Combining the security and convenience of checks with the reduced costs of avoiding bankcard interchange fees is the goal behind VerifyValid’s Mobile Checkbook app, now available for download at the Apple App Store.
The new app makes it easy for small businesses and their customers to write, sign, receive and deposit electronic checks (“eChecks”) using their iPhone, iPad, or other iOS-powered device. All that is required to send someone an eCheck is the recipient’s email address, and new VerifyVaild customers can begin using the service by way of a free, 5-check, “starter” checkbook.
Said VerifyValid CEO Paul Doyle,
“While consumers gain the freedom to pay for goods and services directly through the app, our business customers experience greater convenience in accepting payments anytime, anywhere, without incurring costly interchange fees associated with card transactions.”
VerifyValid maintains a record of all transactions in the user account, and data is stored on the company’s secure servers rather than on the iOS device itself.
Some additional functionality for Mobile Checkbook includes:
- Remote authorization for review and signing of checks over cellular of Wi-Fi network.
- eLockbox where users can access and print received eChecks, as well as deposit payments into their bank accounts
- Full validation of check authenticity
This last item is especially key. Doyle said,
“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.”
VerifyValid teamed up with Deluxe Corporation to demo its secure electronic checking technology at FinovateFall 2013 in New York. See the company in action here.