|Toronto, Ontario – May 20, 2003 - Navaho Networks Inc. adds new service|
“Powerchecks” to their suite of payment solutions
PowerChecks is Navaho Networks revolutionary new check processing service. Unlike other check processing services, PowerChecks allows merchants to process online or telephone based checking transactions while getting real-time
confirmation of account status and availability of sufficient funds. For debit-approved vendors, PowerChecks provides the unique functionality of real time debit.
Compared to other services that can only query for a greater than zero balance, PowerChecks ability to query an account for sufficient balance greatly reduces the risk of NSF’s and eliminates the risk of shoppers trying to use closed or restricted accounts. PowerChecks real time debit functionality entirely eliminates this risk for debit-approved vendors. Real time account queries and real time debit put PowerChecks a light year ahead of the competition.
PowerChecks allows both Internet and ‘bricks and mortar” (B&M) merchants to process paperless checking transactions. Pending approval, online vendors can use either our ‘Gold’ or ‘Platinum’ services. Unlike their Navaho Networks predecessors (Telebuy and Registered 900 Pay) PowerChecks online services do not require the home shopper to place a confirmation phone call for each
transaction. The confirmation phone call is only required on registration and for periodic spot checks. This allows the service to be used from home, work or anywhere else.
All PowerChecks services provide real time verification of account status, account standing and availability of sufficient funds. All PowerChecks services, with the exception of ‘PowerChecks Gold’, perform a real time debit transaction.
PowerChecks Gold is an Internet checking service that allows merchants to accept online check transactions from a registered home shoppers checking or savings account. PowerChecks Gold, reduces fraud by filtering out bad
accounts, non-existing accounts and closed accounts. This service also dramatically reduces NSF’s by determining if sufficient funds are in the account holders’ checking account at the time of transaction. If all validation
checks are passed the transaction is processed through the ACH network and funds are debited the following business day.
‘PowerChecks Platinum’ is an Internet checking service that allows merchants to process a real time debit transaction from a registered home shoppers checking or savings account. This service eliminates fraud resulting from
shoppers trying to use bad accounts, non-existing accounts and closed accounts. This service also eliminates NSF’s by determining if sufficient funds are in the shoppers account at the time of transaction. If all validation checks are passed the transaction is processed through the ATM network
and funds are debited immediately.
‘PowerChecks Platinum’ is currently only available for the following types of vendors: government, utilities, education and financial services. This service will become widely available to other vendors by summer 2003.
As a result of our years of experience and expertise in designing banking networks, Navaho Networks has designed a proprietary transaction processing service that has been approved for connectivity to the national ATM networks. This connectivity gives Navaho Networks the unique ability to process real time transactions.
About Navaho Networks
Navaho develops and delivers a full suite of payment services including 900Pay, PowerChecks and credit card services to merchants who are selling products over the internet, on television and via telemarketing services.
Navaho has developed and deployed two proprietary payment technologies; 900Pay and Powerchecks with a third technology, TeleDebit, scheduled for market release in the second quarter of 2003. These technologies provide merchants with the ability to accept payments from home
shoppers who are either uncomfortable using their credit card online or, for one reason or another, are unable to use credit cards. Navaho's services provide merchants with the industry's most secure and easy to use payment solutions resulting in significant increased sales conversions, customer acquisitions and reduced chargebacks.
For more information, visit: http://www.navahonetworks.com.FOR MORE INFORMATION PLEASE CONTACT:
Vice President, Finance
Navaho Networks Inc.
170 University Ave., Suite 602
Toronto, Ontario Canada
P.416.542.1590 EXT. 111