MyECheck, Inc. (MYEC.OB) is a leading electronic processor that provides an alternative for banks, merchants, and ecommerce sites to process payments. The patented and proprietary system was initially used to remotely create and clear checks (RCCs) for the safest, fastest, and most cost-effective manner for electronic payments. The company has expanded the system to launch additional services including remote deposit capture (RDC).
MyECheck does not require a physical check from the payee for its processing. The system actually generates electronic checks that follow the Check 21 specifications, which allow merchants, banks, and companies to process these items. The system has a number of certified check imagers and is an authorized reseller of DigitalCheck™ imaging equipment. Check image processing eliminates the need for paper check transportation, which reduces a company’s administrative costs and speeds the clearing of checks by 2+ days on average.
The MyECheck solution does not fall into the same category as traditional ACH transactions. One major advantage of using MyECheck is that the system is able to debit every U.S.-based checking account. The system has access to small banks, credit unions, S&Ls, brokerage accounts, business accounts, and credit card accounts, which are organizations that ACH does not have access to debit. A second advantage of using MyECheck is that it falls under Check 21 law and Uniform Commercial Code (UCC state law), which is typically more favorable to the recipient, especially when charge-backs are involved.
The company’s RDC processing system not only enables its clients to improve their cash flow through expediting processing faster and reducing administrative charges, it also provides a reduction in risk. The system can verify the bank account status of a customer prior to final authorization of payment to determine if the customer has bounced a check recently. The system also offers clients with the ability to establish a 3-level identity verification system to ensure the validity of a customer.
MyECheck has created a solid system that can assist merchants, banks, corporations, and ecommerce sites in streamlining their payment processing systems at an affordable cost.
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