Thanks for the post. I have no doubt that the author of that article planned it out and timed the market for the right time to publish it. There are always people who sell on fear because of things like this, but I am very confident that most MYEC shareholders, myself included, will continue to hold strong and add to our positions when possible. There will also likely be many new investors who will find this opportunity without seeing that article. The more we talk about it, the more power we give it. That being said, this post will be the last time I partake in conversations about that article.
http://finance.yahoo.com/news/myecheck-fully-electronic-check-services-153300187.html Quote: ________________________________________ EL DORADO HILLS, CA--(Marketwired - Apr 4, 2014) - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, today announced that VX Gateway, a provider of global payment services and technologies, has signed an agreement with MyECheck for fully electronic check and related services. ________________________________________
http://finance.yahoo.com/news/myecheck-fully-electronic-check-services-154800928.html Quote: ________________________________________ EL DORADO HILLS, CA--(Marketwired - Apr 2, 2014) - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced that iCard1, an innovative global electronic banking platform and payment services provider, has signed an agreement for MyECheck services. MyECheck will facilitate the funding of electronic bank, e-wallet and debit card accounts on the global iCard1 electronic banking and payment network. ________________________________________
http://finance.yahoo.com/news/myecheck-announces-three-licensees-real-130500771.html Quote: ________________________________________ EL DORADO HILLS, CA--(Marketwired - Mar 28, 2014) - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, today announced that it has sold 3 new licenses for its proprietary mobile payment platform. Each company has paid an upfront licensing fee and will receive a private branded turn-key hosted mobile payment system connected to the MyECheck check engine. MyECheck will also share in transaction fee revenue generated from the systems.
InterPay Inc, founded in 2009, is a reseller of electronic payment services to national and regional foodservice, grocery and C-store chains. Sierra Global LLC is a provider of custom banking software solutions to non-US banks to enable US commerce outside of the US. Itonis Holdings based in southern California is a holding company and distributor of innovative products to the medical and pharmaceutical industry. Itonis will be the first and only payment services with a solution targeting the Medical Marijuana industry in Southern California. ________________________________________
http://finance.yahoo.com/news/myecheck-launches-application-government-government-164500456.html Quote: ________________________________________ EL DORADO HILLS, CA--(Marketwired - Mar 19, 2014) - MyECheck, Inc. (OTC Pink: MYEC) (PINKSHEETS: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, today launched a new payment platform for real-time government account to government account payments. MyECheck G-Pay service is the only fully electronic payment service that is capable of processing fully electronic transfers from government owned bank accounts.
The G-Pay application is a plug-in to MyECheck V 3.0 and provides easily implemented security and payment capabilities for government entities to process authorized funds transfers to and from any government owned checking account. The service will be sold directly to federal, state and local government entities through internal sales, and through the use of contracted government payment service providers as resellers. ________________________________________
EL DORADO HILLS, CA--(Marketwired - Mar 5, 2014) - MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today welcomed Bruce Smith, CPA, as Vice President of Finance and Company Controller. The Company also announced its plans to become a fully reporting company with the SEC, move to a more senior stock exchange and has engaged new independent accountants L.L. Bradford to conduct an audit of the Company.
Bruce M. Smith, Certified Public Accountant, is a forensic auditor, business advisor and a seasoned financial professional with over 25 years of progressive accounting responsibility. Mr. Smith expertise is key insight into the design and implementation of financial reporting systems and management reports for growing companies. Mr. Smith is a Capital Partner in the firm BBRS LLP, one of the Sacramento regions most prestigious accounting firms, and has held CFO and Controller positions in a number of successful and fast growing tech companies.
The Company has also engaged independent auditors, L.L. Bradford Certified Public Accountants and Consultants, to audit the Company's financial statements for the past 4 years, and on an ongoing basis. The Company intends to file audited financial reports with the SEC and become a fully reporting company as soon as the audit is complete. The Company also intends to apply for listing on a more senior stock exchange as a fully reporting company and is taking steps accordingly.
At a special meeting, the MyECheck Board of Directors seated a Board of Directors confirming Edward Starrs (Chairman of the Board), Bruce Smith (Corporate Treasurer) and Robert "Steve" Blandford (Corporate Secretary), as Members of the Board of Directors.
Ed Starrs, CEO, commented, "I've known Bruce for many years and his knowledge and experience is an outstanding addition to our senior management team, we are excited he has decided to join us. Greater financial controls, audited financial statements and a more senior stock exchange will significantly enhance MyECheck's credibility."
Starrs added, "We will not reverse split our stock or otherwise restructure the company's equity in any way that we think will negatively impact our share price. We plan to qualify to graduate by improving company performance and growing revenue, assets, number of shareholders and share value."
About MyECheck
MyECheck Inc. is a leading payment data processor and technology developer & licensor that provides a new electronic payment method used as a preferred alterative to cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck's patented payment method is the fastest, most secure and most cost effective payment method in the US and is poised to be a significant payment platform. As the leader in Check 21 solutions and check image processing for online and mobile transactions, MyECheck provides merchants with the easiest, fastest, safest, and lowest cost way to collect money electronically from the most customers. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions.
EL DORADO HILLS, CA--(Marketwired - Feb 26, 2014) - MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced GreenPay LLC has selected MyECheck to provide a comprehensive processing solution for the legal marijuana industry.
GreenPay LLC, is a start-up developer of downloadable mobile payment applications for the legal marijuana industry called MJ-Pay, with marijuana themed apps for Apple and Android devices. MJ-Pay will provide a comprehensive real time fully electronic payment and banking solution that is safe, legal and fully compliant with Federal and State laws.
MyECheck received an upfront licensing fee from GreenPay LLC and will share in a percentage of transaction fee revenue. The MJ-Pay app will offer the only industry specific payment solution designed to solve the unique problems present in the legal marijuana industry.
Matt Hanson, CEO of GreenPay stated, "We chose MyECheck as the back end for our app because they have the only solution that is bank independent, and doesn't require the use of credit/debit cards or ACH transfers. It's essentially an electronic cash transfer system, only much more secure. The MJ-Pay system provides custodial account settlement for customers who choose not to use their own bank account to clear payment funds. MJ-Pay will deliver the electronic cash solution the industry has been searching for and we will be processing for customers in Colorado and elsewhere in approximately 75 days."
Ed Starrs, CEO of MyECheck commented, "We welcome GreenPay to our growing list of customers and licensees. They are first to market with a real solution for a large problem, and have the potential to make our combined services the de-facto payment method for the burgeoning legal marijuana industry. Our proprietary banking payment and security capabilities, along their themed front end user experience offer an unique and large opportunity for GreenPay and MyECheck."
On February 14, 2014, the US Department of Justice issued a statement "that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity."
The legal marijuana industry is currently estimated at about $1 Billion to $1.5 Billion annually however it is expected to grow to about $40 Billion to $120 Billion annually very rapidly as more states legalize marijuana for both medical and recreational use.
Ed Starrs added, "In order for the industry to grow, infrastructure needs to be in place that allows for trusted commerce, and compliance with state laws with full transparency to the authorities, MyECheck provides that financial infrastructure."
About GreenPay
GreenPay LLC is a green payments technology start-up, formed in 2014 by a group of developers from a wide range of backgrounds including gaming applications and mobile payments, to capitalize on emerging payment and banking opportunities in the legal medical and recreational marijuana industry. GreenPay LLC has developed the world's first proprietary mobile payments app specifically for transferring funds in real time, legally and safely, to marijuana dispensaries.
Posted on March 1, 2014 by Ed Starrs, CEO, MyECheck
This week MyECheck announced that it has sold a software and patent license to GreenPay LLC, developer of mobile payments apps specifically for the legal marijuana industry.
Does this mean MyECheck will soon be in the marijuana business? Not really, it means that a third party company (GreenPay) will be given their own customized version of MyECheck software to run on their servers. They will provide their services to select businesses engaged in legal commerce. MyECheck can track their transactions and we will debit their account daily (using our system) for our licensing transaction fees.
What are the two biggest industry problems that MyECheck can solve?
1) It’s an all cash business which brings greater security risks, it’s more susceptible to robbery, money laundering and tax evasion. Government authorities cannot easily access transaction data for oversight and cannot ensure safe and legal commerce. And the cash literally reeks of pot so much it’s difficult to re-use.
2) FinCEN, the federal government’s financial crimes cops, have stated that banks may accept legal marijuana businesses but also laid down expectations that are impossible for banks to comply with in a cash business. The banks have no way of knowing if cash being deposited by a marijuana business was obtained legally or not, therefore they are at risk of federal prosecution if they accept cash and it was obtained illegally.
How does the MJ-Pay solution solve the problems, how does it work? Our solution can solve many of their immediate problems by removing paper and creating an electronic transaction, here’s one way how (no confidential details):
- MJ-Pay merchant app creates a QR code containing transaction data at the business POS checkout and displays QR code to user
- MJ-Pay user app provides for QR code capture on mobile devices, transaction data is collected in the QR code and displayed to the user who then authorizes payment.
- Transaction data is then passed securely to the GreenPay Licensed MEC Check Engine for processing. How does MyECheck’s Platform and MJ-Pay Solve Problems in states like Colorado?
- MyECheck transactions are fully digital, no paper or cash, and a massive amount of associated data can be attached to each transaction file that fully describes all aspects of the transaction. This data provides all the user data along with a variety of optional real time ID certifications and account verifications.
- Users can be limited, restricted, blocked from paying based upon regulatory and business rules such as age, location, criminal record, spending limits, etc.
- Transaction data can be auto exported for auto reporting to bank and regulators daily
We would like to partner with local banks on this project, but it is not required to provide services.
We believe our solution will satisfy the federal guidelines, provide the banks with the oversight and control they need, and help the businesses be more efficient and safer.
MyECheck announces 1,000,000,000 share buyback and retirement from CEO Ed Starrs:
MyECheck Announces Share Buy Back and Retirement of One Billion Shares of Common Stock
Company CEO Retires 1/3 of Personal Holdings and 20% of Total Authorized Shares
EL DORADO HILLS, CA--(Marketwired - Feb 13, 2014) - MyECheck, Inc. (OTC Pink: MYEC), a provider of payment data processing services, announced today that it will retire 1,000,000,000 shares of its common stock after a share buy back at par value from the largest shareholder and Company Founder & CEO, Edward Starrs. The total compensation for the buy back was $10,000, which is the sum of 1,000,000,000 shares at the par value of $0.00001.
The MyECheck Board of Directors has approved the retirement of the one billion shares, which reduces the total number of issued and outstanding shares by the same number.
MyECheck Board of Directors also authorized enhanced voting rights for Preferred Series A Stock. Currently, Mr. Starrs is the only holder of Series A Preferred Stock and holds one share. The enhanced rights are intended to help maintain Mr. Starrs voting control over the Company at this critical stage in the Company's growth.
About MyECheck
MyECheck Inc. is a leading electronic transaction data processor and that provides an alternative payment solution to paper checks, cards or ACH payments. MyECheck utilizes a patented method of clearing check data for exceedingly fast, secure and cost effective payments. As the leader in Check 21 solutions and check image processing for online and mobile transaction, MyECheck provides merchants with financial access to more customers and faster funds clearing than any other payment method.
MyECheck Launches Version 3.0 Check 21 Electronic Payment System Check Data Processor No Longer Requires Bank Partnerships to Provide Real Time Patented Services
MyECheck, Inc. February 19, 2014 4:18 PM
EL DORADO HILLS, CA--(Marketwired - Feb 19, 2014) - MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology, is pleased to announce the launch of Version 3.0 of its patented electronic check data processing engine. The new platform with significantly enhanced security and functionality can quickly integrate with any bank in the US Federal Reserve banking system, eliminating the need for MyECheck customers to open a new account at a specific partner bank such as Bank of Kentucky. MyECheck is now successfully using the new platform to deposit real time electronic payments into customer accounts at Bank of America, Chase, and many other banks.
New proprietary security and anti-fraud systems within MyECheck Version 3.0 are being introduced into the industry and further reduce the likelihood of fraudulent transactions. The new systems further validate all data associated with a transaction in real time and enable new types of real time commerce and revenue streams for MyECheck customers and licensees such as real time mobile payments.
Other features of MyECheck 3.0 include plug-ins for mobile commerce apps, easier and faster customer integration, licensee modules and reporting, faster processing speeds and much higher processing capacity, with additional functionality to be easily added as plug-in modules. Future security technologies being developed now include 'Biometrically Authorized Device Signatures', and technology that correlates validated bank account ownership to a validated identity.
MyECheck CEO, Ed Starrs commented, "MyECheck Version 3.0 represents a major system upgrade over 2.0 released in July 2006. New capabilities equip us to handle our new revenue streams, higher capacities and evolving customer needs while improving efficiency. Most importantly, we are on the leading edge of fraud prevention technology and practices in the payments industry. After over 10,000,000 fully electronic checks processed, MyECheck has never had a fraud complaint or refund, and security protocols and new technologies in MyECheck Version 3.0 will help ensure we continue to stay ahead of fraud."
"Key to widespread adoption and acceptance of MyECheck technologies is a completely safe and trusted real-time electronic payment system that works for anyone, anytime on any device. The system must also be low cost, simple to use and easily added to any commerce application, that's the ultimate US payment system and that is what we are delivering right now," Starrs added.
The Company also today announced that it has entered into a long-term agreement with Quality Technology Services (QTS) to provide outsourced hosting services in Sacramento. MyECheck's primary production environment now resides at their highly secure and redundant data center.
QTS owns, operates and manages over 3.8 million square feet of secure, state-of-the-art data center infrastructure and provides dependable mission-critical IT operations for over 800 customers. QTS is one of the largest data center providers in the US and provides core data center services -- Custom Data Center Services, Colocation Services, and Cloud Services.
Mr. Starrs has 16 years experience developing anti-fraud technology related to network transactions and has previously worked with the US National Security Agency under a Co-Operative Research and Development Agreement and Patent License Agreement to develop and commercialize network security related technology. Steve Blandford, MyECheck CTO, also has very extensive security and anti fraud technical expertise, and has experience with Mr. Starrs on security and fraud prevention technologies for over 10 years including leading development on the NSA project and others.
About MyECheck
MyECheck Inc. is a leading payment data processor and technology developer & licensor that provides a new electronic payment method used as a preferred alterative to cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck's patented payment method is the fastest, most secure and most cost effective payment method in the US and is poised to be a significant payment platform. As the leader in Check 21 solutions and check image processing for online and mobile transactions, MyECheck provides merchants with the easiest, fastest, safest, and lowest cost way to collect money electronically from the most customers. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. Please visit www.myecheck.com Forward-looking statements in this release are made pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC. Contact:
Ed Starrs Investor Relations: ir@myecheck.com Sales: info@myecheck.com
EL DORADO HILLS, CA--(Marketwired - Feb 26, 2014) - MyECheck, Inc. (OTC Pink: MYEC), an electronic payment solutions provider and the leader in fully electronic check technology today announced GreenPay LLC has selected MyECheck to provide a comprehensive processing solution for the legal marijuana industry.
GreenPay LLC, is a start-up developer of downloadable mobile payment applications for the legal marijuana industry called MJ-Pay, with marijuana themed apps for Apple and Android devices. MJ-Pay will provide a comprehensive real time fully electronic payment and banking solution that is safe, legal and fully compliant with Federal and State laws.
MyECheck received an upfront licensing fee from GreenPay LLC and will share in a percentage of transaction fee revenue. The MJ-Pay app will offer the only industry specific payment solution designed to solve the unique problems present in the legal marijuana industry.
Matt Hanson, CEO of GreenPay stated, "We chose MyECheck as the back end for our app because they have the only solution that is bank independent, and doesn't require the use of credit/debit cards or ACH transfers. It's essentially an electronic cash transfer system, only much more secure. The MJ-Pay system provides custodial account settlement for customers who choose not to use their own bank account to clear payment funds. MJ-Pay will deliver the electronic cash solution the industry has been searching for and we will be processing for customers in Colorado and elsewhere in approximately 75 days."
Ed Starrs, CEO of MyECheck commented, "We welcome GreenPay to our growing list of customers and licensees. They are first to market with a real solution for a large problem, and have the potential to make our combined services the de-facto payment method for the burgeoning legal marijuana industry. Our proprietary banking payment and security capabilities, along their themed front end user experience offer an unique and large opportunity for GreenPay and MyECheck."
On February 14, 2014, the US Department of Justice issued a statement "that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity." The legal marijuana industry is currently estimated at about $1 Billion to $1.5 Billion annually however it is expected to grow to about $40 Billion to $120 Billion annually very rapidly as more states legalize marijuana for both medical and recreational use.
Ed Starrs added, "In order for the industry to grow, infrastructure needs to be in place that allows for trusted commerce, and compliance with state laws with full transparency to the authorities, MyECheck provides that financial infrastructure." About GreenPay
GreenPay LLC is a green payments technology start-up, formed in 2014 by a group of developers from a wide range of backgrounds including gaming applications and mobile payments, to capitalize on emerging payment and banking opportunities in the legal medical and recreational marijuana industry. GreenPay LLC has developed the world's first proprietary mobile payments app specifically for transferring funds in real time, legally and safely, to marijuana dispensaries.
Contact: Matt Hanson, CEO, GreenPay sierragloballlc@yahoo.com
About MyECheck MyECheck Inc. is a leading payment data processor and technology developer & licensor that provides a new electronic payment method used as a preferred alterative to cash, paper checks, credit & debit cards, and ACH "e-check" payments. MyECheck's patented payment method is the fastest, most secure and most cost effective payment method in the US and is poised to be a significant payment platform. As the leader in Check 21 solutions and check image processing for online and mobile transactions, MyECheck provides merchants with the easiest, fastest, safest, and lowest cost way to collect money electronically from the most customers. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions.
MyECheck, Inc announces Q3 results on November 13, 2013:
ih.advfn.com/p.php?pid=nmona&article=60006935 Quote: ________________________________________ MyECheck Reports Third Quarter Results Electronic Payment Processor Posts Operating Profit, Increases Cash and Reduces Debt EL DORADO HILLS, CA--(Marketwired - Nov 13, 2013) - MyECheck, Inc. (OTC Pink: MYEC), a provider of innovative electronic check data processing services, today announced financial results for its third quarter 2013 ended September 30, 2013. The Company posted quarterly gross income of $580,314 and quarterly net profit of $553,609. Net revenue from operations was $78,094 and net income from operations was $51,389. Revenue from operations was derived from both transaction fee revenue and licensing fee revenue. In the third quarter, the Company wrote down $502,220 of its debt reducing total debt from $804,320 to $302,100. In the six month period ended September 30, 2013, the Company has reduced total debt by $902,220. The Company increased its cash position by $51,389 during the third quarter. The third quarter was the Company's first full quarter of revenue generation since it restarted operations in the second quarter 2013. "We're very pleased to have started growing revenue again," said Ed Starrs, MyECheck's CEO. "Our processing services are in great demand and our new revenue channel of software and patent system licensing is showing great potential for rapid widespread distribution of our technology and services. Having eliminated most of our debt, the Company is now much more attractive to both investors and customers helping facilitate faster revenue growth," he added. MyECheck derives revenue from transaction fees collected for data processing utilizing the proprietary MyECheck check engine, and from transaction fees collected for check authorization and fraud mitigation services, and from technology licensing fees from licensees who pay upfront fees and transaction fees for data processing on their licensed system and/or patent sub-license from MyECheck. MyECheck serves a wide variety of customers including Corporations, Governments, Retailers, Banks and Payment Services Providers. The Company is executing its plan of rapid widespread distribution of its services by targeting customers and distribution partners that can provide large numbers of transactions immediately. As the pioneer in fully electronic check payment technology, MyECheck has successfully processed nearly 10 million fully electronic checks in near real time without measureable error or fraud using their unique patented new technology. The system enables near real time payments from any US financial account, including accounts that Automated Clearing House (ACH) e-check solutions cannot debit such as all government accounts, many business and personal accounts, brokerage accounts and many other account types. MyECheck provides the easiest, fastest and most widely useable payment method ever. The technology enables payments from a much larger customer base, and provides faster collection of money with less risk and lower costs. ________________________________________
Company DD:
http://ih.advfn.com/p.php?pid=nmona&article=57303115 Quote: ________________________________________ MyECheck Announces New IP Licensing Revenue Model EL DORADO HILLS, Calif., April 24, 2013 /PRNewswire/ -- MyECheck, Inc. (OTC PK: MYEC), a provider of transaction data processing services, announced today that it will license its proprietary system to other operators for a share of their transaction revenue on the system. MyECheck is the sole licensee of US Patent No. 7,389,913. "Method and apparatus for online check processing", and has patent sub-licensing rights that it now intends to exploit. Additionally, MyECheck has developed and operates the worlds first and most robust electronic check engine, replications of which are now being licensed to other companies. Ed Starrs, CEO of MyECheck commented, "Our new licensing model will enable far greater and faster uptake of the technology controlled by MyECheck, and add new large revenue streams. In addition to our processing revenue, we will have licensing revenue that will exceed our processing revenue in a relatively short period of time." The MyECheck service provides the most viable alternative payment option at substantially lower rates than card processing fees. MyECheck works with every US checking account, even accounts that Automated Clearing House (ACH) e-check solutions cannot debit, enabling payments from a larger customer base, and providing faster clearing of payments with less risk. ________________________________________
http://ih.advfn.com/p.php?pid=nmona&article=57266321 Quote: ________________________________________ MyECheck Announces Services Agreements with Karmen Consultants Group EL DORADO HILLS, Calif., April 22, 2013 /PRNewswire/ -- MyECheck, Inc. (OTCPink: MYEC), a provider of transaction data processing services, announced an agreement with Karmen Consultants Group, a leading provider of Corporate Payroll Processing and Tax and Bill Payment Solutions. MyECheck will provide back-end check data processing services that will substantially enhance Karmen's Payment Processing and Payroll Card Platforms including enabling more users and faster clearing of funds. Karmen Consultants Group, a Florida Corporation was established in 1984 as a financial consulting, and tax adviser to small and medium size companies. KCG has since grown to become a major provider of financial services. It has established entities in the areas of payroll processing, bill payment solutions, tax preparation and IRS representation, and marketing. The agreement is expected to generate approximately $500,000 in annual revenue for MyECheck. The MyECheck service provides the most viable alternative payment option at substantially lower rates than card processing fees. MyECheck works with every US checking account, even accounts that Automated Clearing House (ACH) e-check solutions cannot debit, enabling payments from a larger customer base, and providing faster clearing of payments with less risk. ________________________________________
http://ih.advfn.com/p.php?pid=nmona&article=57187483 Quote: ________________________________________ MyECheck Signs Multi-Million Dollar Agreements with Corporate Merchant Solutions EL DORADO HILLS, Calif., April 16, 2013 /PRNewswire/ -- MyECheck, Inc. (OTC Pink: MYEC), a provider of electronic check payment services announces it has signed multiple agreements with Corporate Merchant Solutions, Inc. (CMS), a leading processor of electronic transactions for major corporations. MyECheck will deliver to CMS an electronic check gateway enabled with MyECheck processing services. Through this gateway, CMS customers will also have access to the MyECheck electronic check platform. John Gerena, President of CMS stated, "We need MyECheck's technology to provide our corporate customer base with the most efficient and cost effective method of clearing large transactions quickly. MyECheck will play an integral role in the growth of our business." The CMS Electronic Check Gateway, provided by MyECheck, expects to be operational before the end of this year and will enable corporations and businesses to easily begin accepting real time electronic check payments with little or no integration requirements. This will result in a minimum of $250,000 per month in gross revenue to the company. The MyECheck service provides the most viable alternative payment option at substantially lower rates than card processing fees. MyECheck works with every US checking account, even accounts Automated Clearing House (ACH) e-check solutions cannot debit. This service enables payments from a larger customer base and provides faster clearing of payments with less risk. ________________________________________
http://ih.advfn.com/p.php?pid=nmona&article=57013123 Quote: ________________________________________ MyECheck Signs Check Processing Agreement with Bank of Kentucky EL DORADO HILLS, Calif., April 3, 2013 /PRNewswire/ -- MyECheck, Inc. (OTC Pink: MYEC), a leading provider of electronic check payment services today announced a signed agreement with the Bank of Kentucky. This agreement enables merchants to open accounts with the bank and use MyECheck to deposit electronic checks directly into those accounts. MyECheck is now capable of providing its services to merchants wishing to accept real-time electronic payments from any US checking account. MyECheck also announced it has completed integration and testing with the Bank of Kentucky, and is now accepting new merchant applications. Ed Starrs, CEO of MyECheck commented, "We are very pleased to be in a position to provide our services and look forward to aggressively growing the company now that the appropriate banking relationship is in place." The MyECheck service provides the most viable alternative payment option at substantially lower rates than card processing fees. MyECheck works with every US checking account, even accounts Automated Clearing House (ACH) e-check solutions cannot debit. This service enables payments from a larger customer base and provides faster clearing of payments with less risk. ________________________________________
MYEC — Quarterly Report • Q2 2013 Disclosure Statement June 30 , 2013 • Published: Aug 22, 2013
http://www.forbes.com/profile/edward-starrs/ Quote: ________________________________________ Edward Starrs Mr. Starrs has more than 20 years experience as an international business executive with management experience in multiple industries. He has been an officer and director of MyECheck since its formation in 2004. Previously, Mr. Starrs was President of Starnet Systems International, Inc., a wholly owned subsidiary of a public company that was processing more than $2 billion annually in Internet transactions. Mr. Starrs owned and operated several successful companies including, ERS Marketing, Inc., where he produced over $20 million in contracts for his clients, and Bay Distributing, Inc. a major distributor of over 800 product categories to Fortune 500 accounts. From January, 2002 through October, 2004, Mr. Starrs was President of Digency, Inc., an online payment processing company engaged in credit card and eCheck transaction processing for Internet Merchants. Starrs has also held senior management positions with Fortune 100 companies including McCaw Communications, Inc. (AT&T), and AMF, Inc., the world's largest sporting goods conglomerate. Effective May 21, 2010, the Board of Directors of the Company has appointed Edward R Starrs, the Company's Chief Executive Officer, as acting Chief Financial Officer until a suitable permanent replacement can be seated. ________________________________________
https://simplifile.com/eRecording/pdfs/090630_MyEcheck.pdf Quote: ________________________________________ SIMPLIFILE TO ACCEPT CHECK PAYMENTS FOR E-RECORDING SERVICES THROUGH THE MYECHECK PAYMENT SYSTEM PROVO, UTAH – June 30, 2009 – Simplifile, the leading provider of electronic recording services, today announced that it has signed an agreement with MyECheck, Inc. (OTCBB: MYEC), the leading provider of online check image services. The agreement will facilitate the integration of the MyECheck Remotely Created Check solution into the Simplifile e-recording service which will allow Simplifile customers to make payments for recording and submission fees using an online check imaging process. It is anticipated that the integration between Simplifile and MyECheck will be completed by late summer 2009. Once complete, Simplifile customers will have the option to make recording and submission fee payments with virtually any checking account in the United States—including all business accounts. “We are excited to work with MyECheck and their industry leading online check imaging services,” said Paul Clifford, President of Simplifile. “We believe that the addition of MyECheck’s patented technology not only will allow us to electronically originate secure check transactions and transfer funds but will give our customers the ability to utilize finance accounts not previously available for payments.” ________________________________________
http://www.cardinalcommerce.com/solutions/my_echeck.htm Quote: ________________________________________ Why Enable MyECheck through Cardinal Centinel? Our patented merchant payment platform, Cardinal Centinel, provides a fast, easy and simple integration of MyECheck. Cardinal Centinel is certified to the industry’s most trusted gateway providers, processors and acquiring banks.
By leveraging the Centinel platform, merchants can enable MyECheck with minimal time and effort, also providing access to a variety of other payment brands. CardinalCommerce also provides 24x7 integration support and customer service ________________________________________
http://www.drapescurtainsnmore.com/faq Quote: ________________________________________ Is it safe to use my credit card for online purchases? Yes, it's extremely safe. At Drapes Curtains N More, we provide a secured checkout with Secure Socket Layering (SSL up to 256 bits) for processing your payments online. Add items to your cart and click Secure Checkout to make your payment using a Visa, MasterCard, Discover or American Express. Due to popular demand, you can also use this method to pay using your PayPal account or your Google Checkout account. You can also use your regular checking account through MyeCheck or Layaway your products using eLayaway. Payments will be billed as "OCG LLC" - our parent company name. ________________________________________
http://www.outdoordrapes.com/faq Quote: ________________________________________ You can also use your regular checking account through MyeCheck or Layaway your custom outdoor drapes using eLayaway. Payments will be billed as "OCG LLC" - our parent company name. ________________________________________
MyECheck offered as payment option at bottom of screen.
http://www.hankparker3d.com/faq Quote: ________________________________________ You can also use your regular checking account through MyeCheck or layaway your order using eLayaway. Payments will be billed as "OCG LLC" - our parent company name. ________________________________________
https://www.cainfotechindia.com/ecommerce/portfolio-type/multi-store/ Quote: ________________________________________ Payment Methods Supported (types of payment) • Credit Cards: Accept Credit Cards in Real Time: Cards can be processed & verified in real-time, or you can delay processing until a later time • Check By Mail • e-Checks (Authorize.net and Itransact gateways) • MyECheck (added in ML v7.0.2.5) ________________________________________
http://www.couponsrightaway.com/faq Quote: ________________________________________ Is it safe to use my credit card for online purchases? Yes, it's extremely safe. At How To Video Your Golf Swing, we provide a secured checkout with Secure Socket Layering (SSL up to 256 bits) for processing your payments online. Add items to your cart and click Secure Checkout to make your payment using a Visa, MasterCard, Discover or American Express. Due to popular demand, you can also use this method to pay using your PayPal account or your Google Checkout account. You can also use your regular checking account through MyeCheck or layaway your order using eLayaway. Payments will be billed as "OCG LLC" - our parent company name. ________________________________________
http://www.shuttersupplysource.com/faq Quote: ________________________________________ You can also use your regular checking account through MyeCheck or layaway your order using eLayaway. Payments will be billed as "OCG LLC" - our parent company name. ________________________________________
http://fgdfunding.com/?lg=en&pg=about Quote: ________________________________________ eCommerce Platform developed the industry's solution for merchants, carts, gateways, acquiring banks, processors and issuing banks, to make it easy to make a payment authentication initiatives (Checked by Visa and MasterCard SecureCode), to obtain the benefits of consumer authentication, reducing the fees, guaranteed payments and ultimately reduce fraud. At the same time, our platform supports all the latest alternative payment brands, such as Bill Me Later, PayPal, Google Checkout, MyECheck, NetCash, Western Union, MoneyGram and Green Dot MoneyPak. ________________________________________
http://www.web2market.com/Cardinal-Commerce-L4C39.aspx Quote: ________________________________________ Cardinal Commerce Centinel Endless Opportunities in eCommerce. One integration, Multiple Brands. Learn why businesses such as Continental, Crutchfield, Skymall, New Egg and others choose CardinalCommerce for authentication and alternative payments. Get all of the payment brands your Customers want with the only all-in-one payment platform. Whether NYCE SafeDebit, MyECheck, Bill Me Later, or all of them, are on the horizon, Cardinal Centinel® has the payment brands you want today, with the new brands and updates you’ll want tomorrow. Wondering which payment brands are best for your business? Contact us. ________________________________________
MyECheck shown on payment banner at bottom of screen
http://planbpay.org/Alternative Quote: ________________________________________ We can offer an ideal payment mix to our Merchant Clients. Currently we can help our merchants with the following payment methods: • MyECheck ________________________________________
http://www.merchante-solutions.com/company/news_052808.html Quote: ________________________________________ About CardinalCommerce CardinalCommerce Corporation is a leading provider of payment brands for banks, merchants, processors, and financial service providers. CardinalCommerce enables Verified by Visa, MasterCard SecureCode, PayPal, Bill Me Later, Google Checkout, eLayaway, eBillme, Green Dot MoneyPak, Ukash, MyECheck, Western Union, NACHA Secure Vault Payments, and Ebates. ________________________________________
http://www.redworldwide.com/partners/commercial-partners/cardinal-commerce Quote: ________________________________________ CardinalCommerce Corporation is the global leader in enabling authenticated payments, secure transactions and alternative payment brands for both eCommerce and mobile commerce. The Cardinal Centinel® software platform enables payment brands, such as Verified by Visa, MasterCard® SecureCode™, Amazon Payments™, Bill2Phone™, Bill Me Later®, ClickandBuy®, Cred-Ex®, Ebates™, eBillme™, eLayaway™, Google™ Checkout, Green Dot® MoneyPak®, Mazooma™, Moneybookers, MyECheck, NACHA® Secure Vault Payments (SVP), NYCE® SafeDebit™, OneTouch Online Purchasing™, Paymate, PayPal™, paysafecard, RevolutionCard™, Rialto Pay?, SafetyPay™, TeleCheck®, and Ukash™ , to a network of thousands of merchants and merchant service providers. ________________________________________
http://developer.sprint.com/dynamicContent/sprint-mobile-wallet/overview/3 Quote: ________________________________________ About Cardinal: CardinalCommerce Corporation is the global leader in enabling authenticated payments, secure transactions and alternative payment brands for both eCommerce and mobile commerce. Cardinal Centinel® enables payment brands such as Verified by Visa, MasterCard® SecureCode®, PayPal™, eBillme™, Bill Me Later®, Google™ Checkout, MyECheck, NACHA® Secure Vault Payments (SVP), Ukash™, eLayaway™, Ebates™, Amazon Payments™, RevolutionCard™, and more to a network of over 50,000 merchants and merchant service providers. ________________________________________
http://www.litle.com/news-events/press-release/litle-co-and-cardinalcommerce-join-forces Quote: ________________________________________ CardinalCommerce Corporation is the global leader in enabling authenticated payments, secure transactions and alternative payment brands for both eCommerce and mobile commerce. Cardinal Centinel® enables payment brands such as Verified by Visa, MasterCard® SecureCode®, PayPal™, eBillme™, Bill Me Later®, Google™Checkout, Amazon Payments™, RevolutionCard™, MyECheck ________________________________________
http://www.web2market.com/Cardinal-Commerce-L4C39.aspx Quote: ________________________________________ Cardinal Commerce Centinel Endless Opportunities in eCommerce. One integration, Multiple Brands. Learn why businesses such as Continental, Crutchfield, Skymall, New Egg and others choose CardinalCommerce for authentication and alternative payments. Get all of the payment brands your Customers want with the only all-in-one payment platform. Whether NYCE SafeDebit, MyECheck, Bill Me Later, or all of them, are on the horizon, Cardinal Centinel® has the payment brands you want today, with the new brands and updates you’ll want tomorrow. ________________________________________
http://www.greensheet.com/company_profiles.php?flag=display_profile&id=424 Quote: ________________________________________ Easy integration According to Sherwin, CardinalCommerce works with almost every significant alternative payment acceptance product on the market. Its total of more than 30 partners spans eight countries and includes alternative methods of payment for both Internet and mobile commerce. The options include PayPal, Verified by Visa, MasterCard SecureCode, Google Checkout, Ukash, Secure Vault Payments, Bill Me Later, MyECheck, ________________________________________
I might have found a direct connection to Zipmark as well (:
http://www.solutionsallianceltd.com/?lg=en&pg=about eCommerce Platform developed the industry's solution for merchants, carts, gateways, acquiring banks, processors and issuing banks, to make it easy to make a payment authentication initiatives (Checked by Visa and MasterCard SecureCode), to obtain the benefits of consumer authentication, reducing the fees, guaranteed payments and ultimately reduce fraud. At the same time, our platform supports all the latest alternative payment brands, such as Bill Me Later, PayPal, Google Checkout, MyECheck, NetCash, Western Union, MoneyGram and Green Dot MoneyPak.
Here are the specific patent claims that can be traced back to Ed's blog and Fed article.
Stats Jun 24, 2008 ISSUED DATE Apr 28, 2006 FILING DATE 11/413,673 SERIAL NO: In Force
First Claim 1. A computer-implemented method for processing an online payment from a user, the online payment being for an item that is purchasable through a website of a merchant, the method comprising:receiving information from the user corresponding to the online payment for the item, the information from the user being received through a graphical user interface associated with the website of the merchant, the information from the user including a name of the user, bank data associated with the user, and an authorization to pay for the item using an electronic check;creating an electronic image of an authorized demand draft based on the authorization received from the user, the electronic image of the authorized demand draft being created directly from the information provided by the user through the graphical user interface associated with the website of the merchant, the electronic image of the authorized demand draft including the name of the user, the bank data associated with the user;transmitting the electronic image of the authorized demand draft to a financial institution corresponding to the bank data associated with the user; andreceiving funds from the financial institution based on the electronic image of the authorized demand draft to provide payment for the items,wherein creating an electronic image of an authorized demand draft, transmitting the electronic image of the authorized demand draft to the financial institution, and receiving funds from the financial institution based on the electronic image of the authorized demand draft are rerformed in substantially real-time. 2. The method of claim 1, wherein creating an electronic image of an authorized demand draft includes creating an electronic image of an authorized demand draft that is compliant with the Check Clearing for the 21st Century Act (Check 21). 3. The method of claim 2, wherein the electronic image of the authorized demand draft is unsigned by the user. 4. The method of claim 2, wherein creating an electronic image of an authorized demand draft comprises creating an electronic (X9.37) image file. 5. The method of claim 1, further comprising performing one or more real-time verifications on the user prior to creating the electronic image of the authorized demand draft. 6. The method of claim 5, wherein performing one or more real-time verifications on the user comprises generating a blended risk score on the user, the blended risk score corresponding to a degree of risk associated with successfully performing an online payment transaction with the user, the blended risk score being a composite of a plurality of individual risk scores. 7. The method of claim 6, wherein each of the plurality of individual risk scores are weighted by a pre-determined factor. 8. The method of claim 1, wherein: the item comprises one of a physical product, a service, digital media, or digital content; and the financial institution is one of a bank, savings and loan (S&L), credit union, or Federal Reserve. 9. The method of claim 1, wherein the processing is completed without printing a paper check. 10. A computer-implemented method for processing an online payment for an item, the method comprising: receiving information from a user corresponding to the online payment for the item, the information from the user being received through a graphical user interface, the information from the user including an authorization to pay for the item using an electronic check; creating an electronic image of an authorized demand draft based on the authorization received from the user, the electronic image of the authorized demand draft being created directly from the information provided by the user through the graphical user interfaces, wherein the electronic image of the authorized demand draft allows a financial institution to transmit funds in substantially real-time, upon receipt of the electronic image of the authorized demand draft. 11. The method of claim 10, wherein creating an electronic image of an authorized demand draft includes creating an electronic image of an authorized demand draft that is compliant with the Check Clearing for the 21st Century Act (Check 21). 12. The method of claim 11, wherein the electronic image of the authorized demand draft is unsigned by the user. 13. The method of claim 11, further comprising: transmitting the electronic image of the authorized demand draft to a financial institution; and receiving funds from the financial institution based on the electronic image of the authorized demand draft to provide payment for the item. 14. The method of claim 11, wherein creating an electronic image of an authorized demand draft comprises creating an electronic (X9.37) image file. 15. The method of claim 10, further comprising performing one or more real-time verifications on the user prior to creating the electronic image of the authorized demand draft. 16. The method of claim 15, wherein performing one or more real-time verifications on the user comprises generating a blended risk score on the user, the blended risk score corresponding to a degree of risk associated with successfully performing an online payment transaction with the user, the blended risk score being a composite of a plurality of individual risk scores. 17. The method of claim 10, wherein the information from the user is received through a graphical user interface associated with a website of a merchant through which the item is purchasable. 18. The method of claim 10, wherein the processing is completed without printing a paper check. 19. A check processing system for processing an online payment from a user, the online payment being for an item that is purchasable through a website of a merchant, the system comprising: a first engine to receive information from the user corresponding to the online payment for the item, the information from the user being received through a graphical user interface associated with the website of the merchant, the information from the user including a name of the user, bank data associated with the user, and an authorization to pay for the item using an electronic check; a second engine to create an electronic image of an authorized demand draft based on the authorization received from the user, the electronic image of the authorized demand draft being created directly from the information provided by the user through the graphical user interface associated with the website of the merchant, the electronic image of the authorized demand draft including the name of the user, the bank data associated with the user; a third engine to transmit the electronic image of the authorized demand draft to a financial institution corresponding to the bank data associated with the user; and a fourth engine to receive funds from the financial institution based on the electronic image of the authorized demand draft to provide payment for the item, wherein the fourth engine is operable to receive the funds from the financial institution in substantially real-time relative to when the electronic image of the authorized demand draft is created and transmitted to the financial institution. 20. The system of claim 19, wherein the electronic image of the authorized demand draft is compliant with the Check Clearing for the 21st Century Act (Check 21). 21. The system of claim 20, wherein the electronic image of the authorized demand draft is unsigned by the user. 22. The system of claim 20, wherein the electronic image of an authorized demand. 23. The system of claim 19, wherein one or more of the first engine, the second engine, the third engine, and the fourth engine are components of a single engine. 24. The system of claim 19, further comprising a fifth engine operable to perform one or more real-time verifications on the user prior to the second engine creating the electronic image of the authorized demand draft. 25. The system of claim 24, wherein the fifth engine operable to perform one or more real-time verifications including generating a blended risk score on the user, the blended risk score corresponding to a degree of risk associated with performing an online payment transaction with the user, the blended risk score being a composite of a plurality of individual risk scores. 26. The system of claim 25, wherein each of the plurality of individual risk scores are weighted by a pre-determined factor. 27. The system of claim 19, wherein the processing is completed without printing a paper check. 28. A computer-implemented method for processing an online payment for an item, the method comprising: receiving information from a user corresponding to the online payment for the item, the information from the user being received through a graphical user interface, the information from the user including an authorization to pay for the item using an electronic check; creating an electronic (X9.37) image file of an authorized demand draft based on the authorization received from the user, the electronic (X9.37) image file of the authorized demand draft being created directly from the information provided by the user through the graphical user interface; transmitting the electronic (X9.37) image file directly to the Federal Reserve; and receiving funds from the Federal Reserve based on the electronic (X9.37) image file, wherein the funds are received from the Federal Reserve substantially in real-time relative to a time of the transmission of the electronic (X9.37) image file to the Federal Reserve. 29. The method of claim 28, wherein the processing is completed without printing a paper check.
http://www.americanbanker.com/issues/178_219/how-big-banks-killed-a-plan-to-speed-up-money-transfers-1063631-1.html?zkPrintable=1&nopagination=1 Quote: ________________________________________ First of two parts. In the United Kingdom, you can send money to someone else's bank account within a couple of hours. In Mexico, the process takes no more than a minute or two. In Sweden, it happens even faster, via mobile phones. Here in the United States, electronic payments move at a snail's pace by comparison. Times vary by bank, but it's common for three, four or five days to elapse before the cash arrives in the recipient's account. Remarkably, it's often speedier to pay someone by scribbling out a paper check than it is by transferring funds electronically, thanks to check imaging technology. "The check system can clear items same-day. So we're a little bit behind the check world even," says Norman Robinson, president of EastPay, an organization that represents Southeast U.S. banks on payments issues. If checks, a payment method that's hundreds of years old, can be updated for the Internet age, why can't America's four-decade-old electronic payments system? Blame the big banks. More than two years ago, the staff of Nacha, the industry-owned group that sets the rules for the automated clearing house network, decided it was time to modernize the system. The group's proposal was far more modest than the near-real-time systems that now exist in numerous other countries. If a U.S. bank submitted a payment before 2 p.m. Eastern time on a weekday, it would be settled around 5 p.m., rather than waiting until the following weekday, or perhaps the day after that. The plan, known as Expedited Processing and Settlement, may not have been a step into 21st Century, but at least it would remodel a system built in the 1970s and 1980s. But even this incremental move was too much change for a bloc of big banks that played a decisive role in torpedoing the proposal in a vote in August of last year. The episode, which happened mostly outside of public view, demonstrated the enormous power that a small number of large commercial banks wield over the U.S. payments system. Their interests prevailed over the wishes of many smaller banks, corporations, and consumers, all of whom would benefit from a faster, broadly accessible way to make electronic payments. And because Nacha's balloting process is shrouded in secrecy, these large banks didn't leave any fingerprints. "In this space, a relatively small number of banks decide whether progress happens," says Jason Marshall, a former payments executive at Wal-Mart who now works at the payments technology firm InComm. "And with a lack of transparency, the small number of banks that hold back the payments system don't even have to show their face." A Bid to Stay Relevant A faster ACH network would unquestionably be a boon for many consumers and for businesses that rely on the payments system. Families on the verge of missing the deadline for a utility bill payment would benefit. So would companies that must pay vendors right away. In a situation where a worker fails to submit a timesheet on time, the employer could make a speedier direct deposit. "I think there is a definitely a need in the business community," says Anita Patterson, director of treasury services at Cox Enterprises, one of the country's largest privately held companies. "I've never met a knowledgeable corporate finance professional who's against it," adds Marshall, the former Wal-Mart executive. In all, the individuals and businesses involved in about 25% of all ACH payments would benefit from same-day settlement, estimates Steven Cordray, project director at the Federal Reserve Bank of Atlanta's Retail Payments Office. Community banks also have a powerful incentive to support the faster movement of payments within the ACH network — because small banks can't build proprietary payments systems like some of their bigger competitors can. "I feel that about 70% of the banks in the United States are very supportive of it," says the Atlanta Fed's Cordray. In April, the Independent Community Bankers of America went on the record in favor of same-day ACH, after earlier voicing reservations with some aspects of Nacha's proposal. "From a community bank standpoint, we absolutely feel that same-day needs to happen," says Cary Whaley, ICBA's vice president of payments and technology policy. The biggest advantage that the ACH network has over other payment systems is its ubiquity. Every one of the country's 6,940 banks and 6,681 credit unions is connected. "Unless you have the surety of reaching all end points, the value for anyone is diminished," says Jan Estep, president of Nacha. "So we're really trying to maintain ubiquity." But some observers worry the network's value is eroding as faster payment technologies emerge. "There are initiatives that could compete and establish a more dominant role," says Beth Robertson, a payments industry analyst. "If existing networks want to play, as things evolve, they have to be willing to innovate." Setting the Bar High When the vote was held last summer, Nacha had 48 members, including 31 financial institutions. That list includes many of the nation's largest banks: JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (NYSE: C), Wells Fargo (WFC), and Bank of New York Mellon (BK), among others. Twenty-two of the 31 financial institutions on the Nacha membership list have more than $50 billion in assets, and only five of them have less than $15 billion in assets. For a small bank, joining Nacha is costly. The group would not disclose its exact membership dues, but says the figure is less than $40,000 annually. In addition to the 31 financial institutions, Nacha has 17 members known as regional payment associations; they represent the views of financial institutions in specific geographic areas, including both small banks and large ones. Under the rules, banks that are direct members of Nacha can also be members of regional payment associations. This system has prompted grumbling by some community bankers that the voice of the big banks is given too much weight. "Ultimately, it's way skewed toward them," says Sam Vallandingham, president of First State Bank in Barboursville, W.Va. There are two ways for a Nacha ballot proposal to pass. Both require a supermajority of the vote. The first method of passing a measure is straightforward: 75% of the group's 48 members must vote in favor. Under the second method, the votes of member financial institutions are weighted according to the volume of payments they process, and the votes of regional payments associations are weighted by the number of institutions they represent. Nacha would not disclose the weighting formulas that are used under the second method, but says that in order for a measure to pass this way, it needs to garner two-thirds of the weighted vote. And there's one more hurdle a ballot measure has to clear: if one of those first two thresholds is met, but two-thirds of either the financial institution members or the regional payment associations vote no, the proposal fails. Nacha sent out a request for comment on the Expedited Processing and Settlement plan in September 2011. Comments the association received influenced the language of the eventual ballot proposal. That five-page ballot proposal was sent to Nacha's 48 members in July 2012. Voters had roughly a month to cast their confidential votes electronically. Ultimately, a majority of Nacha's members voted yes, according to the organization. But the proposal fell short of the supermajority needed under both voting methods. "We set a pretty high bar with how rules get passed," Nacha's Estep acknowledges. "When 75% have to be there, you know, that is a really high bar." Combined with the rule that gives more say to banks depending on their transaction volume, the 75% threshold effectively gives the biggest banks veto power. And by all accounts, they used it in this case. Litany of Objections Banks that opposed Nacha's ballot measure registered a number of objections. They raised concerns about the price tag of implementing the changes, especially at a time when the industry was adjusting to a wave of new regulatory costs. They voiced fears that fraud losses would increase as the time provided to settle a transaction got smaller, since there would be fewer hours to detect malfeasance before the payment was finalized. Opponents questioned whether the plan's upside would accrue only to those banks whose customers initiate electronic payments. And they expressed doubts about whether the proposal would yield sufficient benefits for West Coast banks, which would need to submit their transactions by 11 a.m. Pacific time to squeeze into the same-day window. The proposal's supporters contend that some of those worries are overblown. For example, faster processing would allow banks to spot suspicious activity sooner, and could actually reduce overall fraud, they argue. "I think the industry is much more ready for this than the industry understands," says Bob Steen, chief executive officer of Bridge Community Bank in Mechanicsville, Iowa, who has been a vocal advocate of speeding up the payments process. But the big banks had other reasons to resist the Nacha plan. The plan's most visible foe turned out to be The Clearing House, which acts as the trade group for the nation's largest commercial banks. The Clearing House's list of owners overlaps heavily with membership in Nacha. In fact, the ten biggest financial institutions in Nacha — JPMorgan, Bank of America, Citi, Wells Fargo, Bank of New York Mellon, U.S. Bank, PNC Financial, Capital One Financial, TD Bank and BB&T — are also co-owners of The Clearing House. A Clearing House official acknowledged that fewer than half of its bank owners supported the Nacha proposal, without naming specific banks. "There were more that did not than did," says Dave Fortney, senior vice president for product development and strategy at The Clearing House. "But it wasn't overwhelming." Nacha did not release any of the comment letters it received, so individual banks never had to take a public stand on the issue of faster electronic payments. But various industry groups, including The Clearing House and the American Bankers Association, have made their comments public. The Clearing House's letter argues that the Nacha proposal does not present a "sound business case" for same-day payments, or allow banks to "recover the cost of their implementation without internal subsidies." In a similar vein, the ABA recommended that Nacha determine "the effect of this change on banks' other payment products." The trade groups' letters don't say this explicitly, but many observers believe that some big banks were worried a faster ACH service would hurt their revenue from wire transfers. "I do think it is one of the more significant factors," says Robertson, the payments industry analyst. "It's not one that everyone is going to readily admit." Steve Keneally, a vice president at the ABA, acknowledges that some banks worried their wire transfer revenue might be cannibalized by a faster ACH service. Nacha's plan would have allowed same-day payments of up to $25,000, so banks might have lost certain wire transfers below that threshold. "That's an issue that I'm sure all the banks that do have active wire rooms considered," Keneally says. Backers of a faster ACH network also suspect that some big banks opposed the measure because they are looking to build their own proprietary electronic payment systems, which could give them a leg up over smaller banks. Bank of America, JPMorgan and Wells Fargo are currently building one such system — known as clearXchange — which will facilitate person-to-person payments. American Banker asked representatives of the nation's four largest commercial banks about how they voted on last year's faster payments proposal. JPMorgan, Bank of America and Wells Fargo all refused to discuss the matter. Citigroup, however, confirmed that it voted no. Changes to the payment system require "broad industry consensus," along with "a relatively simple path for financial institutions to adapt" and "a reasonable cost," says Citi spokeswoman Nina Das. What Next? One question raised by the episode is why a minority of Nacha's megabank-heavy membership should be able to kill a proposal that carries major consequences for the entire industry. Nacha officials argue the 75% voting threshold is set appropriately high. "We want rules to have broad-based industry support," says Michael Herd, the group's managing director for ACH network rules. The speed of the payments system is also vitally important to U.S. consumers and businesses. And while these parties can submit comments on Nacha proposals, they don't get a vote. In Nacha's view, it's appropriate that only banks and credit unions decide the group's rules. "Because they are the institutions where the buck stops," Estep says. "They need to warranty the funds behind those transactions." But if the banking industry can't agree on relatively small improvements to a creaky old payments system, how can it possibly find common ground on more sweeping changes? Is the ACH network doomed to be surpassed by faster-moving proprietary networks like clearXchange and PayNet, a service developed by the bank technology vendor FIS? If the industry cannot act on its own, the Federal Reserve Board could, eventually, mandate improvements. So far the Fed is moving slowly, but it's showing signs of dissatisfaction with the status quo. The Fed, which has offered an optional, little-used same-day service for the last three years, was strongly in favor of last year's Nacha proposal, which would have required the entire industry to participate in same-day settlement. "When it made its appearance in 1974, the automated clearing house was, at best, a next-day batch clearing and settlement system," Sandra Pianalto, president of the Federal Reserve Bank of Cleveland, said in a speech last year. "And so it remains today, almost 40 years later." Dave Birch, an electronic payments consultant in the United Kingdom, notes that his country's Faster Payments system was not the result of a collective push by the nation's banks. "They were made to do it by the regulators," he says. "And I think in time that's what will have to happen in the U.S." Next: Is the banking industry capable of modernizing electronic payments on its own, or is a push from the Fed necessary? ________________________________________
Article found by InDaZone on December 7, 2013:
http://www.mhm-pc.com/home/ctl/detail/mid/632/itemid/399.aspx Quote: ________________________________________ Not-for-Profits that Rely on ACH Transactions Could Face Annual Audit Requirements Reclassification by Your Bank as a Third-Party Sender Could Result in Annual ACH Audit Requirement As not-for-profits and commercial businesses demand access to the nation's automated clearinghouse network (ACH), a common electronic banking service used to easily transfer funds for collection and payment, the need for greater oversight and regulation has grown. To this end, in March 2011 the National Automated Clearing House Association (NACHA), which oversees ACH, implemented new rules regarding the roles and responsibilities of third-party senders. Third-party senders are organizations that perform any functions of an originating depository financial institution ("ODFI") or bank in ACH transactions. An ODFI acts as the interface between the Federal Reserve or ACH network and the originator of the transaction. Banks that participate in the ACH network are required to have in place systems and controls to mitigate the risks associated with their ACH activities and comply with NACHA rules and regulations. For several years now banks have been required to perform annual ACH-related audits to verify their compliance with the NACHA rules and regulations, and identify and correct any shortcomings in their processes. With the new rules implemented by NACHA, third-party senders must also now perform such annual ACH audits, which must comply with provisions stated in Appendix Eight of NACHA Operating Rules & Guidelines (2012 edition). By making this rules change, NACHA aims to better protect the banks and related financial institutions, as well as the NACHA network, from violations, errors and control shortcomings by third-party senders. A Little Background With the increased popularity of electronic banking, participation and use of the ACH network has grown. There has been a significant increase in use by bank customers functioning as third-party senders. According to the U.S. Department of the Treasury, a bank is typically the client of a traditional ACH vendor. A merchant is the customer of a third-party sender (often called an originator aggregator or merchant processor). The third-party sender is a customer of the bank. "When a third-party sender is interposed between the bank and the originator, there is no contractual agreement between the bank and originator. A bank should be aware of the distinct risks arising from relationships with third-party senders. Although third-party senders are bank customers, they require oversight by bank management." And third-party senders that fail to conduct the newly required ACH audits could have their ACH privileges with the bank terminated. Push for Compliance While the NACHA rules were changed in 2011, banks have been slow and inconsistent in adopting them. As of late, regulators and NACHA have been pushing financial institutions to reclassify customers as third-party senders and enforce the annual audit requirement. The move toward reclassification is gaining steam because financial institutions face increased exposure to risk when their customers process ACH transactions through their ACH network access — transactions that involve other institutions and customers who are not their own and, as such have not directly provided authorization to them. While myriad for-profit business are likely to be affected, among them payroll processors, online check cashing services, and collection and payment services, so too could some not-for-profit organizations. If your organization uses ACH transfer to collect from donors during fundraising campaigns — and the donors are not customers of your bank — then your bank or their regulators could potentially reclassify you as a third-party sender subject to this annual ACH audit requirement. Organizations that get reclassified as third-party senders but do not comply with the annual ACH audit requirement could face the potential loss of their ACH processing privileges. If your organization is being reclassified as a third-party sender, you will be notified by your bank. Banks that offer not-for-profit customers and businesses access to Internet banking applications to facilitate the direct origination of payments, such as credit or debit payments or wire transfers, expose themselves to increased risk for these online activities. While offering these applications makes business sense — web-based banking applications provide an efficient way to conduct treasury management activities such as invoice payments and funds transfers — they also increase the likelihood for errors and fraud. For example, according to NACHA fraud could arise from malicious software designed to "circumvent online authentication methods to obtain credentials that can be used to initiate fraudulent payments." So why target third-party senders? Third-party senders are involved in critical aspects of ACH processing and are responsible for key origination functions and controls but in the past have not been required to adhere to the same requirements — specifically that of an annual rules compliance audit — as all other players in the ACH network. With these 2011 rules, each participating depository financial institution (DFI) — a bank that accepts deposits from its customers and also can accept credits from a Federal Reserve Bank — must conduct an ACH annual audit. The same goes for third-party senders, which perform these responsibilities on behalf of their bank. Examples of third-party senders include data processing service bureaus, correspondent banks or financial institutions acting on behalf of other financial institutions. The new rules make the ACH audit requirement more consistent so every organization involved in the ACH processing chain — including third-party senders — faces compliance scrutiny and has the opportunity to identify and correct errors. The goal is to help financial institutions minimize the risks associated with ACH processing, and strengthen their ACH program. About ACH Audits The ACH audit requirement for third-party senders is designed not only to verify compliance with NACHA rules and regulations but also to identify errors and potential fraud exposures. It also aims to educate not-for-profit and corporate customers, including small businesses and community-based entities, such as churches and schools, that may have limited awareness of payment-fraud techniques. An ACH audit can point out specific weaknesses in payment systems; help customers better understand their compliance responsibilities and the importance of good business practices, for example daily account reconciliation; and map out measures to better protect the integrity of their computer systems, such as beefing up virus protection or installing stronger encryption measures to mitigate payment risk. This NACHA-mandated third-party sender ACH audit must be performed under the direction of an organization's audit committee, internal audit manager, senior-level officer or independent (external) auditor no later than December 31 of each year, and records must be maintained for six years. Even though federal regulators do not enforce the NACHA rules, working with an external auditor to conduct the annual ACH audit may be helpful because of the complex and time consuming nature of the examination requirements. For example, an organization subject to a NACHA-mandated ACH audit must have appropriate risk-management and control processes in place to ensure compliance with NACHA rules and applicable laws and regulations. There are many other requirements as well, such as a mandate that banks have an official agreement with any third-party sender that has direct access to an ACH operator, contributing to the complexity of such audits. That's why when executing your annual ACH audit your auditor should inspect your ACH operations, from receiving and originating to risk exposure and customer service risk. Other areas for inspection include operating procedures and internal controls, in particular those related to ACH exception handling. Based on the findings, your auditor should then recommend needed improvements and suggest specific areas on which to focus any employee training programs designed to enhance your ACH-related processes, as well as attest on your compliance with the NACHA rules and regulations. Look for an external auditor to assist with the annual ACH audit requirements if you lack the in-house resources or skill sets necessary to conduct the audit on your own while maintaining focus on your organization's core goals and operations. If you have any questions regarding your organization's financial reporting practices, contact your local Mayer Hoffman McCann P.C. Not-for-Profit advisor. - See more at: www.mhm-pc.com/home/ctl/detail/mid/632/itemid/399.aspx#sthash.28m04DwO.dpuf ________________________________________
Friday December 6, 2013 Ed Starrs posts answers to Shareholders Questions on MyECheck company website for all to see.
MYECHECK, INC (“MYEC”) STOCK IS A HIGH RISK INVESTMENT. MYECHECK, INC IS AN EARLY STAGE, STARTUP COMPANY AND IS HIGHLY VULNERABLE TO KNOWN AND UNFORESEEN RISKS, INCLUDING BUT NOT LIMITED TO INABILITY TO EARN REVENUE AND CONTINUE OPERATIONS. MYECHECK DOES NOT GIVE INVESTMENT ADVICE; PLEASE CONSULT A LICENSED PROFESSIONAL FINANCIAL ADVISOR BEFORE INVESTING. ONLY EXPERIENCED, QAULIFIED INVESTORS THAT CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT SHOULD CONSIDER INVESTING. MYECHECK, INC IS A LIMITED REPORTING COMPANY SUBJECT TO LOWER REQUIREMENTS OF DISCLOSURE THAN A FULLY REPORTING COMPANY. MYECHECK FINANCIAL STATEMENTS AND REPORTS ARE UN-AUDITED. ________________________________________ Company Information 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 ________________________________________ FAQ
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. ________________________________________
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