In today’s world, with new technological advancements popping up everywhere you look, one industry at the forefront of this advance is the alternative payment solutions segment of e-commerce.
One of the companies that leads in this arena is MyECheck, Inc. (OTCBB: MYEC), a company that was created to satisfy the demand for viable payment solutions to credit cards for online commerce. MyECheck utilizes a patent-pending method for creating and clearing remotely created checks (RCC’s) for exceedingly fast, secure and convenient payments.
MyECheck is different in that other “e-check” solutions are automated clearing house (ACH) transactions. MyECheck does not utilize the ACH network, so when compared with competitive ACH eCheck transactions, MyECheck items work with more consumer accounts, clear sooner, and provide superior charge-back protection. Items that are processed by MyECheck are done so in an entirely Check 21 environment. All items that are created by the company, including electronic RCC’s, are governed by Check 21 law and the varying state regulations regarding the Uniform Commercial Code. These laws are more favorable to the recipient, as opposed to the laws governing ACH transactions.
The reason why MyECheck items clear faster is because each transaction is created, file-formatted and submitted directly into the banking system for the fastest possible clearing in near real-time, providing the bank with expedited availability. This results in a reduced risk involving errors and fraud, the cash flow is improved greatly, and services are provided sooner with greater confidence. MyECheck can debit every U.S. checking account, even accounts that ACH cannot debit, such as credit unions, small banks, brokerage accounts, business accounts, and credit card check accounts.
There are additional services that make MyECheck stand out as the future leader in the alternative payment solutions and e-commerce industry. The company offers financial verification services that allow MyECheck to verify the status of a customer’s bank account and determine if the customer has recently bounced a check before completing the transaction. There are also guaranteed international payments, collections and guarantees (i.e., fully integrated collections at no additional charge), and identity validation services.
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