MyECheck Inc. (OTCBB: MYEC) today announced the U.S. Patent & Trademark office has granted a patent for MyECheck’s online check processing technology, which provides merchants with the fastest, safest and most cost effective method for online, phone or remote payment transactions. The company’s founder and CEO Ed Starrs invented the technology, designating MyECheck as the sole licensee of the patented technology, creating a significant asset for the company and catapulting it ahead of competition.
“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 stated in the press release.
The check processing technology was designed to create and clear image-authorized demand drafts known as remotely created check image files. The computer-implemented method processes payment for any item, whether it is a physical product, a service, digital media or digital content.
It is applicable to banks, savings and loan (S&L) institutions, credit unions and more, and is more universally available for merchants. The technology uses electronic images of authorized drafts, acceptable at every U.S. bank, even where current payment systems associated with the ACH network are not eligible.
“While many checking accounts are not accessible through the ACH network, MyECheck can clear funds from all checking accounts within the Federal Reserve banking system giving us the broadest reach of any electronic payment system. We are excited about this development and believe it will further our growth in the transaction processing industry, while positioning us as the leader in online and remote check processing,” Starrs stated.
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