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Electronic Check Payment

November, 3 1998

Electronic Check

Early Release Program

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PaymentNet has teamed with TeleCheck one of the industry leaders in guaranteed check processing services to offer electronic check processing services. As part of this service enhancement, PaymentNet is pleased to offer an early release program exclusively to our customer base. This program will only be available to the first 10 customers who qualify for check acceptance.

Why use Electronic Checks?

• Checks are used today in 11% of Internet purchases (mailed in).
• There are 70 million adult consumers in the U.S. who do not have a major credit card.
• Additional payment options translate into additional business.

Electronic Check Overview

Using the PaymentNet-TeleCheck electronic check service provides the following benefits:

• Online and real-time check authorization, no waiting for merchant to send the check in the mail. Check approval occurs immediately over the Internet.
• Electronic. No checks to deposit. Funds are sent to the merchant’s bank and the consumer’s account is debited electronically.
• Guaranteed. Working with TeleCheck the service provides a guarantee service that handles all fraud screening, risk management and related customer service. No returned checks or deposit fees.
• Fees for check processing with TeleCheck for guaranteed services are comparable to bank fees paid for credit card processing.

How it Works

Accepting checks for payment on the Internet is as easy as credit card processing. The following depicts the process:

1. Order and check data is accepted by merchant’s order form and sent in encrypted format via the PaymentNet client to the PaymentNet processing gateway.
2. PaymentNet sends the encrypted check data for authorization via private network to the TeleCheck network.
3. TeleCheck performs risk analysis on the data and returns authorization results (approve/decline).
4. For approved transactions, the funds are debited from consumer’s account within 48-72 hours, and a confirmation letter is sent to consumer.
5. For approved transactions, funds are deposited into merchant’s account within 48-72 hours. Merchant never has a returned check.

Early Release Program Benefits

• PaymentNet will waive setup fees and provide free check processing to program participants through December 31, 1998.
• TeleCheck will waive registration fees and transaction processing fees to program participants through December 31, 1998. There is still a fee associated with check processing.

Program Requirements

1. Merchant must register to participate in the Early Release program no later than November 15, 1998.
2. Merchant must apply for an account for check processing with TeleCheck and qualify for check acceptance.
3. Merchant must integrate new PaymentNet version 2.0 client into the merchant’s web storefront, and modify payment options to include electronic checks. The new client will support merchant’s existing credit card processing needs as well as electronic check processing.

*We are sorry, but due to integration requirements we are unable to offer the early release program to shopping cart users.

Sign up Today!

If you would like to take advantage of the Early Release Program, sign up now. Please contact the Business Services group at:

925-225-1670

or

info@paymentnet.com