HomeSmart CEO launches ValidCheck company to eliminate check fraud
Matt Widdows, founder/CEO of Scottsdale-based HomeSmart International real estate brokerage, recently launched a new eCheck product called ValidCheck.
Changing the way consumers and businesses process transactions, the innovation is designed to eliminate fraud and streamline online payments as ValidCheck eCheck has the same components as a traditional check including routing number, account number, signature line, amount paid, payee and check number, according to a press release.
But, unlike other electronic payment methods, ValidCheck only requires a name and email address for the payee and does not require the payee to download an app or register in any way, according to the release, describing the transaction as simple as writing a check that is delivered immediately by email.
For businesses, ValidCheck integrates with Positive Pay, a banking feature which virtually eliminates check fraud. Check information is instantly uploaded directly to the bank and must match the check submitted by the payee exactly.
Funds are available immediately unlike other forms of payment such as wires, ACH, and online bill pay applications as users simply sign-in online, purchase ValidChecks, enter recipients’ contact information with the check amount and click send.
There is no sign-up required for the recipient and the check is delivered directly to their email through a secure link, the release added.
“We saw a need that expanded far beyond our industry,” said Mr. Widdows in a prepared statement.
“There was no software in place that streamlined transactions while protecting both parties and eliminating fraud. In today’s digital world, fraud is everywhere. ValidCheck was designed to provide users with piece of mind and 100 percent fraud protection.”
If users have opted for the Positive Pay integration, check details are immediately posted to the bank, making funds available for the recipient to instantly deposit, the release said, adding that the minimal information required is beneficial for many businesses sending and receiving large volumes of checks.
ValidCheck also integrates with popular accounting and ERP software to eliminate double entry of check entry. By eliminating third-party verification, ValidCheck guarantees the banking information of recipient and sender is protected and never shared. ValidChecks are only shared between sender and receiver, which differs from traditional paper checks that are often exposed to more than six points of contact increasing forgery and theft risks.
Businesses can expect a streamlined entry and authentication process, the release said, through QuickBooks, a single-entry automation integration system designed to save an accounting department time, money and resources.
ValidChecks are available for purchase online and require no subscription, contracts or monthly fees plus can be used for any transactions made in the country and internationally.