear recommendation about whether you should accept or reject the customer's check.
Enrolling in Paycheck Secure
The enrollment process is quick and easy for both you and your customers. In about one minute, the customer can be ready to cash checks in your store or any store in your chain.
1. Customer hands clerk a photo ID. The clerk scans the front and back of the customer's ID, and the information will be entered automatically in the Paycheck Secure system. No data entry required!
2. Take the customer's picture. Using the included PC camera, the clerk takes a digital photo of the customer to be added to the database. The customer's picture will appear on the screen every time they cash a check, so you can easily verify their identity.
3. Customer scans finger. The customer's fingerprints are entered into the Paycheck Secure system. Using fingerprints is much safer than using passwords or PINs, because fingerprints cannot be lost, stolen or duplicated.
That's it! The customer is now ready to securely cash checks in your store. If you're using multi-store enrollment, the customer's information can be ready to access in every store in your chain within minutes.
Cashing Checks with Paycheck Secure
Cashing checks is a breeze for you and your customers. With Paycheck Secure, you'll be cashing more checks than ever before, with more security. The entire process takes as little as 15 seconds.
1. Customer scans a finger and their record appears. The customer places either index finger on the biometric finger scanner. Within seconds, you'll see the customer's picture, drivers license, and check cashing history on the screen.
2. Run customer's check through the scanner. The bank account and routing information will automatically be entered into the system. (Don't worry, Paycheck Secure can detect most kinds of fake checks and alert you before any money changes hands.)
3. Enter check number and date. You can tell Paycheck Secure to automatically reject checks that fall outside the dollar amounts or date limits you set. Paycheck Secure will automatically calculate the check cashing fee for you.
You're done! Paycheck Secure looks at several factors, including the customer's check cashing history and the maker information, and makes a recommendation on whether you should accept the check. Green means Accept, and Red means Reject.
Paycheck Secure Powered by Pay By Touch Now Features 'Check 21'
Last Update: 8:02 AM ET Jul 10, 2006 - CBS MarketWatch
SAN FRANCISCO, July 10, 2006 /PRNewswire via COMTEX/ -- Pay By Touch, the global leader of biometric authentication, personalized rewards, and payment solutions, today announced the launch of Paycheck Secure 8.0, an upgrade from the previous version of Paycheck Secure, that allows retailers to electronically deposit all checks at once with the simple touch of a button.To date, more than $8 billion in checks have been cashed using Paycheck Secure powered by Pay By Touch.
Paycheck Secure 8.0 enhances existing technology that enables fingerprint authorization for customers cashing government or payroll checks. Benefits of the new version include significant time savings, more secure transactions and faster access to funds.
"Paycheck Secure is a win-win for consumers and retailers," said John Rogers, founder, chairman and CEO of Pay By Touch. "Paycheck Secure retailers are improving their bottom lines and becoming more competitive through quicker check cashing and a streamlined business process."
Convenient and Secure
Paycheck Secure 8.0's Check 21 feature allows the deposit of checks using electronic images rather than paper checks. This means that busy retailers no longer need to make trips to the bank to make deposits. The new feature may also improve retailers' cash flow with more frequent deposits.The competitive advantage for retailers is in the ability to accept third-party checks for deposit, reduced risk, simplified historical record keeping and streamlined store management procedures.
How It Works
Signing up to use Paycheck Secure is simple and takes about a minute. Customers simply provide a photo ID, two finger scans, and a digital photo which is taken right in the store. Once enrolled, customers can quickly and securely cash payroll checks with a quick and simple finger scan. No IDs are necessary, and risk to the retailer is dramatically reduced.
After a store has completed their check cashing activities for the day, the Manager can deposit a batch of checks to the bank account electronically with just the touch of a button.
"As a person without a bank account, cashing my paycheck has become much easier using Pay By Touch's Paycheck Secure," said California resident Isidro Vega. "I just walk in, put my finger down, and the clerk instantly 'knows' me."
Assists in Compliance with Federal Government Regulations
Paycheck Secure 8.0 makes it easy for retailers to comply with federal check cashing-related laws by automating some of the reporting required from any check cashing business."Banks are concerned that money service businesses are not complying with all the government regulations," said Jeffrey Louie, owner and operator of the ABC Check Cashing Company in Sacramento, Calif. "Our banker loves the Paycheck Secure system because it streamlines record keeping and automatically enables compliance."
For additional information about the Paycheck Secure product, visit
http://www.paychecksecure.com/.
Overview
Paycheck Secure is a complete payroll check cashing solution. Our system stops fraud and speeds check cashing by using the latest fingerprint scanning technology and the nation's largest commercial biometric database.
The previous version of Paycheck Secure was named the BiometriTech Product of the Year in 2003How the System Works
Your customer completes a one-time one-minute enrollment at any Paycheck Secure location. The customer's driver's license information and fingerprints are recorded in the system, along with a digital photo of the customer.
When the customer returns to your store to cash a check, all they need to do is put their finger on the scanner, and the fingerprint scanner verifies your customer's identity. The customer's complete check cashing history appears on the screen, and Paycheck Secure will make a clear recommendation about whether you should accept or reject the customer's check.
Enrolling in Paycheck Secure
The enrollment process is quick and easy for both you and your customers. In about one minute, the customer can be ready to cash checks in your store or any store in your chain.
1. Customer hands clerk a photo ID. The clerk scans the front and back of the customer's ID, and the information will be entered automatically in the Paycheck Secure system. No data entry required!
2. Take the customer's picture. Using the included PC camera, the clerk takes a digital photo of the customer to be added to the database. The customer's picture will appear on the screen every time they cash a check, so you can easily verify their identity.
3. Customer scans finger. The customer's fingerprints are entered into the Paycheck Secure system. Using fingerprints is much safer than using passwords or PINs, because fingerprints cannot be lost, stolen or duplicated.
That's it! The customer is now ready to securely cash checks in your store. If you're using multi-store enrollment, the customer's information can be ready to access in every store in your chain within minutes.
Cashing Checks with Paycheck Secure
Cashing checks is a breeze for you and your customers. With Paycheck Secure, you'll be cashing more checks than ever before, with more security. The entire process takes as little as 15 seconds.
1. Customer scans a finger and their record appears. The customer places either index finger on the biometric finger scanner. Within seconds, you'll see the customer's picture, drivers license, and check cashing history on the screen.
2. Run customer's check through the scanner. The bank account and routing information will automatically be entered into the system. (Don't worry, Paycheck Secure can detect most kinds of fake checks and alert you before any money changes hands.)
3. Enter check number and date. You can tell Paycheck Secure to automatically reject checks that fall outside the dollar amounts or date limits you set. Paycheck Secure will automatically calculate the check cashing fee for you.
You're done! Paycheck Secure looks at several factors, including the customer's check cashing history and the maker information, and makes a recommendation on whether you should accept the check. Green means Accept, and Red means Reject.
