Corporate Name: MyECheck, Inc.
State of Incorporation Wyoming
Main Office Address: 3941 Park Dr., Suite 20-179
El Dorado Hills, CA, 95762
Stock Exchange/Ticker OTC:Pink “MYEC”
Transfer Agent: Signature Stock Transfer
https://www.facebook.com/myecheckinc Must Read..................http://seekingalpha.com/instablog/7510531-marketman123/2806433-the-awakening
Question: Is it possible to take us back to the price range of 2008 with the current share structure?
Answer: Not the same, better
Question: Did MyECheck make apps for the iPhone and Android? Or is it going to be the back end processor?
Question: Will the recent postings here on the back end processing and apps be explained more in a official Press Release soon? Dieing to know the details and to be able to use it on my phone Will it work up here in Canada?
Answer: Yes when we officially launch them
Question: Ed Starrs great job with everything so far. Excited every morning waking up to read more about myecheck. Ed I had a question how could we surpass these short sellers at these ranges to make it to otcqx?
Answer: That situation wil improve
Question: There are many new Payment Technologies being developed. How does MyECheck plan to make itself known, and set itself a part from, all of the other options businesses and consumers will have?
Answer: None will have our capabilities, the front end stuff is generic, the backend is patented, the capabilities are exclusive to us
Question: When will the iphone app be available? Would love to be able to use myecheck on my phone.
Answer: 6 to 8 weeks hopefully
Question: Can you tell us exactly what exchange you are hoping to uplist to?
Answer: We are looking at our options, we'll likely go asap to the OTCQX, the important thing is to keep moving up as soon as we can qualify
Question: would you have to uplist to OTCQB first?
Answer: We can leapfrog if we qualify
Question: Great response. Thank you. Does MyECheck have a mass marketing plan to gather awareness prior to, or immediately after, iOS and Android Apps launch?
Answer: Yes but probably not what you might expect
Question: Has Corporate Merchant Solutions agreements been implemented yet?
Answer: No it hasn't / I can't really commit as to why other than they are having problems
Question: Is MyECheck involved with or considering partnering with any Canadian financial institutions or businesses ?
Answer: Yes / We are trying to partner with a Canadian payment network, nothing definitive yet
Question: Myecheck has stated in the past they werent primarily focused on international. Where does the company stand at this time with intl.pmt
Answer: We are not focussed at all on international right now, I'd love to add the capability but too much else on our plate currently, we will revisit in about 6 months
Question: Does MyECheck have a backend processing application that fits into business enterprise systems like SAP or JDEdwards?
Answer: Yes / Any payment application can integrate with the MEC check engine, we do not have any unique app for those systems, although 3rd party vendors do.
Question: Will MyECheck establish relationships with brokerages like ETrade, Schwab or Ameritrade so that clients can coordinate transfer of funds when working seamlessly between other bankinginstitutions ?
Answer: I certainly hope so, but we are not currently working with a major brokerage
Question: Did you eve rekindle those conversations with Apple!? Thanks for everything!
Answer: Working on it
Question: How can Myecheck benefit a company like ATT mobility?
Answer: MyECheck can be used for monthly billing collection, and can provide a number of mobile payment solutions. Do you have a contact I can speak with.
Question: is www.auricsystems.com/support-center/methods-payment/ a new contact as well?
Answer: It's an old contract but they are still integrated and any of their customers can use our system without additional integration with us
Question: Is it possible that you would retire more shares in the future?
Answer: It's possible, no specific plan right now
Question: I have accumulated a large amount of shares over the past year and believe in the long term growth of MyEcheck. My wife would like me to take half off the table with the recent rise in pps, what would you tell her to convince her to hold until at least 2015? In your opinion what is the true valuation for myecheck as a whole and pps?
Answer: I can't give investment or valuation advise on MYEC, the value is whatever the market dictates, however my personal financial strategy is not to carry any debt
Question: Would you consider a buy out for $1 per share? Are you planning on hiring a sales team?
Answer: Are you offering me $1 a share? We have a sales team, they just aren't salaried employees, and it's small. We will grow our sales department as we move forward.
Question: Are you hiring any summer sales/lead generation interns?
Answer: Not a bad idea, check back in a couple of months
Question: How can the MYEC shareholders help you gain more clients and get the word out? We've got a pretty big street marketing team here that is willing to help. Should we be sending emails to our Stock Brokerage, our sell phone carrier, or our banks telling them we want them to use Myecheck's services? If so, who do you want us to hit? Or would you rather us not do that?
Answer: Great question, we are looking for large customers only, not banks necessarily, best thing to do if interested is direct them to the website and give them my phone number or get their contact info to me
Question: Has MyECheck implemented the new Biometrically Authorized Device Signatures feature into any current solutions? Are BADS expected to be a significant solution MyECheck offers in the future?
Answer: This technology will be instrumental, not yet released
Question: Does MyECheck now have it's own FedLine Direct?
Answer: No, we have our own ETI routing number and we have access to FedLine through bank partners
Question: Bank partners? Are there bank partners besides Bank of Kentucky?
Question: What is the current relationship between MYECheck and Bank of America and how can current Bank of America customers utilize your services ?
Answer: BofA customers can contact me to sign up and start immediately
Question: Is there a plan in place to start garnering national press (cnbc, forbes, fox business, etc) with myecheck solutions?
Answer: They will be here soon
Question: Is auditing on track for EOY or should we expect Q1?
Answer: I wish I could answer that one but I can't sorry
Question: How can I set up my business with myecheck? Thanks for all the hard work!!!!
Answer: To set up direct you must be processing $100M/mo, GreenPay would be a good option when they launch on our system on about 10 weeks
Question: Will this user app allow me to say transfer money from my Bank of America account into a US Bank account?
Answer: Possibly but probably not when we first launch / This can be accomplished now with a ewallet partner
Question: Will the apps be designed for payments to merchants or payments to friends & family, or both? How soon can funds clear?
Question: Will the recipient of funds need the MyECheck app also to receive the payment?
Answer: There's a user app for the device and a merchant app
Question: I would love to transfer money to my brokerage account using myec
Answer: Have your broker call me
Question: I filled a survey for td ameritrade. Told them that Myecheck has the solution for them. They called back this morning.
Answer: Probably Customer Service calling you, ask them to talk to their CFO about MyECheck
Question: It seems like MyECheck is really starting to get the ball rolling. Are you to the point where companies are catching wind of your technology and reaching out to you or are you still having to educate companies by reaching out to them? Thank you for your time.
Answer: We are starting to gain traction
Question: so what is the difference between me using GreenPay and cardinal commerce to do check processing thru my website for to go orders
Answer: Our parters usually have a platform on top of ours that allow for additional or different functionality, shopping carts, stored value, and they target different markets and customers
Question: Is MYEC attending any upcoming conferences, symposiums, etc to discuss its business and exhibit to the public ?
Answer: We will be attending trade show and conferences, there are a several I want to attend
Question: Is MyECheck going to update and improve its Website ? It appears very sparse and somewhat outdated and could use a nice redesign as well as links to social media, etc ?
Answer: We want limited information so interested companies contact me for more info, but please send that comment to email@example.com
Question: Does MyECheck have a partners reward program on purchases, services, etc ?
Answer: We have looked at programs, we may have something later
Question: If I am a Huntington Bank, PNC Bank or US Bank customer... Can I sign up with you and start with MyECheck ?
Answer: If you process $100M/mo
Question: Why have you not pursued any discount brokerages ?
Answer: I have
Question: There is a lot going on this year in the mobile payment industry:
Answer: Yes the industry is very hot and getting ready to explode.
Question: Is Auric Systems International a new client or an existing client?
Answer: Auric a payment services provider, a payment platform for merchants, and we are integrated with them. We need to sell and sign up their merchants, their merchants are already integrated with MyECheck by being a customer of Auric so there is no technical integration required.
Question: You've stated your front end is generic and back end patented. New owner of stock in Myecheck . My only concern: Can your patent be 'tweeked' by larger company and used, or are the parameters of patent solid and ground breaking enough not to be stolen and used by others?
Answer: Thanks great question, patents can't be tweaked once granted but some can be circumvented by not infringing on any claim in the patent. My belief and that of my attorney is that you cannot create an electronic check without infringing on exclusive rights granted to me by the UD government
Question: Mr. Starrs As you can see here I was charged $83.68 for a simple paypal payment into my account which will now take another 3 or 4 days to get transferred into my business account. If MYEC were being used would I be correct in saying that it would have only cost me $5 to receive the payment and it would have been credited to my account almost immediately if not on the same day?
Answer: There is misinformation out there regarding our pricing, it depends on many factors, but it will be much more cost effective and the funds will clear the same day / It could be a lot less than $5 / We only charge merchants for successful transactions, there is no charge to the user
Question: This is WWAAAYYY too cool. Can MyECheck do this ??https://twitter.com/dasmart/status/442022907296755712
Answer: I think our solution is way cooler, watch the myecheck.com blog for more info
Question: When a User is at the Merchants business location, will the Merchants business auto-populate to the Users App, or will the User need to search and add each Merchant to their App?
Answer: Yes, they can scan a merchants QR code at the business location and auto-add the merchant
Question: MyECheck/Ed Starrs.... You need to improve the look and feel of your Website. To do it cheap and effectively have your PR/Media department look at SquareSpace.com. / for a few hundred dollars, they can hire some developers and make better theme for their wordpress website... btw- worpress powers >60% of the websites worldwide... Looking like a multi billion dollar company is the first step in becoming a multi million dollar company.
Answer: You are both correct, we need a much improved web site, right now we have to work with what we have but will launch a new site in the future
Question: I may have missed this post and/or PR release, but as a new investor wondering if I should buy more shares -- are you working on a thumbprint / bio-metric version as I've heard the big banks /credit card companies are now exploring? Sorry if this has already been asked and answered!
Answer: yes we are
Question: Question. In a PR the wording was that a Share buy back will be upcomming and then the retirement of one billion shares. The query... is the share buyback being conducted on the open market float?
Answer: No, the share buy back already happened, it was a private transaction not on the market, the purpose was to facilitate the retirement of 1 billion shares
Question: ed. are you using cloud technology?
Answer: We use cloud technology but our production environment is not in the cloud
Question: Ed. Have you thought about financial entities in airports? They might like your idea.
Answer: We have a demo of our traditional services and the mobile apps will be available for download soon / The demo we have is confidential for our customer presentations
Question: Was this a hardware/software capability test I am assuming?
Answer: Current thru-put capacity based upon testing real transaction data, it's also scalable when needed
1) What is an accurate count on shares outstanding? What is the current float?
A) As of December 1, 2013, there are 3,612,470,000 shares issued and about 609,000,000 in the public float.
2) The MyECheck Founder & CEO, Ed Starrs holds 3,000,000,000 shares, about 79% of the issued and outstanding and 60% of the authorized, what are his intentions for these shares?
A) Mr. Starrs plans on holding his stock long term and has no plans to sell any stock. Mr. Starrs’ stock is “Restricted” and cannot be sold without an exemption from registration such as Rule 144. Rule 144 may permit Mr. Starrs to sell up to 1% of the issued and outstanding stock, or up to 36,124,700 shares within any three month period. If Mr. Starrs changes his plan and decides to sell stock, he would be limited to selling relatively small amounts of stock from time to time as permitted under an exemption to registration, and any such sales would be subject to disclosure through the OTC.
3) Why are there almost 5 billion shares authorized and 3.6 billion issued and outstanding, this seems like a lot of shares compared to other companies, does it pose any unique problems and is the Company considering restructuring its equity, would management retire their shares?
A) The current equity structure is the result of re-organizing the Company that enabled management to regain control of the Company and restart liquidity in the public market, and that process is still going on. The equity structure has served an important purpose for the Company and has proven to be the right structure during the past year. Currently there is no need, therefore no plan to restructure the Company equity. A reverse split at this time, for example, would cost shareholder value we believe and would give shareholders fewer shares at an inequitable value. We are however open to restructuring if and when we believe there is a viable reason to do so. It is very likely that equity restructuring will be considered in 2014. The idea that management would give away their ownership positions is unrealistic.
4) Are there any current plans to form an IR Department for MyECheck?
A) We will have internal Investor Relations when we are fully reporting on a more senior exchange, and we will likely use external Investor Relations services in the interim.
5) Is MyECheck still the fastest, safest and cheapest way to transfer money from any US bank account?
A) Yes, it’s the fastest, safest and lowest cost way to move money electronically in the United States. And, advances in banking industry infrastructure along with our own new developments will improve our capabilities and the services we provide.
6) Why do some brokers show a Chill on MyECheck’s stock, when other brokerages do not? Is there a way to get that fixed?
A) MyECheck is not currently DTC eligible and needs to have a DTCC member recommend us to become DTC eligible. When MyECheck re-domiciled from Nevada to Wyoming, a new CUSIP was issued to the Company stock and the old CUSIP was cancelled. DTCC tracks Issuers by CUSIP so they have no way of tracking MYEC, therefore cannot clear MYEC stock electronically through DTC. Some brokers can get around this manually and some can’t or won’t. We have been working with DTCC members on becoming DTC eligible in the very near future.
7) There was a PayPal Survey sent out showing MyECheck as an alternative. Do you have any knowledge of this? If so, can you comment on it?
A) We have had no contact with PayPal regarding this survey and had no role in it other than being listed as a payment services provider.
Instead of offering MyECheck branded services to PayPal users, a better application for PayPal would be to use our technology as the default bank account funding method instead of ACH, it would work with more PayPay user bank accounts, the funds would clear at least a day faster than they currently do, and it would be more secure with less failed and returned transactions therefore lower cost and much more efficient.
8) What happened to the stock issued for the debt June 15, 2015 of 400,000,000 shares?
A) The stock was issued for the conversion of convertible debt that was purchased by a third party investor. However subsequent to the issue, the investor failed to pay the debt as agreed so the stock was cancelled on the ledger of Company.
9) What were the negotiations that were made with creditors to eliminate $502,222 of debt? Was this debt cancelled because of an agreement to trade for MyECheck’s check processing services?
A) The majority of the debt eliminated was loans to the Company, the derivative liabilities created by the loans, and numerous small accounts payable bills from various service providers. The loan instruments were Convertible Notes and Debentures. We found investors to buy these notes from the note holders; the notes were converted into shares of MYEC and sold. Almost all of the stock in the public float was created this way. With the debt from the Convertible Debenture gone the derivatives liabilities are eliminated also. The smaller debt was negotiated on a case-by-case basis with each creditor with various resolutions, but none of the creditors would have brought much value as a customer. This conversion of debt into stock also restarted the market for MYEC stock.
10) Do you have an established timeframe for MyECheck’s financials to be audited? As it would create a wealth of investor confidence, both old and new investors.
A) We plan to start the process of filing audited financial reports and become fully reporting early in 2014, this will require our previous unaudited financials be audited also.
11) What is the approximate length of time for integration of a new client? (Best, worst case and factors involved)
A) It typically takes around a week or two for a nimble client to sign up and integrate from start to finish, however the technical integration part with us is quite easy and takes very little time once the documents have been read. Our services only require data that be sent to us in one of the secure specified formats, but depending on many factors such as the size of the client, their IT personnel and schedule, their website and shopping cart, applications, database, accounting system, fulfillment system and many factors beyond our control, it takes from 2 hours to several months.
12) How are fees and percentages with sub patent agreements determined? What is the range?
A) Licensing fees are determined by the forecast number of transactions and average transaction amount. Fees consist of an upfront licensing fee for a patent sub-license, an upfront fee for a software license if required, and an ongoing fee that is a percentage of transaction amount or a flat fee per transaction. This is typically quoted to the prospective licensee after we have reviewed their business and determined their processing volume – number and size of transactions. Because our fees are custom to each client, we do not publish our fees publically.
13) What are your immediate and future hiring plans and how do you expect this to affect your speed of growth?
A) We are hiring Senior Management now, they will in turn hire subordinates. It is essential for speedy growth. Our services and internal operations are fully automated and touch free so essentially require only monitoring. Our personnel growth will be in Sales & Marketing and IT and Development
.14) Considering that MyECheck is far superior to competition, what difficulties do you foresee going forward regarding widespread acceptance of your technology?
A) The biggest obstacle is the portion of the establishment banking industry that has vested interests in ACH and resists change out of fear. Once they inevitably and collectively agree to embrace fully electronic checks, the landscape will change very dramatically, very quickly, and for the better of the national payment system.
15) What is the nature of the patent licensing agreement between Ed Starrs (yourself) and MyECheck, Inc. (the company)?
A) The agreement is exclusive and royalty free for MyECheck, however Mr. Starrs has the right to re-negotiate the agreement at any point in the future although there are no plans for re-negotiation.
16) What factors make MyECheck money transfer more secure internationally? Are international payments currently available with MyECheck?
A) It’s sounds like just semantics, but MyECheck is not a Money Transfer Service, which requires special licenses and involves a high degree of risk. We do not transfer or process money at all, either domestically or internationally.
To clarify our service processes electronic check data on behalf of merchants, enabling fully electronic check payments to our merchants from US customers/payers. Money transfer services, like Western Union, are person to person long distance cash payments. One person pays cash on one end, the other person picks up cash at the other end.
Currently we do not offer international payments, and although we plan to add global payments in the future, it is currently not our focus.
17) MyECheck appears to work the same as Debit (in that it transfers money from checking accounts), but it is significantly cheaper and faster. Is the Debit card market one that you intend on pursuing? Is it possible to have a MyECheck ‘debit card’ which would then create a virtual check and be facilitated by your patented technology?
A) Debit card transactions are processed through the Visa/MC or ATM networks, with their fees, limitations and rules. MyECheck creates and processes checks just as if it was originally a paper check, but in essentially real time. This is dramatically different than debit card services. Our service provides access to every checking account in the US, not just those tied to a specific card network. The user doesn’t need a card or any hardware to pay using MyECheck, just a checking account.
We are targeting market share of the $44 Trillion check industry with a unique patented service, this industry has different customers and is a better fit for us than the $1 Trillion over saturated debit card industry.
However, a MyECheck customer or licensee hosting a virtual or mobile wallet with MyECheck as the account funding method could issue a debit card to draw or spend those funds in the wallet, but it is unlikely MyECheck will need to offer this type of payment service itself.
18) What factors affect true processing speed? Is it the same internationally? What is the longest amount of time it can take to process?
A) The primary factors that affect processing speed are user interface software/browser, network connectivity and latency. Response times are typically 1 to 3 seconds.
19) Do you anticipate uplisting in the near or long term? What obstacles do you see preventing possible uplisting?
A) We plan on moving up to more senior exchanges when we qualify, hopefully early in 2014. We don’t anticipate any specific obstacles at this stage and we are confident we can address any that may present.
20) In the past, MyECheck has a history of PRs regarding new clients and progress. What are your intentions of PR’s and updates going forward?
A) At this stage in the Company’s regrowth, the company is trying to develop long-term strong, service oriented business relationships with its clients. Previous press releases have resulted in clients being contacted multiple times by the general public to confirm the relationship, however this is inconsistent with the Company’s internal policies regarding customer service and retention, and may not be welcome by our clients. As a result, the Company has decided not to publically announce each new client. The Company will continue to make announcements regarding material events but will not identify clients by name at this stage unless requested by the client. We will likely announce clients of unusual significance, and may resume more frequent merchant announcements in the future.
21) Are the Corporate Merchant Solutions agreements still on track for implementation this year? If so, are these agreements still anticipated to bring in $250,000 per month gross revenue to MyECheck?
A) No, unfortunately Corporate Merchant Solutions is not on track for completion of implementation before the end of the year.
22) What is your strategy, near term, for signing new customers for the purpose of licensing and sub-licensing MyECheck’s patented technology? How do you see that strategy changing in the future to allow for accelerated growth? What level of growth do you foresee in the next 1, 2 & 5 years?
A) The short-term focus is on going live with a few large merchant services customers and licensees that can generate very large transaction volumes. Most of our sales leads come from resellers, and we are starting to build a sales organization to manage the resellers. We also have relationships with resellers that have yet to be engaged.
23) How do you plan to overcome obstacles, such as larger customers who are more hesitant of change, when offering MyECheck’s technology as a solution?
A) It depends on who has presented the obstacle and why, there’s potentially dozens of answers to this. One way is to point to one of their competitors or similar company that made the change, tell them why they changed and what competitive benefits they reaped. Fortunately we have processing history and some references.
24) To whom does MyECheck owe the remaining $302,000 shown as current liabilities on the balance sheet, as per the September 30, 2013 Quarterly Report?
A) It’s a combination of a Loan from 2009 (about $65k), Legal (about $110K), Accounting (about $30K), Developers (about $50k) and other professional services fees.
25) What is the exact nature of the operating expenses shown in the Quarterly Reports?
A) Development, hosting, office, transfer agent fees, and legal fee. The development money went to pay our outsourced developers, we lease hosting space for our production system at QTS Data Center in Sacramento, and we lease a small business office. The transfer agent fees and the legal fee are a necessary part of being a public company.
26) Has MyECheck Inc. hired a Director of Merchant Services? Who is Jim Gisler? (He claims to work for MyECheck Inc. on LinkedIn).
A) We do not have a Director of Merchant Services. Mr. Gisler was a former employee of MyECheck not currently employed with us since 2010, he was a great employee who left on friendly terms and we would hire him back, but we don’t need him right now.
27) MyECheck Inc. operates under the Check 21 Act in the United States. Are there similar laws in most other Countries, and could this be an issue for International expansion?
A) There are no similar laws in other countries yet, but it is likely in the future. In the meantime, the US market holds enormous potential measured in trillions of dollars. We do have an international strategy of partnering with international payments providers. We are reviewing international payments services providers for implementation in the second half of 2014. The proposed wholesale partnership would provide MyECheck as the US component of their international service, and we would add their global services to our payment platform, giving us immediate comprehensive global capabilities.
28) Does MyECheck Inc. plan on getting involved with Airlines, Online Gambling Sites, Brokerage Firms, Municipalities, and Payroll Processing Agencies?
A) Not Online Gambling until the legal climate clarifies, but all the others listed can benefit immediately from MyECheck and they are currently sales targets. We have previously successfully provided services to the State of California and other government entities, so government is a primary target for us.
29) What percentage of revenue is generated by the new IP Licensing Revenue Model? What percentage of the fees generated by licensees flow to MyECheck Inc.?
A) This is the first time revenue has been reported from licensing fees in the previous quarter, the percentages of revenue generated so far would not be a viable indicator of anything yet. We expect the majority of fees to be generated from licensing fees, ultimately. All fees generated by licensees flow to MyECheck.
30) Will MyECheck’s technology ever be used with mobile devices?
A) Yes, MyECheck technology has been used on mobile devices. As a back-end processor, our merchants have used a variety of applications and interfaces to collect the data they pass to us, including mobile apps. We expect mobile apps to be a common way merchants will use to collect payment data and/or payment authorizations from their customers. We are working on new technologies that further secure these types of transactions.
31) Why should online merchants choose to use us (MyECheck) over the competition?
A) MyECheck works with more of their customers, they get paid faster, it costs them less money, payments are more likely to be successful and less likely to be reversed, and payments can be guaranteed.
The specific comparative benefits depend on the online merchant and what competition you are referring to. Usually a business prospect is analyzed and a detailed custom proposal is prepared that highlights the specific benefits and cost savings for that unique client.
Numerous sources of information highlight the benefits of MyECheck services including the comparative analysis, the company website and company brochures, some provide detailed explanations of our Merchant Services and the competitive benefits for various applications as compared to various other payment types. However online merchants are not primary targets for us anymore because they cannot provide the transaction volume we are seeking.
32) Will any 2014 expansion projects require significant investments and/or financing?
A) No not really, we will need to upgrade all of our hardware and add a lot more but that’s relatively inexpensive and we expect to be able to pay for it from revenue. We won’t need to do anything until we have much greater revenue anyway.
33) Do you believe it wise to require new customers to pay such a high rate at such an early stage in MyECheck’s formation? Would it be more beneficial to get more customers for a lower initial integration cost and grow based off of fees, then move to a higher integration cost?
A) MyECheck is the lowest cost electronic payments services provider in the country. We have never charged anything for integration, we only charge for successful transactions. All of our customers have saved money using our service. Most have saved substantial amounts of money and resources, and have custom pricing based upon many factors unique to them; we do not publish these rates.
34) Do you have plans to take advantage of the FREE SERVICES such as Social Media (Facebook, Twitter, LinkedIn, etc…)? Social media updates would dramatically reduce shareholder inquiries.
A) Yes, likely after we get IR
35) Can you please tell us which companies, previously press released, are currently processing payments through MyECheck?
A) So far, companies that have been previously announced that are currently processing payments through MyECheck are Forever Living Products, Simplifile and Always On Vacation.
36) Have you considered Venture Capital or Grants as possible financing tools for growth?
A) At this time we are not seeking outside financing.
© 2013 MyECheck Inc.