MyECheck, Inc. (fka MYEC)

[stephen218]

$MYEC. The Core of the business. Why MYEC wins.


It was just a short time ago – in fact less than 8 years – when 95% of all purchases online were made with a credit card. As Internet commerce increased, so did the desire for alternative methods of payment, and such services as Paypal were created. But history and consumer surveys both show that the use of some form of check is still one of the most preferred methods of payment, and it’s been estimated in industry circles that, within a few short years, credit card transactions will be in the minority on the Internet. With that in mind, MyECheck (trading under the symbol MYEC) offers online merchants, call centers, billers, retail POS and RDC/back office applications an array of comprehensive Check 21 imaging, processing and related solutions.

So, just what is this “Check 21? that we hear so much about lately? Well, the “Check Clearing for the 21st Century Act” (commonly known as Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to truncate original checks to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. A substitute check is the legal equivalent of the original check and includes all the information contained on the original check.

A common question often asked is “isn’t that what Automated clearing house (ACH) transactions do?” and to some extent that would be true. But the ACH transactions fall far short of what MyECheck offers its customers. MyECheck works with more consumer accounts, clears sooner, and provides superior charge-back protection over ACH transactions. MyECheck can debit every US checking account, even accounts that ACH cannot debit. These include accounts at many credit unions, S&Ls, small banks, brokerage accounts, business accounts and credit card check accounts. In fact, MyECheck provides access to more customers than any other single payment method.

If it was simply the range of accessible checking accounts that made MYEC different, they’d be worthy of a good close look, but that’s just one facet of their offerings. With Financial Verification Services, prior to authorizing a transaction, MyECheck can verify the status of the customer’s bank account and determine if the customer is a recent check bouncer. Utilizing their Identity Validation Services, MyECheck offers 3 levels of identity verification, including a high-assurance ID validation. The system currently supports 21 currencies and will even perform low-cost foreign exchange when required.

That is a fine and well rounded complement of services to offer any business that needs payment processing. As online commerce continues to grow, MyECheck is growing right along with it, offering up real-world solutions to all types of retail and cyberspace merchants. Investors would do well to keep their eye on this company for further developments.


http://blog.qualitystocks.net/myecheck-inc-myecob/myecheck-inc-myecob-times-are-changing-for-online-transactions/