Financial Software enables one-button electronic deposits.
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Press Release Summary:
Paycheck Secure v8.0 facilitates retailer compliance with federal check cashing-related laws by automating some reporting required from any check cashing business. It offers fingerprint authorization for customers cashing government or payroll checks and streamlines record keeping. Via secure transactions, software promotes timely access to funds and incorporates Check 21 feature for depositing checks using electronic images. Software also provides historical record keeping.
Original Press Release:
Pay By Touch Introduces 'One-Button' Electronic Deposits for Retailers Offering Check Cashing
Paycheck Secure Powered by Pay By Touch Now Features 'Check 21'
SAN FRANCISCO, July 10 -- 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 www.paychecksecure.com.
About Pay By Touch
Pay By Touch is the global leader of biometric authentication, personalized rewards, and payment solutions. The company's patented biometric products and services enable shoppers to conveniently and securely access personal accounts using a finger scan to identify themselves, make purchases, cash checks, and earn rewards. Pay By Touch also provides robust payment processing solutions for ACH (electronic checking), card-present and card-not-present debit and credit transactions. To date, Pay By Touch services over 154,000 retail clients, manages personalized rewards programs for more than 130 million opt-in consumers, and has more than 2.5 million shoppers using biometric authentication products and services at 2,000+ locations coast to coast. Founded in 2002, Pay By Touch is a privately held company headquartered in San Francisco that employs more than 600 professionals and holds more than 30 U.S. issued patents. For additional company information, visit www.paybytouch.com.
CONTACT: Shannon Riordan of Pay By Touch(TM), +1-415-281-2253, or shannon.riordan@paybytouch.com, or Aaren Weidner, Porter Novelli, +1-408-369-4667, or aaren.weidner@porternovelli.com, for Pay By Touch
