Advantages in Using MyECheck Services
MyECheck offers the fastest, safest and most cost effective way to process electronic payments from your customers. Here’s our top reasons why you should be using MyECheck.
Faster Purchase Time
eChecks processed on the MyECheck system are typically accepted in one to three seconds compared to typical ACH time frames of two to five days.
Higher Conversion Rates
Checks are the most viable alternative to cards enabling conversion of declined card transactions or customers without cards.
Lower Processing Cost
MyECheck offers its services at a fraction of the cost of credit-card processors, and does not charge any set-up, recurring or account maintenance fees.
Higher Approval Rate
eChecks processed on the MyECheck system enjoy approval rates averaging over 90%, with many merchants exceeding over 95%
Guaranteed Transactions
Full liability coverage is available for all approved transactions - merchants are reimbursed 100% of the value of returned checks, every 14 days.
Offers Easy Alternative to Credit Cards
Up to 50% of adults either have no credit card or have insufficient available credit on their cards, meaning that as many as 80 Million US adults have no ability to buy online at the many websites that only accept credit cards. By not accepting checks, you are missing a huge opportunity.
Secure Transactions
With the optional Check Authorization service, no additional fraud screening is required with MyECheck. The system verifies the bank account, checks national negative databases and profiles the transaction using proprietary shopping pattern algorithms and continuously updates this database with check writing histories.
Ability to Debit More Bank Accounts
MyECheck can debit every US checking account, even accounts that ACH cannot such as many Credit Unions, S&Ls, small banks, brokerage accounts, business accounts and credit card check accounts.
Checks offer the number one Form of Payment
Checks continue to be the number one non-cash payment method in the US with the value of checks processed annually over forty trillion dollars.
Less Regulation
MyECheck is a Check 21 service not ACH, therefore transactions are not subject to the myriad of NACHA rules, regulations, fees and fines imposed upon all other eCheck transactions that are ACH.
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