MyECheck, Inc. (MYEC.OB) is a leader in providing an alternative payment solution to retail stores or ecommerce sites. Rather than utilizing only ACH or credit cards, MyECheck’s proprietary and patented system provides a safe, fast, and least costly method of processing payments.
The MyECheck services and systems are a highly cost-effective option for storefronts and Internet businesses. Credit card processors typically charge an initial setup fee plus a recurring account maintenance fee, which can add up significantly over the course of a fiscal year. MyECheck is a Check 21 service that is not subject to NACHA rules, regulations, or fees and fines associated with ACH processing.
The MyECheck system provides the security and screening that is essential to the success of any business, especially ecommerce sites. The system verifies bank accounts and checks national negative databases to ensure that sufficient funds are available. Interestingly, the system also profiles each transaction, utilizing a shopping pattern algorithm, and stores this information in the database. The built-in security measures in the system allow the company to be comfortable with extending full liability coverage option to merchants on approved transactions. Through the coverage, merchants are reimbursed 100% of the value of any returned checks within a few days of the transaction.
Even with the verifications that the system performs, eCheck transactions are typically completed within one to three seconds. ACH processing generally takes between two to five days to clear, which can be a burden to smaller businesses. The use of MyECheck services enables retailers to have a larger customer base, as the system has the capability to debit every US-based checking account. ACH processing is more limited, as it cannot debit accounts maintained at small banks, brokerage accounts, S&Ls, credit card check accounts, business accounts, and credit unions. It may be hard to believe, but up to 50% of adults either do not own a credit card or have insufficient available credit on their cards. Therefore, up to 80 million US adults cannot purchase merchandise on websites that only accept credit cards.
MyECheck has a 95% approval rating with merchants who already use the system. This exemplary rating, along with its low-cost and built-in security, makes MyECheck a service that can benefit any type of business or ecommerce site.
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