CheckAlt Powers Next Generation Payments for CardCash.com

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Fast, Efficient and Affordable eCheck Technology Enables Gift Card Purchases, Additional Discounts

CheckAlt today announced that CardCash.com, the Web's leading secondary gift card marketplace, will enable customers to purchase gift cards using CheckAlt’s eChecks. eChecks combine the clearing terms and transparency of paper checks with the speed, convenience and low cost of online transactions.

“CashCard.com works extremely hard to keep our operational costs low, so that we can offer great payouts for those selling their gift cards and exceptional deals for customers looking to purchase gift cards," said CardCash.com CEO and co-founder, Elliot Bohm. “CheckAlt’s eChecks are much less expensive than credit cards, which allows us to extend an additional discount to customers that pay by eCheck. That savings, along with a customer experience that is both familiar and innovative, creates an ideal combination for CashCard.com users.”

By entering some basic account information during the checkout process, CardCash.com customers can pay via eCheck. After the transaction clears, customers receive an image of the eCheck on their next bank statement, making it easy to identify and track purchases, particularly when compared to the confusing alphanumeric string generated by an ACH transaction.

Each eCheck transaction costs a low, flat fee to process, as opposed to credit card transactions which cost a percentage of the purchase price. This can result in saving of more than 80% on the cost to process an average CardCash.com transaction by using eChecks rather than credit cards. As a result, CardCash.com is able to offer customers who choose to pay by eCheck an extra 2% discount off of already discounted gift card purchases.

“For a partner like CardCash.com, our eChecks just make sense,” said Shai Stern, co-chairman and CEO of CheckAlt. “We deliver a solution that integrates easily into CardCash.com’s payment process, is less expensive than almost any other payment method, and provides customers with a convenient way to pay, one with which they are already comfortable.”

CheckAlt is committed to developing products and services based on Check 21, the 2003 federal law designed to speed commerce and end reliance on transportation of paper checks. Check 21 enables the most efficient, cost-effective payment technologies, such as Image Cash Letters (ICL) and eChecks. CheckAlt incorporates Check 21-based technologies into its eChecks, bank item processing, electronic payment applications, remote deposit capture (RDC), and more.

For more information about CheckAlt or eChecks, please visit http://www.checkalt.com.

About CardCash
Based in New Jersey, CardCash.com offers the web's largest and most secure selection of discounted gift cards online. The company was ranked #14 out of 100 on Forbes' list of America's Most Promising Companies for 2014. For three years running, Inc. magazine has included the company on its prestigious Inc. 500 list of the fastest growing private companies in America.

About CheckAlt
CheckAlt is a Check 21 application and processing provider. CheckAlt assists financial institutions in more efficiently processing their items from all capture points within the bank or credit union, and in attracting and retaining business customers with innovative white label payment solutions. Additionally, CheckAlt offers easy-to-integrate APIs for mobile and web developers that want to accept Check 21 payments. Products include eChecks, Item Processing, Remote Deposit Capture (RDC), Mobile, eCommerce, and Lockbox Services. Find out more about CheckAlt at http://www.checkalt.com.

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Josh Wendroff
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