AmeriWorks Financial Services Announces Filing of Provisional Patent for POS Virtual Check System Using Drivers License
SCIOTA, Pa., Nov. 29, 2011 /PRNewswire/ -- AmeriWorks Financial Services, Inc. (Pinksheets: AWKS), One Linden Court, P.O. Box 187, Sciota, PA 18354, a United States company incorporated in the State of New Jersey and trading in the OTC Market Pink Sheets at www.otcmarkets.com, announced today that it has filed a provisional patent with the United States Patent Office for a virtual check system using a drivers license to identify a consumer and reduce fraud at the point of sale. The system also eliminates the use of a paper check allowing for a virtual check transaction, called a DOT.chek, to be completed by swiping a drivers license at the point of sale. The transfer of funds resulting from an approved transaction is completed within 36 hours, the time it takes for a paper check to clear.
The consumer must apply for membership in a financial data base managed by AWKS. The consumer's drivers license and checking account are linked electronically. When an enrolled consumer swipes their drivers license at the point of sale, the validity of the drivers license is ascertained and the information in the AWKS consumer account is verified for accuracy and payment default. If approved, a receipt, similar to a credit card receipt, prints out at the point of sale; the consumer signs this receipt; the retailer keeps a copy for their records; the consumer takes the goods or services and; the transaction is complete. Within 36 hours, the funds are transferred to the merchant.
AWKS will charge $0.20 per swipe or 1/4 of 1% of the transaction total up to a maximum of $0.50 for each swipe transaction. AWKS will also charge a monthly membership fee to consumers of $1.50 to remain in the financial data base as well as charge the consumer and the merchant $1.50 for each electronic funds transfer.
The Company has signed a licensing agreement with a major drivers license information provider and an agreement with independent programmers who will write software patches that will allow current swipe devices to recognize a drivers license as payment for goods and services. AWKS expects to contract with VeriPhone for site installation of swipe devices. Pending funding negotiations, the Company estimates pilot testing of the DOT.chek system to begin by April 1, 2012 and regional launch of the system by June 1, 2012.
AWKS is a public company with a trading symbol of AWKS. For more information on the Company or the DOT.chek system or; to be placed on our mailing list, you may contact Mr. Louis Perosi, Jr., President at 1-888-282-2802 Ext. 19 or you may email Mr. Perosi at [email protected].
This press release is not an offer to sell or a solicitation to buy the shares of AWKS, which offer to sell or solicitation to buy can only be made through prospectus or offering memorandum. For more information, contact AWKS and the contact person shown above.
SOURCE AmeriWorks Financial Services, Inc.
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