With the e-commerce market expanding at a rapid pace, ChequeMARK Inc., a subsidiary of LML
Payment Systems Inc., Thursday launched an alternative online payment
solution that it calls, “electronic checking” to capitalize on the trend.
The ChequeMARK System enables retailers to convert a paper check
transaction into a fully automated paperless electronic transaction. It was
made specifically for Internet payments, the company said, and is an
alternative to current methods such as credit card, paper check drafts and
virtual cash.
The solution is a patented checkwriting point-of-sale system comprised of a
central database and authorization system administering various consumer
payment services. Internet consumers will be able to access funds residing
in their bank accounts in order to make purchases at a Web merchant’s site,
the company said.
ChequeMARK said it plans to make the system available to
Internet commerce service providers and Internet payment processors who
design and develop other payment methods on behalf of the rapidly expanding
universe of e-tailers.
“Personal electronic checking will form an integral part of the Internet
commerce industry and ChequeMARK’s entry expects to become one of the
dominant methods of payment,” the company said.