Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Yeah that statement from the Form 10 is blatantly false.
This author seems slightly cynical but the info is solid: http://paymentsviews.com/2012/08/13/so-you-want-to-start-a-payments-company/
I'm not sure how they have everything set up right now with the app & bank accts etc, but they are absolutely required to have an anti-money laundering program. This includes "Know Your Customer" as well as monitoring for suspicious activity.
I don't know how they would be exempt from anti-money laundering laws under the Bank Secrecy Act
You mean over the past 2-3 years
Which is what you just said. NM. Sorry
Or everyone is just waiting or bored. There is no real pump & news for the company doesn't mean anything right now. Why would anyone trade
Hey the board was getting stale. Gotta spice it up.
TIGHT NOW
Are you kidding me those 100+ installs of the app (with a 100% 5-star rating I might add) will generate at least, what, $12 in revenue? That's the first real revenue in years!!
LOL
I second that. MYEC is the best
I know that. I meant who controls it etc.
I found it in old threads. It is controlled by Matt Hanson, former CEO of GreenPay.
Does anyone have an info on Sierra Global? I might've missed it
The longs are definitely putting their money where their mouth is. Very commendable
It's not a dump, it's a slow bleed
He should've got a VC that could afford him proper capital like all the other legitimate startups. Then all this stuff would've been completed years ago.
MYEC is the best one, but thank you for the tips my friend
I wish I was in on that one.
TIGHT NOW!!!!!
My guess is there are way fewer shorts than you would think
From whatever that Quote is from it looks like 2% to me.
I just googled a bunch of stuff and consistently retailers pay below 3% if you do any sort of volume. And if you don't do much volume, just use Square, its 2.75%.
I just really doubt the retailer can do much better than that after the .25 fee and whatever rewards they have to do. Maybe they could do a little better but it's not some Earth shattering amount. Cash is always the cheapest if the bottom line is the only thing you're worried about.
Looking at the MasterCard interchange rates it seems like the 3% savings everyone is quoting is pretty arbitrary. The rates vary depending on type of card etc, but most of the fees are $0.10 + between 1 - 2%. You'll rarely hit 3% fee as a business unless your transactions are under $10
Totally agree!
Shoulda just went to Vegas
$.25 charge is 3% of a purchase of $8.33. So they're pretty similar.
Also if you have the cash to pay off your CC every month you don't have to worry about interest rates etc. Myecheck requires you to have the cash in your acct so that's no real benefit.
I will say the app has some benefits. Then again so does cash, but with the exception of some gas stations I don't ever see a business offering discounts for cash transactions. Lead's me to believe most businesses are ok with 3% being the cost to do business and worth the convenience.
The app would be decent if it could become more mainstream but I don't see that happening.
It's not the same but Ed acts like the billions of shares are a blank check to use at will. Anyone receiving those shares is going to sell immediately bc they were received instead of cash, since MYEC has no cash. And you wonder why the pps drops daily
Believe it or not only a $2Mil NI would make PE 25, which is was VISA has. Actually not out of reach except for the fact the CEO is a scam artist.
It does sound good on paper. I can see that.
But a business is going to have to offer incentives for consumers to pay with this. Which costs money and would probably cut your margin from almost 3% to less than 1% (my Southwest CC offers roughly 2% back, so you'll have to offer roughly 2% worth of incentives to be competitive). Plus the app is much more inconvenient than a CC. So ultimately I would rather use my CC for my perks, even if I miss on ~1% of my purchase.
The MYEC app makes the most sense with large dollar transactions. Maybe it could create a niche market for that. Until then it's not worth anyone's time.
How many businesses accept the app right now? None? Ed couldn't even get one major business to accept this 'game changer' before it was released? How long would it take to get enough businesses on this thing in order to get up to the volume you mentioned? MYEC would have burned through all its cash 100 times before that could happen.
$50Mil market cap. Psh
With 0 businesses that actually use the app this should be quick
Legal proceedings should be up to date as of date of filing
That's like 5% daily volume. And no one wants to buy
All the fb pages were established to praise this stock and the savior Ed! You didnt know?
Even better question. That $1.7mil loss for HALF THE YEAR, plus only $20k cash, plus owing some mystery party $600k for a loan that's already been spent, looks like a well run company to me.
Even if this company had excellent products and any deals in the works, it would crash and burn due to mismanagement
I was referring to his fb note that he has edited 20 times. He is very good at saying the bare minimum to appease people until someone calls him on it.
probably someone with 1Mil shares that figured out this is a POS
Ed changed the wording. It didn't originally say "We arranged to have the loan repaid by a third party". It said "we sold the debt", or something to that effect.
TIGHT NOW!
Dead cats do bounce
I feel sorry for the investor on the Sheepbook page that claimed to have over $450k invested in this.......
Turning sales of stock into revenue & A/R. SMOOTH
As a CPA I've seen some bad deals in my time. This is BAD