BioPay passes one million customer milestone
20 April 2004 | 3038 views | 0
Biometric payments leader BioPay, LLC today announced more than one million consumers have now enrolled in BioPay's electronic biometric identification systems to conveniently and securely pay for purchases and cash payroll checks.
The systems' quick and simple enrollment process, coupled with easy-to-use features, helped merchants and consumers complete nearly 7.5 million transactions worth $3 billion dollars. BioPay offers the nation's leading biometric payment and check cashing systems.
"We have clearly shown that biometrics have become widely accepted for payments and check cashing," said Tim Robinson, president, BioPay. "As a result, we are building on the success and momentum by expanding our technology to include other biometric applications; like pre-paid accounts, for instance."
Earlier this month the one millionth consumer was enrolled in BioPay at the Sterling Amoco gas station in northern Virginia. The franchise has been using BioPay's biometric payment service since last year.
"Customers like the convenience of paying for gas, snacks and sandwiches simply by scanning their finger," said Rich Gladu, owner of Sterling Amoco. "Cash transactions are quickly becoming a thing of the past.
The benefits of biometrics
Consumers like biometrics for their convenience. With biometrics, consumers do not need ID, cash, credit or debit cards to complete a transaction. They can leave their wallet or purse at home. A consumer simply needs to put their finger on the electronic scanner to verify their identity, make a payment, or confirm their check cashing history. It's that easy.
Merchants use BioPay's biometric technology to reduce bad checks and payment costs. Using Paycheck Secure, merchants can easily confirm a person's check cashing history before a transaction is completed. If negative information is noted, the transaction can be cancelled. In addition, merchants using BioPay's biometric payment service can greatly reduce payment costs. For example, BioPay costs about $0.15 (or 75% less) per transaction compared with the 1.5 - 3.0% per transaction cost of credit card and off-line debit (check card) transactions.
Convenient, low-cost payments and secure check cashing
BioPay began offering its biometric payment service in September 2003. The system allows consumers to make purchases from their checking account simply by scanning their finger at the check-out counter. No cash, checks, credit or debit cards, nor ID are needed. BioPay began shipping Paycheck Secure in June 2000. Since then, Paycheck Secure has become the market-leading biometric check cashing system for merchants across the country. Paycheck Secure uses a person's finger image to accurately identify the individual and confirm their check cashing history.
As of April 2004, the systems have been used to successfully complete nearly 7.5 million transactions worth $3 billion.
Customers only need to enroll in BioPay once, and enrollment can be completed at any merchant that offers the biometric payment service. To enroll, the customer gives the clerk his or her driver's license or other ID for inputting into BioPay's database. At the same time, the customer's index fingers are scanned. The customer's preferred checking account is also recorded. The entire process takes less than a minute. Repeat customers can quickly and conveniently pay for purchases with the touch of a finger. Enrolling and using Paycheck Secure is just as quick and easy.