VerifyValid Launches CheckItOut Payment Platform Beta

GRAND RAPIDS, Mich.--(BUSINESS WIRE)--VerifyValid, the web-based payment enablement and fraud prevention company, announced CheckItOut “Beta,” an all-new check payment platform, which costs organizations only the cost of a check, a flat 50 cents, per transaction. The company made the announcement at the PYMNTS.com's Innovation Project at Harvard in Boston.

“CheckItOut guarantees the majority of a payment, regardless of the size of that payment, go to the organization, and not to confiscatory fees.”

With CheckItOut “Beta,” any large or small business, public sector entity, utility (electric company, solid waste disposal service, etc.) or not-for-profit organization can accept check-based payments from their customers via a simple web interface, which takes only seconds to activate.

“Organizations are looking for a fast and secure way to accept payments that don’t require huge transaction fees, or take a percentage of the total transaction,” said Paul Doyle, president and co-founder of VerifyValid. “CheckItOut guarantees the majority of a payment, regardless of the size of that payment, go to the organization, and not to confiscatory fees.”

By maintaining a check as digital element and requiring no additional equipment for processing checks, VerifyValid only requires a .50 cent fee for the transaction ensuring the payments stay within the organization, and not into the marketplace. The savings add up, using a $1,000 payment as an example:

Vendor	Transaction Fee	Net to Non-Profit
Trad. Credit Card	Up to 4.75%	$952.50
Paypal	2.9% + $0.30	$970.70
Square	2.75%	$972.50
VerifyValid	Flat $0.50	$999.50

Through a simple to use web interface, a VerifyValid user can launch a instant web-based payment interface allowing their customers to pay them via the Internet without the cost and complexity of merchant accounts or credit card interchange fees.

In addition to saving money, CheckItOut saves organizations time by streamlining the accounts receivable process. Organizations can digitally deposit checks directly into their bank accounts, or can download and print checks from a simple office printer.

CheckItOut “Beta” allows organizations to save time, save money, and improve their overall payment acceptance and deposit process. Additional information is available at checkitout.VerifyValid.com.

About VerifyValid

Introducing Web-based Checks

With a few simple keystrokes, you can generate a check and deliver it securely and immediately via the web. Your payee receives a legally valid check that can be used wherever and whenever checks are accepted. And unlike technology advances that force users to change business processes or purchase new equipment, the VerifyValid™ service is completely compatible with the way you operate today. You‘ll still send and receive checks using your existing accounting system and checking account, but you‘ll use them in a way that is substantially less expensive and far more efficient. Using patented and patent pending fraud prevention technology based on a Trusted Time Stamp (American National Standard X9.95), VerifyValid™ now provides the critical framework for electronically validating checks. Online authentication removes the need for paper from the check process, giving checks their first major upgrade in over 200 years.

About The Innovation Project

Over 2 days, 100 speakers and 500 senior members of the payments industry will change the way that the payments and its broader commerce ecosystem thinks, talks, delivers and ignites innovation. On March 20^th and 21^st the greatest minds in commerce and payments will assemble at Harvard University near Boston to kick the conversation about innovation up to an entirely different level at a program called The Innovation Project. Speakers and delegates are among the most senior executives and elite innovators from literally every established payments company worldwide, along with the CEOs of the most innovative startups in the space. One of its five modules includes pairing industry CEOs with external thought leaders such as Al Gore (former U.S. VP), Steve Levitt (Freakonomics), Eric Reis (The Lean Startup), Rosie Rios (U.S. Treasurer), Russell Simmons (RushCard), Raj Date (CFPB), and Josh Lerner (The Architecture of Innovation) to challenge the conventional wisdom around what it will take to get merchants and consumers to adopt new ways to shop and pay. The Innovation Project also hosts the industry’s 2013 PYMNTS.com Innovator Awards, given to 15 of the industry’s top innovators over dinner, which this year will be emceed by B.J. Novak of The Office and will introduce delegates to 40 of the hottest “next generation” payments innovators.

About PYMNTS.com

PYMNTS.com is reinventing the way in which companies in payments share relevant information about the initiatives that shape the future of commerce and make news. This powerful B2B platform is the #1 site for the payments industry by traffic and the premier source of information about “what’s next” in payments. C-suite and VP level executives read it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. It’s where the best minds and best content meet on the web.