Replies to post #107448 on MyECheck, Inc. (fka MYEC)

[Ieatmyvegetables]

I would just say add that it's not just those paying in cash but also those paying with their debit card. What I would like to see is merchants, like gas stations, offering the ICard as a combination loyalty/discount card that you can load via the myecheck app. This saves the merchant money with lower transaction costs and a portion of the savings can be passed on to the consumer. A win win proposition.

[icbeatsthestreet]

By the way,

Just in case visionary longs didn't Know!

The average govt. check in the US last year was $1419


G-pay = Ka Ching!

[geezydagreat]

I see a value but it will be interesting to see how it plays out. Maybe I am missing the target market for saying this will be a Billion dollar company.

Most small merchants do not accept check currently. Most check payments tend to be to government entities and online bill pay type. Let's use Wal-Mart, who does accept checks- how much do you think it costs for them to run a check? Less than 1% currently using Telecheck.

Merchants pay lots of fees for cards & rewards cards (people want skymiles and points). Who issues the rewards? Banks- who makes the majority of all credit card fees- Banks to pay for those rewards.
Debit cards arent that expensive FYI- .05% + $.22 per transaction.


2- The 85% figure was provided earlier but does seem too round. To make a payment there has to be something integrated to accept the payment, so yes, there will be some infrastructure cost needed in a face 2 face transaction. Once again, similar to Google Wallet and contactless payments- merchants do not want to pay to accept this technology and are using old equipment. That is where a lot of the fraud happens.

3- Disregarding a company like that is saying "who cares about Apple and the iTunes store, etc" everyone will start using us. Those parnterships are more valuable than you think.