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.
About RichPayments.NET
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.
RichSolutions, Inc.
20428 NE 66th Ct.
Redmond, WA 98053
Contact: Bill Pittman
Phone: (425) 836-4251
FAX: (425) 868-0774
E-Mail: billp@richsolutions.com
Web: http://www.richsolutions.com/
About Mag-Tek
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.
MagTek, Inc.
20725 S. Annalee Ave.
Carson, CA 90746
Contact: Carlos A. Morales
Phone: (310) 669-6335
FAX: (310) 631-3956
E-Mail: morales@magtek.com
Web: http://www.magtek.com
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
Global eTelecom
35008 Emerald Coast Pkwy
Destin, FL 32541
Contact: Joseph D. Korinek
Phone: (850) 650-8506
FAX: (850) 650-1050
E-Mail: jkorinek@globaletelecom.com
Web: http://www.globaletelecom.com
RichSolutions is a trademark of RichSolutions, Inc. RichPayments is a
trademark of RichSolutions, Inc. MagTek is a trademark of MagTek, Inc.
Microsoft Windows is a registered trademark of Microsoft Corporation.
All other trademarks are the property of their respective owners.
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