Direct Fed Payment Solutions Launches CheckAlt; New Program Providing Businesses a Cost-Effective, Simple, Secure Interface for Electronic Check Processing

LOS ANGELES, March 11 /PRNewswire/ -- Direct Fed Payment Solutions today announced a new addition to it's suite of Payment Solutions, CheckAlt, the company's proprietary e-check transaction processor engine that provides the fastest and most secure form of electronic payment for businesses. In addition to its automated and electronic check transaction processing, CheckAlt allows merchants to send invoices and review payment reports at the click of a mouse, making CheckAlt a premier payment solution in the business to business online transaction processing arena.

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"Automated Clearing House (ACH) transaction volume is growing rapidly," said Jeff Korbin, Executive Vice President of Direct Fed Payment Solutions.  "In the third quarter of 2009 alone, there were 1.6 billion ACH web transactions, representing a 20 percent increase from the previous year.  We realized the enormous need for simple, fast and cheap solutions for businesses using ACH and developed CheckAlt to fulfill this need."

With CheckAlt, customers pay directly from their bank account into the merchant's bank account. This eliminates waiting for 'checks in the mail,' trips to the bank, paying credit card or wire transfer fees, while ensuring that funds are available to the merchant in two banking days.

"By offering merchants a way to reduce payments via credit cards, which take a percentage of your revenue, or wire transfers, which run high costs, CheckAlt enables businesses to become more profitable and ensures timely access to cash flow," added Korbin.

Furthermore, CheckAlt draws on the strength of solid and reliable processing, coupled with unique risk management features, to help mitigate losses associated with accepting automated clearing house ("ACH") transaction payments.  CheckAlt's Risk management procedures are specifically designed for each client, utilizing the client's unique risk "foot-print." In turn, CheckAlt clients maximize profits and eliminate costs associated with the check guarantee process.

"In the traditional check guarantee model, the provider doesn't lose, but the merchant often does. In fact, many check guarantee providers quip that they have saved merchants money by declining checks at point of purchase; while all that the guarantee company is really doing is minimizing its own risk exposure at the expense of the merchant," said Korbin. "CheckAlt's risk management procedures minimize our clients risk exposure, without impeding their profitability."

CheckAlt charges no sign-up or maintenance fees for accounts, and merchants pay a nominal flat fee per transaction based upon volume.  

To learn more about CheckAlt or to enroll please visit www.checkalt.com.

About Direct Fed Payment Solutions

Direct Fed Payment Solutions was founded as Skyline's DirectFED in 2004. The company is the first business-centric processor performing Remote Deposit Capture for a wide range of companies and organizations. Skyline's DirectFED was created to take advantage of the benefits created by Congress passing The Check Clearing for the 21st Century Act ("Check 21"). Skyline's DirectFED goals for our customers are to optimize float to their advantage, reduce bank fees, and provide significant back-office savings by using the new laws and technology to their advantage. Our patent-pending suite of products provide unique solutions for businesses that range from multinationals to small enterprises, not-for-profits, municipalities, and all types of financial institutions. For more information, visit www.directfed.com.

SOURCE Direct Fed Payment Solutions