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VerifyValid, LLC™ have entered into a strategic partnership to offer secure electronic payment solutions to more than 4 million small business customers currently served by Deluxe.
The VerifyValid service enables bank customers to securely make and receive check payments entirely online, utilizing a virtual lockbox and virtual remote deposit capture system. VerifyValid also helps prevent check fraud having pioneered and delivered the industry’s first working platform for universal positive pay.
“The partnership with VerifyValid will allow us to broaden our suite of secure payment solutions to our small business customers,” said Malcolm McRoberts, senior vice president of small business services at Deluxe. “Small businesses already know us for our expertise in printed checks. Now we can also bring them a user-friendly, best-in-class, online payments solution.”
VerifyValid has been very well received by the banking community, and was endorsed by the Michigan Bankers Association (MBA).
“Deluxe has an unmatched reputation and incredible reach within the small business market, as well as with financial institutions,” said Paul Doyle, CEO and founder of VerifyValid. “Our vision is to advance payment technology, while remaining compatible with existing business practices. VerifyValid has customers of all sizes and our partnership with Deluxe will give us greater visibility to the vast small business market.”
With a few simple keystrokes, an organization can quickly generate a check and deliver it securely and immediately via the web. Recipients receive a legally valid check that can be used wherever and whenever checks are accepted. VerifyValid provides the critical framework for electronically validating checks using patented fraud prevention technology based on a Trusted Time Stamp (American National Standard X9.95). Businesses receive more than 20 billion check-based payments per year according to the Federal Reserve Payments Study.
Business-to-business payments is the one category of check usage that is not declining and small businesses are among the highest users of check-based payment.