BIOPAY(SM) DOMINATES THE FIELD WITH ITS BIOMETRIC IDENTIFICTION SYSTEM FOR THE PAYROLL CHECK CASHING MARKET
Growth in Market Penetration, Enrolled Customers and Verified Transactions Outpaces Competition
Herndon, Va. – April 9, 2002 – BioPay, LLC is dominating the market with its leading biometric identification system for payroll check cashers. In the last twelve months, the company has experienced exponential growth in market penetration, merchant installations, enrolled customers and verified transactions for its BioPay Payroll Check Cashing system.
The BioPay Payroll Check Cashing system uses electronic fingerprint imaging to accurately identify a customer and verify their check transaction history, helping merchants effectively eliminate check fraud. Systems for retailers, grocers, banks and financial services companies have now been deployed in multiple locations across 17 states, with new installations every week. The BioPay system now verifies an average of 100,000 payroll check transactions every month and, to date, has verified more than half a million transactions.
"We're proving what we've known all along…we have an effective system to stop fraud," said Tim Robinson, president, BioPay. "The system has been so popular that we're doing multiple installations every week and the orders keep coming in."
To cash a check, customers must be enrolled in the BioPay system and their fingerprint template images stored in BioPay's secure database. More than 20,000 new customers enroll with BioPay merchants every month.
"The bottom line is that BioPay stops fraud," said Walter Styles, owner of Styles Bi-Rite in Midlothian, Virginia. "We've used the system for a while now at all our locations and haven't taken a single bad check."
BioPay's growth is expected to continue. The company continues to forge relationships in multiple vertical markets, positioning itself to remain the market leader and sustain its rapid growth. "Biometric use for financial-related transactions continues to grow and market opportunities are evolving for payment transactions initiated and secured with a biometric. BioPay is positioned to exploit these opportunities," said Robinson.
The BioPay Payroll Check Cashing System
BioPay's system electronically captures a customer's fingerprint, stores a template of the fingerprint image, and then records check-cashing transactions associated with that person. Customers' negative check-cashing information is stored in a central database and shared between all merchants using the BioPay system. Advanced alert mechanisms warn the clerk of a potential bad check before the transaction is completed, enabling the transaction to be declined before it is processed saving the store money it may have otherwise lost.
BioPay is so confident of its Payroll Check Cashing system that earlier this year it announced the BioPay Check Guarantee program for grocers. The program guarantees the face value of all payroll and government-issued checks entered into the BioPay system. To date, no merchants enrolled in this service have cashed a counterfeit or fraudulent check.
About BioPay, LLC
Established in 1999, BioPay is a premier provider of biometric identification systems offering fast and reliable methods for securing financial transactions and substantially reducing fraud. BioPay systems for merchants, banks and financial services companies have been implemented across the nation, and BioPay's database is the nation's largest commercial electronic fingerprint database. For more information on BioPay and its industry-leading products please visit www.biopay.com.
This article courtesy of http://www.allaboutpayroll.com/.
You may freely reprint this article on your website or in your newsletter provided this courtesy notice and the author name and URL remain intact.
Submit Your Article
