In addition to account number validation, proprietary fraud control measures, and Internet and payment data security, Electracash continues to invest in new technologies to enhance merchant and consumer security for Internet check usage. Electracash's innovative feature called "SignatureSafe™" helps reduce consumer fraud.
Overview
For internet-based purchase transactions, all required data (listed above) are provided by the customer during the payment process. Through Electracash’s technology, the customer’s signature is then captured using SignatureSafe, a process whereby the customer actually signs his authorization on the payment page using the computer mouse to manipulate a software-based “pen”. (For receipt purposes, these data, including the signature, are presented to the customer on the payment page in a replica of a physical paper check.) If the customer so chooses, he may print out the fully-completed check image and/or a full page receipt of the transaction with purchase details. You can experience the interaction by trying out our Check21 Service demonstration.
Benefits
Requiring the consumer’s signature can help reduce the risk of “friendly fraud” for our merchants on all transactions we process – including for ACH transactions. “Friendly fraud” means a consumer denies conducting a transaction that they know they actually did conduct. (If a transaction is truly fraudulent, the consumer has the same protections available for non-signed transactions today.)
For many merchants, SignatureSafe will lower returns-related costs, as well, and can also increase revenue due to fewer rejected transactions.
When SignatureSafe is Required
For merchants employing Electracash’s Managed Merchant Web Pay Page service, all customers are required to provide a signature when paying with their checking account.
For merchants employing Electracash’s Check21 Service, SignatureSafe is a required component of the payment transaction.
Consumer Interaction
Consumers are accustomed to providing a signature on checks and credit card slips in physical POS environments. Most consumers are also already familiar with electronic checking by using home banking or other internet applications to pay bills, and by receiving check images rather than physical canceled paper checks with their statements.
When deployed on the merchant’s payment page, the consumer is clearly notified that the transaction information is highly secure (as defined by internet and banking data security requirements), and that their information is kept private (used only for the purpose of processing that transaction through the appropriate banking channels). The consumer can also print out an image of the completed check data for their records. The process is quick, efficient, and self-explanatory. Customers who want to buy online using their checking account will find the enhanced process easy to understand and execute. However, if you have any questions, please contact an Electracash Sales Representative.
