Using Biometric Payments to Fill 'Er Up

Sterling, Virginia — June 2004

There is a new form of payment fast becoming popular with both consumers and merchants, and it has to do with biometrics. Biometric payments are giving consumers a convenient and secure way to pay with their finger and giving merchants a low-cost form of payment acceptance. Just ask Rich Gladu.

Rich is an entrepreneur in Northern Virginia and the franchise owner of Amoco, BP and Liberty gas stations and convenience stores. He started using BioPay late last year in just one of his locations. The customer response was overwhelmingly positive and the cost savings were so great that he soon implemented BioPay in his other two locations.

"From the start, I knew good things were going to happen when I started using BioPay," states Gladu. "And I was right."

BioPay gives consumers the benefit of paying for purchases from their checking account simply by scanning their finger image and using a 10-digit PIN number. There is no need to use cash, checks or credit cards, or to show an ID.

Almost immediately after installing BioPay, both clerks and customers reported how much they liked using the system. Clerks said BioPay made their job easier because they could get customers through the line quicker, enabling them to serve everyone more efficiently. They also reported that BioPay was easier to use than credit cards. "With BioPay, there is no longer a need to fumble through your wallet looking for a card. Customers simply put their finger on the reader and enter a PIN number to authorize the payment, and then they're on their way," reports Gladu.

Customers like using biometric payments because they can leave their purse or wallet at home. Those that like to pay with cash reported that using their finger to pay takes the need out of stopping by an ATM to get cash. Now, they simply scan their finger at the register to make a payment from their checking account. Not only is it easier to pay, it saves customers the fee they would have had to pay to make a withdrawal at the ATM. A customer can pay and be on their way in a matter of seconds.

Customers do not have to pay a fee to use BioPay.

Payment processing costs are reduced when using BioPay. For instance, biometric payments cost, on average, 75% less than credit card and off-line (debit card) transactions. "For a small business owner these cost savings can be substantial," states Gladu. "It just makes more sense to offer a system that saves money because it increases my bottom line."

Mr. Gladu believes in BioPay, so much so that he no longer accepts paper checks at any of his three locations. All customers are required to use BioPay's biometric payments. And, customers don't seem to mind. "Biometrics give new meaning to the word convenience. I believe the days of carrying a wallet will be gone soon," concludes Gladu. "And I don't mind that a bit."

About BioPay, LLC

Since 1999, BioPay has been providing smart, secure methods for processing financial transactions. Its Paycheck Secure systems help businesses substantially reduce fraud and give consumers a convenient method for cashing checks. BioPay's payment service offers merchants a low-cost form of customer payment and gives consumers a secure, fast and convenient way to pay for purchases. BioPay's patent-pending systems for merchants, banks and financial service organizations have been implemented across the nation. BioPay's value to consumers and merchants has created the nation's largest commercial electronic biometric database. For more information on BioPay and its market-leading products please visit www.biopay.com.