From: j.hastings6@genie.geis.com
Date: Wed, 20 Jul 94 16:29:53 PDT
To: cypherpunks@toad.com
Subject: Voice/Fax Checks
Message-ID: <199407200937.AA255897028@relay2.geis.com>
MIME-Version: 1.0
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I got an interesting fax today from someone promoting "Telephone
Check Payment Systems, a division of Financial Planning Associates,
a company that has been in existence for 17 years."
 
Excerpts:
"Paper drafts are established as a legal method of payment as
provided in the Uniform Commercial Code, Title 1, Section 1-201 [39]
and Title 3, Sections 3-104, 3-401 and 3-403; Code of Federal
Regulations, Title 12 Chapter II, Part 210; and Regulation J, Federal
Reserve Bank, Part 2, Sections 4A-201 to 4A-212. Only verbal agreement
is required for authorization. Also see Romani v Harris, 255 Md.389."
 
and...
"Attention Businesses...Accept Personal and Business Checks Over The
Telephone (or by fax) for Your Orders, Payments, Collections and
Donations!"
 
If you want more details about this, drop me a note. I have no
other connection with the company besides the fax from a sales guy,
so far. Does anyone out there know something about this concept?
Could this be useful for a digital cash bank interface?
 
I read in Dvorak's Guide to PC Telecom that the difference between
on-line failures and successes depends on the convenience of payment.
If you needed a credit card to buy a hamburger, McDonald's wouldn't
make many sales.
 
Back to the fax, "There are 65 million consumers who have checking
accounts but do not have credit cards...plus millions of credit card
holders with little or no usable credit currently available on their
cards. You can dramatically increase your sales by tapping into this
huge market with your ability to take check payments over the
telephone. Don't lose that important IMPULSE SALE!" etc. ...
 
Fascinating.
 
Kent - j.hastings6@genie.geis.com
 
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