Paycom Adds Two New Electronic Payment Types

Paycom Adds Two New Electronic Payment Types
Gretchen Gallen
MARINA DEL REY, Calif. – Paycom announced Thursday that it will begin accepting Switch and Solo electronic payment cards through its online payment processor Epoch Transaction Services.

Solo, an electronic debit card, was launched by Switch Card Services Ltd. eight years ago as the sister card to Switch, which has since changed its name to Maestro. The two cards claim to have 29 million cards in circulation.

Switch and Solo are both debit models that target U.K. payment systems and work with the Internet, mail and telephone orders, deducting funds directly from checking and savings accounts.

The use of debit cards in the U.K. for online transactions now accounts for two-thirds of all plastic card payments.

According to Rand Pate, communications director for Paycom, both card types are being added to all Paycom payment acceptance forms effective immediately and can be used on the Internet to make purchases with merchants who display their logos.

Each solo transaction is sent to the card issuer for authorization, confirmed that the cardholder has sufficient funds in the account and is then processed. The amount of the transaction is normally deducted from the cardholder's account within one or two days after the transaction.

“We expect that by accepting Switch and Solo we will see a significant increase in sales from the United Kingdom,” Paycom President Clay Andrews said. “Switch and Solo are two of the most recognized payment types in the United Kingdom and Paycom is currently the only U.S. High Risk Internet Payment Service Provider to accept this card type.”