Paymentech`s eCheckSelect Lets Consumers Choose Favorite Payment Option
DALLAS, April 29, 2004 - Paymentech has expanded its suite of
electronic checking products - called eCheckSelect - as a result of
the growing popularity of this user-friendly payment option.
"Consumers are telling merchants they want the option to pay
directly from their checking accounts. eCheckSelect gives merchants the ability to offer electronic checking no matter how their customers like to pay - online, in person or via telephone," said George White, Chief Operating Officer at Paymentech.
Survey Reveals Popularity of e-Checking
In 2003, Paymentech commissioned a consumer survey on electronic
payments that revealed that one-in-four adults had paid their bills using an e-check more than 10 times throughout the year, while an additional 18 percent said they use electronic checking every time to pay their monthly bills. A third of the respondents had e-checked at least once in 2003.
In addition to traditional credit and debit payments, Paymentech`s
eCheckSelect suite of solutions gives merchants a single resource for
every kind of payment they choose to accept. eCheckSelect offers a
variety of processing options, including automated clearinghouse (ACH)
transaction origination, consumer authentication, data validation and
check authorization services. Based on their business models,
merchants may choose:
* Point of purchase electronic check conversion - consumers write traditional checks at the point of sale, the check is scanned for bank account information, voided, and handed back to the customer, then the information is converted to an ACH debit or draft
* Web initiated debits - merchants allow consumers to input checking account information securely on their website, then process the payment as an electronic check debit
* Telephone initiated debits or `Checks by Phone`
* Accounts receivable or `Lockbox` check conversion - checks are sent to a company`s payment processing center, the paper document is converted to an electronic transaction, the document is imaged and then destroyed.
* Recurring debit - for merchants who are recurring billers
* Consumer authentication via a partnership with eFunds ID Verification service, which attempts to match the consumer`s name, address and telephone number to the bank routing numbers presented with the transaction
* Check verification services via a partnership with SCAN(tm), the largest check verification database in the US
* Data validation to ensure bank ACH participation and ensure proper ACH routing information is current from Paymentech`s in-house Notification of Change database
About Paymentech
Paymentech, L.P. processes more payment transactions than any other
company in North America - and more than half of all Internet
transactions - for retailers accepting U.S. and international payments
via traditional point of sale, Internet, catalog and recurring
payments. The privately held company, founded in 1985, is an
end-to-end processor for merchants of all sizes and industries.
Paymentech`s 1,500 employees work in multiple locations, including
the Dallas headquarters; New York; Salem, NH; Tampa, FL; and Tempe,
AZ. In 2003, Paymentech and its Canadian affiliate, based in Toronto,
processed 7 billion transactions and $162 billion in sales volume in
14 currencies. For more information, please visit www.paymentech.com.
Paymentech was cited in the 2004 Nilson Report on Acquirers as having
the largest portfolio by transaction volume.
MEDIA INQUIRIES:
Laura Lambeth
Paymentech Public Relations
214-849-3523
laura.lambeth@paymentech.com
Back...
