FOR IMMEDIATE RELEASE
RichSolutions, MagTek & Global eTelecom team up to provide the first end-to-end e-Check Payment Processing solution designed to electronically integrate check deposit, check image capture and check retrieval services for retail point-of-sale.
Redmond, WA, December 10 - RichSolutions, Inc., leading provider of ePayment Web Services and developer of RichPayments.NET, today announced the immediate availability of Electronic Check Capture and Retrieval Service (ECCRS), a paperless check processing system. The ECCRS system automates deposits of checks into merchant bank accounts, while securely capturing and storing the check images, virtually eliminating bank disputes and the need for merchants to manually store and process paper checks.
With RichSolutions` ECCRS, checks taken at the point-of-sale are scanned with MagTek`s new MICR Image reader, a check capture device that reads the magnetic ink imprint the MICR data with high accuracy, and also captures the check image in a single pass. and verifies the authenticity of customer checks. The check information is electronically sent to Global eTelecom where it is converted into an electronic funds transfer for ACH processing. The converted checks are automatically deposited to the merchant account, reducing the time spent on banking. The ECCRS system securely stores the check image and transaction data together as a single time-stamped image. The integrated dispute defense mechanism allows for the quick location and retrieval of the disputed transaction that can then be sent to the appropriate party by electronic mail, fax or electronic data interchange.
ECCRS is built on RichPayments.NET, a new Web ePayment service that processes credit, debit and check transactions. Receipts and check images can be electronically captured and stored on secure servers in both physical and virtual domains for future retrieval.
"Merchants want to increase revenues, decrease costs and improve operational efficiencies. That`s exactly what these solutions help them do, and we are pleased to team up with MagTek and Global eTelecom to bring these important payment solutions to banks, processors, independent sales organizations (ISOs), independent software vendors (ISVs) and ultimately merchants," said Bill Pittman, President of RichSolutions, Inc.
"Together, RichSolutions and Global eTelecom provide the necessary infrastructure for a viable check conversion solution, and MagTek`s MICRImage image capture device reader is the perfect choice to capture MICR data and check images for this service. All these elements create an end-to-end solution which is a major step forward for the POS industry,""The potential cost savings for merchants at retail is substantial," said Kiran Gandhi, Vice President of Marketing at MagTek.
"We are excited by RichSolutions` product offering. By combining MagTek`s MICRImage image capture device reader with a software-based solution at the point of sale, the merchant has more choices in how they accept checks, while avoiding the expense and limitations of traditional stand-alone credit card/check terminal systems. The .NET approach improves on the traditional client-server solutions by providing a continuously evolving product that requires less maintenance, improving the return on investment (ROI) for the merchant," said Joseph D. Korinek, Senior Vice President of Information and Technology at Global eTelecom.
The RichPayments.NET is the first ePayment Web service compatible with Microsoft`s new .NET initiative. It is certified with major payment processors and has the ability to process credit cards, debit cards and check services on any device, at anytime and anyplace. The ECRS service will be available in RichPayments for Windows; virtual terminal browser based solutions as well as a Software Developer Kit (SDK) for ISVs. The SDK can be downloaded for free from RichSolutions Web site and the RichPayments products and services are sold through merchant service providers. For more information please contact RichSolutions.
About RichSolutions, Inc.
RichSolutions, Inc., is a privately held corporation based in Redmond, WA, and is the leading provider of innovative ePayment Web Services for processing credit, debit/ATM card, and check services. RichSolutions develops integrated ePayment solutions that work on any device, at anytime and anyplace. RichSolutions technology is an alternative to the stand-alone single-function bank terminals many businesses currently use to process payments and provides a full suite of ePayment Web services that can be integrated into Electronic Commerce environments or retail point-of-sale systems. RichSolutions has established long-standing relationships with banks and institutions that help process electronic payment transactions. RichSolutions can be reached through the Internet at www.richsolutions.com or by calling (425) 836-4251.
20428 NE 66th Ct.
Redmond, WA 98053
Contact: Bill Pittman
Phone: (425) 836-4251
FAX: (425) 868-0774
MagTek, Inc. is a leading provider of check reading and imaging equipment used in thousands of point of sale and financial locations, and is the world`s leading provider of card readers used for magnetic stripe and smart card applications. The company is a leading innovator of products for customer PIN selection and instant card issuing equipment used by financial institutions worldwide. MagTek products automate transactions at financial institutions, point-of-sale (POS), restaurants, hotels, and kiosks worldwide. Since 1972, MagTek`s headquarters have been in Carson, CA with sales office throughout the U.S., Europe and Asia, and distributors in over 40 countries.
20725 S. Annalee Ave.
Carson, CA 90746
Contact: Carlos A. Morales
Phone: (310) 669-6335
FAX: (310) 631-3956
About Global eTelecom
Global eTelecom is a privately held corporation based in Destin, FL, and developed the most advanced technology for processing checks electronically at the Point of Purchase through the National Automated Clearing House Association (NACHA). Global eTelecom is an active member of NACHA`s Electronic Check Council. Global eTelecom provides it`s proprietary, fully customizable XML based electronic check processing services to a nationwide network of banks, independent sales agents and associations, credit card processors, insurance companies, 3rd party software providers, and retail merchants ranging in size from small "Mom &Pop;" stores to national retail chains. Global eTelecom`s proprietary Electronic Check Services include: Electronic Check Conversion (Point-of-Purchase), Electronic Mail Order / Telephone Order Checks (MOTO), Encrypted Electronic Internet Checks, Lockbox Conversion, Electronic Recurring Debit, Electronic Represented Check Collection (RCK), Wireless Encrypted Infrared Checks, Electronic Check Image Capture, and Secure Web Based Check Image Retrieval. More information on Global eTelecom can be found on the company`s website at www.globaletelecom.com