Quote:
Originally Posted by LiveDose
I tried accepting checks with one of my first webcam chat sites and it was nothing but a big fucking headache. Hopefully things have improved as far as fraud and collecting payments.
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LiveDose,
Thank you for the post. I'm actually very glad you brought this up!
For WebCam and other live performance sites (who payout the performer regardless if the check clears or not) checks have never a viable option. For this reason alone, WTS developed an entire turn-key solution for mitigating the risks associated with Check processing. For the first time ever, live-interactive sites have the ability to offer U.S. checks as a payment option, without the risk of high returns.
There are certain procedures and processes that we must perform in order to ensure the Checks you are accepting actually clear at an acceptable percentage rate. A check solution with a high return rate will not work for your business model. Not only do you have to effectively score a consumer and his banking information (in order to allow an impulse purchase), but you have to monitor that transaction through the settlement process, which will then allow you to extend additional purchasing power to that consumer (if he qualifies). It is actually quite complicated and not as simple as just putting up a "Pay by Check" link.
WTS's WebCam product does it all... Identifies and services the consumer, monitors their account, and intelligently manages their transaction activity. Webcam and V.O.D. merchants can expect to add an additional 10% in new revenues to their sites, on existing traffic, just by adding this payment option.
Please contact me directly if you would like to discuss our WebCam-ACH product in further detail.
