In an effort to revamp the payments process for today's businesses and consumers, VerifyValid, an innovator in providing electronic check payments for businesses, consumers, financial institutions and their customers, has launched its Mobile Checkbook app in the Apple App Store.
The app provides consumers and businesses alike with a simple-to-use mobile payment channel that avoids card interchange fees and provides the security and convenience of checks. The Mobile Checkbook expands the VerifyValid portfolio, especially for small businesses and consumers, by making the checkbook the most portable form of payment available.
VerifyValid's Mobile Checkbook app makes the process of sending and receiving check payments both easier and more powerful by enabling businesses and consumers to write, approve, sign, receive and deposit checks from their iPhone or other iOS device. Because the Mobile Checkbook app operates on an open network, individuals and businesses can send eChecks to anyone with a valid email address, whether they are a VerifyValid user or not. However, for new customers VerifyValid is offering a free starter checkbook to display the power of eChecks as a viable mobile payment method.
"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. "With our free starter checkbook, users can see the power and convenience of eChecks firsthand."
VerifyValid eChecks are the first true check payment that can be sent via the Internet by specifying an email address for delivery. For consumers, this means they no longer need to worry about leaving their checkbook at home or running out of checks. With the Mobile Checkbook app installed on their iOS device, users now have a check with them everywhere they go and can make payments on the job site or to businesses or friends quickly and easily.
In addition, using VerifyValid's separation of controls a business owner or parent can review and sign checks written on their account from anyplace they have cellular or Wi-Fi access.
In addition to providing a simplified means for sending eChecks, VerifyValid's Mobile Checkbook app also provides businesses and consumers greater functionality for managing payments through their mobile device. By opening an account with VerifyValid, users will receive access to their own free eLockbox, where they can access all eChecks they have received in one convenient location. From the eLockbox, users can print eChecks or deposit payments directly into their checking account at participating financial institutions.
Originally built on a fraud prevention platform, VerifyValid check authenticity can be fully validated, allowing any user to confirm that a check was issued from an authenticated account and has not been changed or altered. This process helps mitigate item representment, enabling greater detection and prevention of attempted fraud. "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 serve and protect businesses and their customers," added Doyle.
With the launch of its mobile app, VerifyValid has continued the evolution of the check. Having made significant advancements in security and delivery; eChecks have now established a new standard for checkbook portability.