Firm that streamlines check handling wins key endorsement from Michigan Bankers Association

VerifyValid LLC co-founders, (left to right) Dean Tribble, Todd Tracey and Paul Doyle started their company three years ago. Courtesy photo  

GRAND RAPIDS, MI – VerifyValid, LLC, a 3-year-old Grand Rapids firm that streamlines how businesses issue and receive checks, has won a key endorsement from the Michigan Bankers Association (MBA).

VerifyValid eliminates the cost of handling and mailing of checks by creating a secure platform in which checks can be emailed to customers, said Paul Doyle, co-founder and president of VerifyValid, a 12-person company headquartered at 401 Hall Street SW.

Businesses who get the emailed checks can print them out and cash them or immediately deposit them using VerifyValid’s check receipt system, Doyle said. “We’ve simply helped modernize the oldest and the most effective form of non-cash payment,” he said.

“VerifyValid revolutionizes the entire payment process by modernizing the check,” said Matt DeWolf, executive vice president of MBA, in a news release announcing the endorsement on Monday, March 4.

“With VerifyValid, a check can be deposited either as a paper item or an entirely digital entity—so payments originate and remain in the banking system throughout the whole process. It is the wave of the future,” DeWolf said.

“With no additional equipment needed, the VerifyValid system allows banks to round out their treasury management offerings and fills a need in the market as customers lean to technology for making payments. The result is a fast and secure process that saves time and money.”

“VerifyValid is an innovative solution that will increase efficiency for banks and commercial customers, and we are delighted to have been recognized as an MBA Endorsed Partner,” said Doyle, one of the three persons who founded the company in 2010.

Their new system allows businesses to maintain their traditional bookkeeping and checking systems. VerifyValid collects a fee for the service that is about equal to the cost of postage, Doyle said.

“Banks can offer their business customers a remote deposit capture (RDC) service that requires no new equipment (no check scanner), no software installation, and requires no maintenance or service calls. Banks can add it to a customer’s account in minutes.”

Although many large companies accept payments via online transfers, most of the 25 million businesses in the U.S. still make and accept payments using checks, Doyle said.

While any business can sign up for VerifyValid’s check service without changing their accounting, only one bank – ChoiceOne Bank of Sparta – had adopted the company’s check receipt system, Doyle said.

“With the MBA endorsement, we anticipate many many banks getting on board pretty quickly,” Doyle said.

VerifyValid also has been chosen as a finalist in the “Payments Innovator Awards” category of Pymnts.com’s Innovation Project 2013 project, Doyle said.

A panel of judges in the payments industry selected VerifyValid as a finalist in the Best Check category, Doyle said. They are one of five in this category. The process included more than 500 submissions across all the categories.

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E-mail Jim Harger: jharger@mlive.com and follow him on Twitter at twitter.com/JHHarger

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