SUGAR LAND, Texas, Sept. 19, 2011 /PRNewswire/ -- US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in payment processing solutions, announced today the launch of PayItFast, a first-of-its-kind cloud-based solution for automating in-store (walk-in) payments. PayItFast revolutionizes in-store payments by eliminating the need for a computer at the point of payment acceptance. Plus, PayItFast accepts all payment types, including checks, cards, and cash. PayItFast centralizes payments received at all locations into the Clearingworks payment platform for improved financial controls, ease of integration with Customer Information System (CIS) or accounting systems, and reduced processing costs. Businesses can now offer the convenience and timeliness of in-store payments without the hassle and expense of current product offerings.
Recent studies identified a growing trend in walk-in payments. According to the 2009 FDIC study, there are approximately 30 million households that are either unbanked or underbanked (meaning they regularly rely on services such as check cashing and payday loans).* As a result, the number of in-store bill payments is on the rise. In fact, an Aite Group study recently estimated the total number of in-store bill payments at 859 million in 2009, up substantially from 749 million in 2005, an increase of 15% over the four year period.** Unfortunately, walk-in payments are among the most costly transactions to process.
"Until now, businesses were forced to rely on fragmented manual processes that delayed funds availability and inconvenienced customers," said Leilani Doyle, US Dataworks Director of Product Management. "What's more, businesses struggle with limited counter space and staff training time, which is why PayItFast's compact design and streamlined operations is the perfect solution."
PayItFast is an App that extends the Clearingworks four pillars of modern payment processing:
- ClearPayments - Comprehensive, multi-channel payment processing for paper checks, Internet, phone payments, lock-box, electronic bill-pay and now in-store payments with PayItFast.
- ClearDeposits - Multiple deposits and clearing for Automated Clearing House (ACH), Check21, and credit/debit cards.
- ClearReturns - Automated returns matching, resubmissions, posting of final returns, and fee assessments.
- ClearInsights - Integrated retention and retrieval of payment data and images with powerful, payment analytics.
PayItFast is ideal for utilities, government agencies, insurance companies, and check cashing services that take payments at multiple locations. With PayItFast, simply plug the combination check scanning and card swiping terminal into an Internet connection and you are ready to start processing payments. The cloud-based delivery model of Clearingworks combined with the PayItFast App ensures a consistent customer experience, regardless of where or how customers choose to pay their bills. Just like other Clearingworks product offerings, PayItFast is priced at a simple monthly subscription fee.
"By turning the concept of traditional walk-in payment processing on its head, US Dataworks has delivered an affordable solution to a high-cost transaction," said US Dataworks President and COO Mario Villarreal. "The combination of our Clearingworks cloud-based delivery model and the ability to process any payment type provided by PayItFast will significantly reduce the upfront and ongoing costs while accelerating funds availability."
Today's announcement is the just the latest in a long line of payment industry "firsts" from US Dataworks, the innovation leader.
About US Dataworks
US Dataworks offers cloud computing on-demand payment processing services with proven enterprise-class payment, deposit, returns processing, and powerful payment analytic tools. US Dataworks is a trusted payments provider to utilities, telecommunications providers, content providers, financial institutions and government agencies. Additional information about US Dataworks is available at www.usdataworks.com and at www.clearingworks.com.
Certain statements made in this press release (other than the historical information contained herein) constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements regarding our expectations relative to our PayItFast product. Any forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, the failure of our new solution to perform as anticipated, our ability to provide long-term customer value and agility, our ability to protect our intellectual property, our position in the marketplace, our ability to develop and timely introduce products that address market demand, the impact of alternative technological advances and competitive products, market fluctuations, our ability to repay or refinance our debt, our ability to realize the anticipated benefits from our business initiatives, and other risks detailed from time to time in our SEC reports including our Annual Report on Form 10-K for the year ended March 31, 2011 filed with the SEC on July 13, 2011. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements.
* FDIC National Survey of Unbanked and Underbanked Households, December 2009
**Bill Payment Practices of the Unbanked and Underbanked February 2010
US Dataworks, Inc.
SOURCE US Dataworks, Inc.