iTransact.com.

• Position: Adds payment clearing services - Brief Article

iTransact.com, founded in 1994, is one of the first companies to provide check services over the phone. When the company added credit card services in 1997, business exploded. The company now provides payment-clearing services for Internet and telemarketing companies looking for a way to accept check and credit card payments instantly and securely.

"We take the information from a purchaser's check and verify it online with a bank-secure integrated service, then we cut a check or initiate an electronic funds transfer (EFT)," explains Mike Sumsion, company founder and vice president.

Sumsion became interested in this kind of "gateway" service when he ordered an item over the phone and was able to pay for it by check through a...