Company Provides Alternative to Other Payment Systems That Is Faster, Cheaper and Guaranteed
MyECheck Inc. (OTCBB: MYEC), an electronictransaction processor and provider of alternative payment solutions, ispleased to announce is pleased to provide its stakeholders with a list ofits competitive advantages.
MyECheck provides faster clearing and funds availability, substantiallyreduces charge-backs and risk and improvescash-flow; all at a much lower cost than credit or debit cards.
Faster
eChecks processed on the MyECheck system are typically accepted in 1 to 3seconds compared to typical Automatic Clearing House system (ACH) timeframes of 3 to 5 days. This greatly increases the cash float available toa merchant, and increases their working cash.
As an example, Frontier Airlines recently blamed its credit-card processorfor its bankruptcy filing. Frontier said itscredit-card processor demanded a sudden and unexpected jump in collateral,which meant a sharp reduction in cash flow from credit-card proceeds.This was because the item price of an airline is relatively high, and withgrowing credit card charge-off rates on the rise, many merchants areexperiencing highercharge-backs prompting credit-card processor to increase their rollingreserve (A rolling reserve is a non-interest-bearing deposit required bycredit-card processors equal to 1 or 2 times the average estimated monthlycredit card sales by a merchant).
MyECheck customers enjoy no rolling-reserve and typically funds are madeavailable within 1 business day.
Cheaper
With Credit Card charge-off rates and delinquency rates reaching highs notseen in years, the ecommerce industry is faced with a shrinking number ofconsumers able to use 'traditional' payment methods such as credit cards.MyECheck offers its services at a fraction of the cost of credit-cardprocessors, and does not require any deposits or rolling reserves.
Guaranteed
eChecks processed on the MyECheck system enjoy approval rates averagingover 90%, with many merchants exceeding over 95%. The Company provides asolution guaranteed by Secure Payment Systems Inc. which enables MyECheckmerchants to ship the same day with confidence that they will be paid, evenif their customer's check bounces. In less than one second, Secure PaymentSystems authorizes checks from its database of millions of records,accessing both local and national negative files of unpaid checks, alongwith other proprietary verification services.
Secure Payment Systems profiles the transaction using proprietary shoppingpattern algorithms and continuously updates this database with checkwriting histories. The database also incorporates a positive file of goodcheck writers, so MyECheck merchants don't lose sales due to customer highcheck writing activity.
