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Noca stands for No Other Charges Applied and the value proposition of this start up appears to be just that simple. Merchants are charged 0.25% of the transaction to offer consumers the opportunity to pay securely by electronic check. Consumers sign up for the service, are validated, and can pay by echeck at any merchant that uses Noca’s Secure Check™ processing system.

Noca's Secure Check™ differs from traditional echecks in that it will manage identity and account verification as an on-line, in stream process, which eliminates one of the reasons for merchants not embracing an echeck solution since there is no automated way to verify the payer’s identity and hence guarantee payment. Noca instead will guarantee ACH funds for a low fee to merchants thereby solving this risk issue. Senior leaders from the payments, financial services, and technology industries formed Noca in 2007. Their platform was conceived as an entirely new payment processing system, built over the course of two years by designers and engineers in Silicon Valley and launched in February 2009. All front end processing is handled by the proprietary Noca system and developers are provided with open access to API code and information designed to support integration into the merchant’s website.

Consumers have access to complete and detailed information on all their Secure Check™ transactions and Noca provides link-backs to merchants in order to facilitate self-service and to mitigate dispute risks. By taking as much overhead cost as possible out of the operation of a payment processing scheme, Noca appears poised to deliver on a value proposition that is relevant to all stakeholders. Moreover, their contemporary front-end processing system creates a more nimble, market-ready environment in which to launch new payment schemes. Initially targeting check-intensive markets, such as rental companies, organizations who may be mandated to use low-cost providers and may not accept payment cards, such as utilities and governments, as well as charities, where administrative costs are monitored, the Noca Secure Check™ system will be one to watch in the future.

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