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MyECheck, Inc. (OTCBB: MYEC) FULL REPORT
As the leader in Check 21 solutions and check image processing for online merchants, MyECheck’s licensed patented solution provides merchants with financial access to more consumers than any other single payment method with faster funds clearing and fewer returned items.
MYEC has recently reported that Sionic Mobile, the leading provider of mobile payments, promotions and loyalty rewards, has selected MyECheck’s comprehensive mobile payment platform for back-end services including electronic check processing, fraud prevention and mobile account services.
Atlanta-based Sionic Mobile is a mCommerce company utilizing mobile devices and cloud technology to connect merchants with nearby, ready-to-spend consumers. The company is the maker and provider of ION — a fully digital mCommerce platform delivering mobile promotions, payments and rewards. These free apps, ION Loyalty(R) and ION Rewards(R) connect securely in the cloud for immediate and effortless checkouts.
Founded in 2010, Sionic Mobile has set out to revolutionize the mobile commerce experience by creating value for big or small merchants and consumers alike. Consumers earn double rewards when choosing to pay with an Electronic Check using the ION Rewards app, whether at one of the 30,000-plus national retail locations like Lowes, Staples, Barnes & Noble, Lands End, Columbia, Hyatt, Adidas, Bass Pro Shop, Brookstone, Sephora, Papa John’s, GameStop, The Limited, at other national chains or at their local convenience store, favorite restaurant or community retailer.
ION Loyalty for merchants cuts credit card fees by 75%, helps increase high-margin sales and instantly thanks good customers for their repeat business. ION Rewards gives consumers 3% free fuel and rewards them every time they pay with their phone at any ION merchant.
The stand-alone, Sionic Mobile platform requires no integration with POS systems and may typically be setup in less than an hour. Sionic Mobile with integrate with the MyECheck mobile banking and payments systems, MyECheck will provide a number of functions and services for the Sionic Mobile system including User registration and security, electronic check payment services, and User account services.
Ed Starrs, MyECheck CEO commented, “ION Rewards and Loyalty are the premier programs for driving mobile commerce, and MyECheck provides the best possible payment solution for mobile commerce. We believe the combined technologies will offer the most competitive advantages in the mobile commerce industry.”
In late August, 2014 the company signed a new agreement to provide the MyECheck Electronic Check service to MonthlylFilterClub.com. Under the deal signed by the two companies, MyECheck will process single and recurring payments made by customers to Monthly Filter Club. Monthly Filter’s volume is steadily growing and they are utilizing MyECheck’s services to reduce costs, lower administrative overhead in managing recurring payments, improve transaction success rates, clear funds faster, and lower the number of returned items.
About MonthlyFilterClub.com:
MonthlyFilterClub.com provides a subscription service that delivers residential and commercial furnace filters to consumers, HVAC, and property managers. The company ships filters to customers at pre-scheduled intervals, eliminating the need for customers to reorder or remember when to install HVAC filers. For more information, visit www.monthlyfilterclub.com.
The company also announced in August, 2014 that it has completed the acquisition of its licensee, GreenPay LLC. GreenPay LLC is now a wholly owned subsidiary of MyECheck, Inc.
MyECheck announced on February 26, 2014 that GreenPay had entered into a licensing agreement with MyECheck for a secure mobile payment solution for the legal marijuana industry. On June 13 MyECheck reported its intent to acquire GreenPay, owner of the mj-pay mobile payment app. The mj-pay system enables secure real time electronic funds transfers at marijuana retail locations, and provides regulatory compliance with FinCEN guidelines for banks.
GreenPay assets are owned by MyECheck, however GreenPay will be operated as a separate entity with an independent board of directors and management. Future licenses sold for the marijuana industry will be sold and licensed by GreenPay, and existing licensees are being transferred to GreenPay.
Shareholders will vote on proposals regarding the future disposition of GreenPay at the MyECheck Annual General Meeting on Oct 11, 2014.
