MyECheck, Inc. is a leading provider of alternative payment solutions to credit cards, Internet, and mobile commerce. The company utilizes a patent pending method of creating and clearing remotely created checks (RCC’s) for ultra-fast, secure, and convenient payments. Their RCC solution provides online merchants around the world with financial access to more consumers than any other payment method. Established as a leader in Check 21 solutions and check image processing for online merchants, MyECheck offers the most complete, secure and cost-effective way to collect payments from customers.
MyEChecks’ RCC image service is the world’s first Check 21 solution for remote transactions. The RCC image service can be utilized by the Internet, over the phone, recurring transaction, or through a batch application. By using the Internet, customers can check data on their website which holds their financial information and pass it on electronically to a specified party. Merchants can use the phone to collect customer data and enter it into a virtual terminal for processing. With a recurring transaction, a merchant will send a single transaction or CSV files on dates they want payments processed and MyECheck will clear the funds to their account that day. Batch files are used as MyECheck receives customer’s data, and then they create RCC images of the items and insert them into X9.37 files.
All electronic RCC’s are governed by Check 21 law and Uniform Commercial Code (UCC state law). The benefit is to the customer as these laws are more favorable to the recipient – as opposed to the laws governing ACH transactions – particularly with respect to charge-backs. MyECheck can debit every US checking account, even accounts that ACH cannot debit, which include accounts at many credit unions, small banks, brokerage accounts, business accounts, and credit card check accounts. MyECheck items are created and file formatted before being submitted directly into the banking system for the fastest possible clearing, which in the end provides your bank with expedited availability.
MyECheck offers additional services at no charge that include financial verification, identity validation, collections and guarantee services, and guaranteed international payments. Prior to authorizing a transaction, MyECheck can verify the status of the customer’s bank account and determine if the customer is a recent check bouncer. There are three levels of identity verification, including high-assurance ID validation, and fully integrated collections with payment guarantee available. For international payments, MyECheck offers non-reputable 2-3 day bank funds collection in over 50 countries and provides bank remitting capabilities to bank accounts in over 120 countries.
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