MyECheck announced that it is growing in popularity with ecommerce sites as consumers look for alternative payment options to credit cards. According to a report published in the Wall Street Journal on September 30, 2008, credit-card issuers have been decreasing credit limits. Carol Kaplan, spokeswoman for the American Bankers Association, stated, “They’re doing it to everyone.'”
This reduction of available credit could literally force a substantial increase in the use of eChecks for both smaller expenses as well as bigger ticket items. This potential upcoming change is anticipated to come easily because, even with the recent boom of credit cards, checks continue to be the number one non-cash payment method in the US, with more than forty trillion dollars processed each year.
CEO of MyECheck stated, “Up to 50% of adults either have no credit card or have insufficient available credit, meaning that as many as 80 million US adults have no ability to buy online at the many websites that only accept credit cards. Our customers are benefitting now and enjoying a huge opportunity.”
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