NPC and Verifone Deposit Check Payment Agreement
Verifone (Menlo Park, CA) has modified its CheckPak check processing product to incorporate NPC's (Louisville, KY) CheckThru electronic processing program. Checks entered into the new system run through a MICR check reader, which captures and transmits the ABA and account number information from the check to NPS' CheckThru program. CheckThru approves the transaction, creates an authorization receipt which the consumer signs, and records the transaction electronically for settlement, which occurs offline within 24 to 48 hours. With 18 billion checks written each year for goods and services, the system will help cut down the extensive paper trail, and will help improve cash management benefits, increase cash flows and reduce losses from check fraud. "The industry is relying more and more on electronic check processing," said Tom Wimsett, executive VP of Merchant Services at NPC, "and NPC and VeriFone are committed to meeting customer needs."