Private-Label Online Bank Streamlines Reporting and Auditing between
Merchant and Operating Accounts
New Castle, Del (March 7, 2001) - Electronic Payment Exchange (EPX), a
full-service payment processing company, today launched epxbank.com, an
online bank developed for the convenience of its merchant client base. The
launch marks the final step in completing the first true end-to-end ePayment
solution available to merchants, offering the first direct link between
merchant account and operating account reporting functions.
epxbank.com is a private-label version of thebancorp.com, an online bank
located in Wilmington, DE. The new service will act as an extension of the
merchant services portion of EPX`s business, enabling merchants who maintain
their operating account at epxbank.com to audit their credit card and ACH
deposits, chargebacks, returns and fees online.
Clients who use the bank are able to log in directly from EPX`s website.
Merchants can easily compare their online account statement to their online
credit card transaction data, which includes all real-time transaction
reporting and complete chargeback documentation and presentment conducted by
the merchant.
"A common complaint we heard from merchants, especially from their finance
group, was the inability to reconcile their bank account with their payment
processing activity on a daily basis," explains Ray Moyer, CEO of EPX.
"Linking their payment processing reporting to their online bank account
reporting was the solution we`ve introduced with epxbank.com."
According to Moyer, one of EPX`s primary goals is to simplify business
payment acceptance by providing a "one stop shop" for payment services. The
company already acts as ISO, front-end software provider, underwriter, and
provides back-end settlement and reporting to its client base. With
epxbank.com, EPX is now the first company to provide a direct link between
real-time online transaction reporting and operating account reporting
functions.
The website, www.epxbank.com is currently functional and has already
enlisted a number of EPX`s merchant base. The company plans to roll-out the
capability to its entire client base in late-March.
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