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| The credit card and check processing industry is a $10 billion annual revenue market that continues to grow. In 2006, electronic check transactions grew at a rate of 14.5% reaching a high of 16 billion transactions valued at $30.3 trillion. The first three quarters of 2007 showed similar results. Even more striking, forecasts estimate that every five years electronic check transactions will more then double. | ||
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Growth in the electronic check industry stems from 4 categories: direct deposits, internet payments, account receivables, and business-to-business payments. With our solution offering, Check21.com is poised to capitalize on the growth in internet payments, accounts receivable, and business-to-business payments. And because our unique service offering affords our Internet-initiated payments grew by an estimated 35% to 1.8 billion in 2006. NACHA estimates that 85% of Internet-initiated payments are to pay bills via companies’ or billing services’ web sites, and 10% are to transfer funds. Annual volume for accounts receivable check (ARC) conversion grew by an estimated 700 million payments to 2.8 billion, an increase of 32 percent. ARC accounted for 35% of financial institutions’ electronic transaction growth in 2006. The total number of business-to-business electronic payments grew to 2.3 billion in 2006, up 10.9% over 2005. American businesses initiate electronic check payments for payments to and from trading partners, vendor payments, |
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