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.
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.
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.