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 offer the only solution that is bank independent, and doesn't require the use credit/debit cards or ACH transfers. It's essentially an electronic cash transfer system, only much more secure. We can even provide 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; 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 have the potential to make our combined solution the de-facto payment method for that burgeoning 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."
