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These agreements allow clients' customers to use their checking accounts as an additional form of online payment. MyECheck's patented software can debit every U.S. checking account, even accounts that ACH cannot debit; thus providing online merchants financial access to more consumers and businesses than any other payment method.
With Credit Card charge-off rates and delinquency rates reaching highs not seen in years, the ecommerce industry is faced with a shrinking number of consumers able to use 'traditional' payment methods such as credit cards.
In the first quarter of 2009, credit card delinquencies hit a record high of 6.5%, while charge-offs reached 7.5%, a near-record high, according to the Federal Reserve while banks are closing a record number of credit card accounts. MyECheck offers its services at a fraction of the cost of credit-card processors, and does not require any deposits or rolling reserves.
Ed Starrs, CEO of MyECheck, commented, "Our solution provides merchants with a broader reach at a better rate than our competitors. Today, MyECheck is a leader in Check 21 solutions offering the most comprehensive suite of electronic check processing services in the industry. By providing a number of options to our clients, we are able to cover a wide variety of situations while continuing to grow and build a solid base of customers."
About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of alternative payment solutions utilizing a patented method of creating and clearing remotely created checks for exceedingly fast, secure and cost effective payments. As the leader in Check 21 solutions and check image processing for online merchants, MyECheck provides merchants with financial access to more customers than any other payment method.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.
Contact: Patrick Lowry 916.932.0089 Email Contact
SOURCE: MyECheck Inc.
http://www2.marketwire.com/mw/emailprcntct?id=8C73D58109221950
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