The card networks sit between you and your customer, and they charge for the privilege. BioeFunds builds the other path — payments that move from a customer's bank account to yours, without a network in the middle.
Nobody attempts the hard parts — building a cheaper rail, deciding whether a payment should be taken at all, and getting the money back when it fails. Nobody except BioeFunds.
Acquire → Authorize → Process → Retain → Recover.
Not four products. One lifecycle.
A customer links a bank account once and pays with a phone number and a PIN. No card, no network, no interchange. Retailers keep the customer relationship and the economics that come with it — including the ability to fund loyalty out of what they're no longer handing to a card network.
Americans still write $24.45 trillion in checks a year. Volume is falling and value isn't: the average check is now $2,653, because what's left is rent, contractors, professional fees, and B2B. Paying interchange on payments that size is outrageous.
Most processors don't invest in a declining market. We've specialized in bank payments since 1978 — checks are our business. Photographed, authorized, deposited electronically. In the field by a merchant's own crew, or remotely by the customer paying an invoice.
When a payment doesn't clear, it doesn't come back to the merchant as their problem. We collect every return at little to no cost.
Account validation, risk decisioning, authorization, electronic deposit, and the reporting that ties them together. Merchants don't need to learn return codes, NACHA formats, or check conversion rules. That's our job.
Average check size — Federal Reserve Payments Study, 2024 data.
Very few can decide whether a payment should be accepted, and almost nobody wants to be there when it fails.
We do all three because we built them in the wrong order on purpose — recovery first, over decades, then authorization, then acceptance. It means every payment we accept is priced by people who know exactly what a bad one costs.
Retailers and grocers. Field-service companies. Medical and dental practices. Professional services. Wholesale and B2B. Anyone who would rather not hand three percent to a network for the privilege of finding out.
The people behind it started in 1978.
Through the eighties the work was check authorization — deciding at the register whether a check was good, before anyone could look it up.
By 1992 the business was big enough that National City Corporation bought it. Check Security Services of America, acquired that July and merged into National Processing Company, which handled one in six Visa and Mastercard transactions in the country.
The nineties brought NACHA's check programs — checks moving over ACH for the first time — and one of the first point-of-sale patents for settling a payment online, directly into a merchant's bank account. Then Check 21, and the paper stopped traveling at all.
Checkdepo is our next evolution.