VerifyValid enables sending checks via the Internet, giving checks first major upgrade in 200+ years

What's the big idea?

VerifyValid revolutionizes the entire payment process by modernizing the check.  It is the first payment system to give businesses all the benefits of paper checks without the cost of paper, ink, stamps or interchange fees and it delivers the industry‚Äôs first practical and usable universal positive pay system, making a VerifyValid check the safest check ever received.  With a few simple keystrokes, a business can generate a check and deliver it securely and immediately via the web.  The VerifyValid service is completely compatible with the way businesses and banks operate today.

Describe the nearest player in your field.

The paper check

How are you different from that player?

With VerifyValid it is, “My check, your printer!”  We allow the check to be sent over the Internet, thereby saving the payor all the costs associated with paper check production, management and transport.  Our customers estimate they save $1 per check by using our system, after paying VerifyValid.

How does this idea scale into a big business?

VerifyValid is a cloud-based service that can scale as needed by customer demand.  How big might it have to scale?  There were 24.5 billion checks processed and paid as checks by banks for $31.6 trillion according to Federal Reserve in the their most recent non-cash payments report.

Why are you the one to run with this idea?

We have the technology, the team and the right solution for the market.

What is a $5,000 experiment you can do to move your idea forward?

We could give away $5,000 checks for $1 each.  Just saying…we could.

There have been 1 replies to this page

  1. Osvaldo Mendoza

    Sweet idea Paul! Out of curiosity, what do you think has been the biggest barrier(s) from stopping the industry from going paperless with checks? ..and can I get a $1 check if you win? lol

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This idea was funded by Start Garden staff endorsement on January 11, 2013. Since then...

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