MyECheck Inc. (MYEC.OB), one of the leading electronic transaction processors, provides one of the fastest and most cost-effective solutions for clearing remotely created checks (RCCs). The proprietary and patented system was initially released in 2004 and has continued to evolve with new offerings such as RCC Image Services.
MyECheck’s RCC image service is the first Check 21 solution developed for remote transactions. As it is governed by both Check 21 law and Uniform Commercial Code (UCC state law), transactions through MyECheck are more secure and more favorable to the recipient than laws governing ACH-based transactions. This is particularly important when charge-backs occur. MyECheck also provides clients with a broader customer base through its ability to debit all US-based checking accounts. Retailers who choose ACH transactions have a more limited client base as this debit processing method is not viable for all US checking accounts.
Through RCC image services, clients can set up a variety of payment options for their customers. First, clients can collect their customer data via the phone and enter the information into a virtual terminal for processing. Second, customers can enter their check information on a client website, which passes through to MyECheck electronically. Third, clients may send a single transaction data or a CSV file listing specific dates when payment processing should occur. Finally, a batch CSV file can be sent via SFTP and RCC images of the items can be created and inserted into X9.37 files, which is the current standard Check 21 file format.
MyECheck not only offers an additional payment option and broader customer access, it also provides a safer solution as well. Prior to authorizing a transaction, the system verifies the status of a customer’s bank account to determine if the customer has recently bounced a check. It also provides three levels of identity verification, including a high-assurance ID validation. The company is so confident in the system that it provides fully integrated collections at no additional charge with payment guarantees available.
Not only does it have a solid domestic system, MyECheck also has an international presence. At this time, MyECheck supports 21 currencies and can provide low-cost foreign exchange services when needed. The company is able to provide 2- to 3-day bank fund collections in over 50 countries and even provides bank remitting capability to bank accounts in over 120 countries.
With its secure, fast, and cost-effective system, MyECheck has a solution that can support small and large retailers.
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