Replies to post #117139 on MyECheck, Inc. (fka MYEC)
04/18/14 4:50 PM
04/18/14 7:50 PM
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.
More on the Agreements with GreenPay LLC
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 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.
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