SCIOTA, Pa., Oct. 15, 2012 -- AmeriWorks Financial Services, Inc. (symbol "AWKS"), P.O. Box 187, Sciota, PA 18354, announced today that it is seeking funding to resume the development of a virtual check system using a driver license to identify a consumer at a point of sale while reducing consumer fraud. The system, which has Provisional Patent protection, will eliminate the use of a paper check at the register by allowing for a virtual check transaction, called a DOT.chek.
The consumer must apply for membership in a financial data base managed by AWKS. The consumer's driver license and checking account are linked electronically and AWKS is notified by the member's banking institution of any returned checks. When an enrolled consumer swipes their driver license at the point of sale, the validity of the driver license is instantly checked and the checking account information in the consumer's account managed by AWKS is verified for accuracy and any payment defaults. If approved, a receipt, similar to a credit card receipt, prints out at the point of sale; the consumer signs this receipt; the retailer keeps a copy for their records and the consumer takes the goods or services completing the transaction. By swiping a driver license or state ID card at the point of sale, funds for approved transactions are transferred by AWKS from the consumer's checking account to the merchant within 36 hours, the time it takes for a paper check to clear. "I even foresee a driver license being swiped at a gasoline pump for payment, a retail point of sale where paper checks are almost never accepted," said Louis Perosi, Jr. President of AWKS. The Driver License System does not guarantee the transaction but replaces the use, verification and cost of accepting a paper check at the point of sale.
AWKS will charge $0.20 per swipe or ¼ of 1% of the transaction total up to a maximum of $0.50 for each swipe transaction. AWKS will also charge a monthly membership fee to consumers of $1.50 to remain in the financial data base as well as charge the consumer and the merchant $1.50 for each electronic funds transfer. The Company has a licensing agreement in place with a major driver license information provider and an agreement with independent programmers who will write the software code that will allow current swipe devices to recognize a driver license as payment for goods and services. AWKS expects to contract with VeriPhone for site installation of needed swipe devices. The Company is seeking funding of $250,000 to complete a pilot test of the DOT.chek system and the initial roll out after completion of the pilot testing. The system will be ready for testing within six months of funding the project. AWKS estimates that projected gross revenue from the DOT.chek system in supermarkets and small retail businesses to be in excess of $3,000,000; $16,000,000 and; $26,000,000 respectively, for the three years following funding, testing and integration of the system.
AWKS has other operations that include (1) consumer collections, (2) on-line education and (3) a web site under development called The SmallStock Exchange marking its entry into the Crowd Funding Arena under the JOBS Act. AWKS is a public company with the trading symbol AWKS. For more information on the Company or the DOT.chek system and to be placed on our mailing list, you may contact Mr. Louis Perosi, Jr. , President at 1-888-282-2802 Ext. 19 or you may email Mr. Perosi at email@example.com.
This press release is not an offer to sell or a solicitation to buy the shares of AWKS, which offer to sell or solicitation to buy can only be made through prospectus or offering memorandum. For more information, contact AWKS and the contact person shown above.
SOURCE AmeriWorks Financial Services, Inc.