MyECheck’s Mobile Product Strategy
MyECheck’s strongest competitive advantage as an electronic payment platform is its exclusive ability to enable transfers from any checking account. MyECheck believes that electronic checks clear faster, have fewer returns and are lower in cost than ACH e-Checks and card transactions. The benefits are substantial making the MyECheck platform clearly superior in many ways for mobile payments.
MyECheck provides three types of mobile payment solutions for different applications:
1) As a backend or wholesale processor to Mobile Payment Service Providers (MPSP). These include payment processors, e-wallets, stored value, and large merchant proprietary payment systems. The MPSP integrates with MyECheck in the traditional manner.?
2) As a MPSP with a comprehensive solution for POS purchases on mobile devices.
3) As a licensor of customized mobile payment solutions MyECheck has developed and expects to launch new products in the coming months including an end-to-end turn-key mobile payments solution that any business can easily implement remotely. The retail Point Of Sale system will include user apps for Apple and Android devices, and a download merchant POS app that runs on Quickbooks accounting software. There are two mobile payment systems, one has higher security and has been developed for regulated industries. The other has been developed for retail sales, however the set-up and process flow is almost identical. The Merchant only requires an internet connected computer with Quickbooks and a bank account, the User only requires an internet connected mobile device or tablet and a checking account.
The process flow for remote registration apps the regulated industries system:
Step 1: Merchant downloads, installs and registers MyECheck Merchant App
Step 2: User downloads and installs MyECheck User App
Step 3: User selects Merchant in User App Merchant Menu
Step 4: User enters Registration Data and submits to Merchant App
Step 5: Merchant App validates Bank Data and Pre-Approves/Declines User Account
Step 6: User presents ID at Merchant Location, Merchant compares to Registration Data
Step 7: Merchant App displays QR code to User App containing User Account Token
Step 8: At POS Merchant App displays QR code to User App containing Invoice
Step 9: User App displays Transaction Detail and prompts authorization
Step 10: User authorizes payment by sending Token to Merchant App
Step 11: Merchant App verifies User Bank Account and Approves/Declines Transaction
Step 12: Merchant App sends receipt to User App
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Step 13: MyECheck backs up transaction data at an independent data warehouse.
With this uniquely broad range of capabilities, MyECheck can serve almost any customer in any market either directly or through one of MyECheck’s licensees or MPSP partners. This model also enables growth through leveraging partners’ existing customer base and sales and marketing resources.
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