Pay By Touch Enhances Check Cashing Service
Pay By Touch has announced Paycheck Secure 8.0 that allows retailers to electronically deposit all checks at once with the touch of a button. Paycheck Secure 8.0 enhances existing technology that enables fingerprint authorization for customers cashing government or payroll checks.
Benefits of the new version include significant time savings, more secure transactions and faster access to funds."Paycheck Secure is a win-win for consumers and retailers," said John Rogers, founder, chairman and CEO of Pay By Touch. "Paycheck Secure retailers are improving their bottom lines and becoming more competitive through quicker check cashing and a streamlined business process."
Paycheck Secure 8.0's Check 21 feature allows the deposit of checks using electronic images rather than paper checks. This means that busy retailers no longer need to make trips to the bank to make deposits. The new feature may also improve retailers' cash flow with more frequent deposits. The competitive advantage for retailers is in the ability to accept third-party checks for deposit, reduced risk, simplified historical record keeping and streamlined store management procedures.
Signing up to use Paycheck Secure is simple and takes about a minute. Customers simply provide a photo ID, two finger scans, and a digital photo which is taken right in the store. Once enrolled, customers can quickly and securely cash payroll checks with a quick and simple finger scan. No IDs are necessary, and risk to the retailer is dramatically reduced.
After a store has completed their check cashing activities for the day, the Manager can deposit a batch of checks to the bank account electronically with just the touch of a button.
"As a person without a bank account, cashing my paycheck has become much easier using Pay By Touch's Paycheck Secure," said California resident Isidro Vega. "I just walk in, put my finger down, and the clerk instantly 'knows' me."
Paycheck Secure 8.0 makes it easy for retailers to comply with federal check cashing-related laws by automating some of the reporting required from any check cashing business.
"Banks are concerned that money service businesses are not complying with all the government regulations," said Jeffrey Louie, owner and operator of the ABC Check Cashing Company in Sacramento, Calif. "Our banker loves the Paycheck Secure system because it streamlines record keeping and automatically enables compliance."
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