MYEC — Annual Report
Disclosure Statement December 2012Published: Apr 01, 2013 Period End: Dec 31, 2012
Huge Profits For MYEC Growth in Merchant Checks in the Last 5 Years & will Continue to Increase Every Year.
The Check is the Largest Non-Cash Payment Method in the US demonstrating that people often prefer to use checks over cards. In the past 5 years,
The Number of Online Check Transactions Per Quarter has Grown from 742,660 to 318,484,650
approximately a 428% growth rate In spite of this, many online merchants and businesses offer no alternative to cards, resulting in lost sales due to many consumers’ inability or unwillingness to purchase cards.
Because MyECheck does not use the ACH network, transactions are not subject to National Automated Clearing House Association (“NACHA”) regulation, including their rules, fees and fines. MyECheck RCCs are governed by UniformCommercial Code (State check laws), and Check 21 law, which is more favorable to the Payee than NACHA rules and facilitates higher returned item collection rates.
The lower number of returns and higher return collection rates translates to fewer losses, lower fees for payment guarantee and higher profit margins for ***** MyECheck Merchants
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