Electracash offers businesses the ability to accept e-checks and make direct deposits in the U.S. and Canada, and to initiate wire transfers around the globe. With Signature Safe, the company pioneers an added layer of security and customer accountability to the e-check transaction process by requiring the customer to sign his name using their mouse.
"Signing this way takes some getting used to," Electracash CEO, Lee Falls, said. "It took me a couple of times to get my signature recognizable. But the customer can hit the 'clear' button and try again if he's not pleased with how the signature looks."
"This system allows us to keep that signature on file, so even if the transaction is pure ACH, we can recreate the page with the signature and send that off to the bank and the consumer," Falls added. "With so much data on the check, all parties can determine that it's an accurate transaction."
According to Andy Alvarez, Signature Safe shows that the adult industry is once again leading the way in online technology that holds important and widespread implications.
"What does this mean to the adult webmaster? The bank accepts the check as an actual check, not as an ACH transaction," Alvarez told XBIZ. "This is huge for several reasons; it reduces fraud significantly as the user is less likely to chargeback after they have signed — it now becomes a crime to chargeback."
The chargeback issue aside, the Electracash program can help add to a site's bottom line — a vital consideration in today's tightening economy.
"It is an entirely new revenue stream for webmasters," Alvarez said. "It should increase signups by a minimum of 10-15 percent."
Alvarez sees the technology as nothing less than the beginning of the end of ACH transactions — with other applications beyond e-checking.
"We are also working on a system that will work for credit card transactions but that's in the future," Alvarez added. "It will also work for signing contracts without the need for fax."
For more information, visit Electracash.com.
