MyECheck Incorporated is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. The company was recently issued a patent for their “METHOD AND APPARATUS FOR ONLINE CHECK PROCESSING” by the United States patent and trademark office. MyECheck calls this patented, electronic transaction processor Check 21, and it is used used by MyECheck for the creation and clearing of imaged, authorized demand drafts, also known as remotely created check image files.
The patent issued by the United States Patent & Trademark Office is patent number 7,389,913 and was issued on 06/24/2008. The patent will help MyECheck maintain their leading position in the market for online check cashing. Currently MyECheck’s services are used by vendors to expedite check clearing and availability, reduce risk, improve cash flow and provide greater confidence in successful transactions.
The CEO of MyECheck, Ed Starrs, commented, “MyECheck now has the intellectual property rights to secure our system of eCheck software throughout the industry. We were not only first to market with an online Check 21 solution; we have now staved off competitors. As the most viable alternative payment method, our system provides merchants with access to more customers at a much lower cost than card processing.”
Starrs went on to add that MyECheck now has the broadest reach of any electronic payment system currently on the market. He believes this patent will allow the company to focus on further development of their services and growth within the transaction processing industry. With the receipt of this patent, MyECheck is well positioned to become the leader in its field.
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