| [November 21, 2005] |
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More Grocers Sign with BioPay; Chains in California and IGA in Missouri Implement Pay with Your Finger Technology
HERNDON, Va. --(Business Wire)-- Nov. 21, 2005 -- Mid-Towne IGA in St. Charles, Missouri, as well as 18 grocery stores across three brands in California, have selected BioPay, LLC to provide a biometric payment solution for their stores. Mid-Towne IGA introduced BioPay in their St. Charles store this month. Three brands in California, Arteaga's Starlite Supermarket, El Rancho Alegre and Mi Pueblo, with a combined 18 stores, have signed contracts with BioPay. Arteaga's and Mi Pueblo both completed successful 1-store pilots and have agreed to integrate BioPay in-lane across their chains starting next year. To date, BioPay's technology for payments and check cashing has been used to complete over seventeen million transactions worth seven billion dollars. Over 2 million customers are enrolled in BioPay, making them the most widely used Biometric Transaction Company in the nation.
The BioPay system uses a person's unique finger image and their chosen non-private BioPay number (usually a phone number) to authorize a secured debit direct from their checking account. BioPay combines biometrics and ACH debit to deliver the lowest cost form of payment in which transactions are reduced up to 75 percent. When customers use their check card to pay, more than 50 percent of the retailer profits disappear.
The one-time enrollment can be completed at any merchant that offers the biometric payment service and the entire process takes less than two minutes. Once enrolled, the customer can purchase in seconds with their finger at any BioPay payment location across the United States. The BioPay service is free to the consumer.
"With the help of BioPay, we are providing our customers with faster checkouts and more secure transactions," says Scott Kohrs, VP of Operations at Mid-Towne IGA. "It's a new concept in this part of the country, but we are confident that our customers will quickly realize the benefits of this service. The BioPay system allows customers a safer, more convenient way to pay. It allows us to speed up our front end and reduce the risks associated with traditional check writing."
Today, retailers pay between 2-3 percent to a card processor on every credit or debit card transaction. By converting a customer to the BioPay payment method, they save as much as 80 percent from 80 cents on a typical $100 card transaction to fifteen cents with BioPay. This can have a dramatic impact on store profitability. The system also offers the most secure electronic transaction possible by authorizing the transaction via the individual's unique finger image and using a transaction method which leaves no private information with the retailer such as signatures or account numbers.
According to a recent survey conducted by Los Angles, CA-based Kelton Research, more Americans believe that finger images are a more secure form of identity than passports, credit cards, photo IDs, birth certificates and signatures combined (51% to 36%). Currently, more than two million consumers are using BioPay's financial transaction systems demonstrating growing consumer awareness, demand and confidence with the convenience of biometric technology.
Tim Robinson, President of BioPay, agrees, "Our goal is to provide the convenience of a secure, wallet-less world where consumers feel secure that none of their personal information is being 'left behind' at the time of transaction. We also believe that retailers pay too much in credit and debit card fees and BioPay solves that problem. With low flat fee per transaction pricing, BioPay is dramatically less expensive than Visa's typical two percent fee."
BioPay is installed coast to coast, serving a broad range of merchants from owner-operated single locations to larger chains most frequented by today's busy consumers including grocery stores, convenience stores, gas stations, beverage stores and other lifestyle retailers.
About BioPay
With more than two million registered consumers, BioPay's customer adoption proves that the time for biometrics is now. BioPay is a Biometric Transaction Company, processing today more than 17 million transactions in excess of $7 billion. More than 1,500 merchants are using one or more of BioPay's smart, secure methods for processing financial and other transactions requiring identification such as payroll check cashing, loyalty programs, age verification and stored value programs. BioPay's payment service offers merchants a low-cost form of payment, while reducing fraud incidents and gives consumers a convenient, secure and quick way to pay for purchases. BioPay's Paycheck Secure system is a complete payroll check cashing solution designed to stop fraud and speed check cashing transactions. Herndon, Virginia-based BioPay is the only pure biometric transaction processing company today with its own patent-pending systems for grocers, convenience stores, gas stations, beverage stores and other lifestyle retailers. For more information on BioPay and its market-leading products please visit www.biopay.com.
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