Michael Cohen from doublingstocks.com wrote last week that MyECheck was one of the strongest penny stocks. MyECheck Incorporated is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. Cohen chose the stock because of the rapid growth MYEC has already experienced, and the potential for continued growth in both the near and distant future. The services offered by MyECheck are very tempting to businesses seeking immediate, secure payment from their customers.
Earlier this month, MyECheck was granted a patent from the United States Patent & Trademark office for their proprietary technology capable of accepting payments straight from a customer’s bank account. This eliminates a large portion of the risk associated with credit cards and past due payments. The system also decreases check clearing time and increases a business’s cash flow. The bank typically receives the digital check created by MyECheck within a matter of seconds electronically, instead of waiting for the physical check to come through the mail, a process which typically takes days.
Cohen compares MyECheck to Visa and Mastercard in the sense that they are at the top of the food chain in their respective industries. MYEC is capable of dealing directly with the Federal Reserve banking system via access to the “Fedline”, so they can interact with every US checking account. This gives the company a lot of power which is a positive for many small businesses where every successful transaction makes a difference. MyECheck is currently one of the leaders and has a lot of potential growth within the transaction processing industry.
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