Archive for the ‘MyECheck Inc. MYEC’ Category

MyECheck Reaches Profitability in Unaudited Second Quarter Financial Results

Tuesday, July 14th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it operated at a profit in both the months of May and June, 2009. Revenue in the second quarter 2009 was approximately 38% higher than in the first quarter 2009, and approximately 110% higher than the second quarter 2008.

Management notes that revenue in the second quarter does not yet reflect most of the larger clients signed in the past several months that are expected to start generating revenue for the company in the third quarter of 2009.

California State Teachers Retirement Fund (CalSTRS), Simon Property Group, Regal Entertainment and Simplifile are expected to start revenue generation for the company in the third quarter.

Additionally, the company states that it has a significant number of large revenue potential accounts in the sales pipeline that it believes will close and will add additional significant revenue before the end of the year.

Edward Starrs, CEO of MyECheck, commented, “We have reached a very important milestone in the evolution of our company whereby we are now operating at a profit. Because of our low overhead and extraordinary economies of scale, we believe that we will continue to be increasingly profitable well into the foreseeable future.”

Mr. Starrs added, “Unlike other alternative payment providers that only operate in the approximately $100 billion e-commerce space, MyECheck operates in the $44 trillion check industry, offering services with benefits for all businesses and entities that accept payments. In fact, MyECheck provides services where no other payment option is viable, such as large value transactions, micro-payments, business to business, consumer to government and government to government in addition to consumer to business transactions.”

The company notes that the numbers contained in this release are unaudited, and are made in good faith and based on all the financial information available to the company today. Further, past financial business, operations and stock performance are not necessarily indicative of the company’s future performance. Full second quarter financial results with be filed with the SEC prior to the deadline of August 15.

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MyECheck Signs Simplifile to Accept Check Payments for E-Recording Services Through the MyECheck Payment System

Wednesday, July 1st, 2009

MyECheck, Inc. (OTCBB: MYEC), a leading provider of electronic check payment services, has signed an agreement with Simplifile, the leading provider of electronic recording services. The agreement will facilitate the integration of the MyECheck Remotely Created Check solution into the Simplifile e-recording service which will allow Simplifile customers to make payments for recording and submission fees using an online check imaging process.

It is anticipated that the integration between Simplifile and MyECheck will be completed by late summer 2009. Once complete, Simplifile customers will have the option to make recording and submission fee payments with virtually any checking account in the United States — including all business accounts.

“We are excited to work with MyECheck and their industry leading online check imaging services,” said Paul Clifford, President of Simplifile. “We believe that the addition of MyECheck’s patented technology not only will allow us to electronically originate secure check transactions and transfer funds but will give our customers the ability to utilize finance accounts not previously available for payments.”

“We are pleased to provide our fully electronic green services to Simplifile,” said Ed Starrs, CEO of MyECheck, commented. “The MyECheck solution is ideal for escrow account payments and real estate transactions because of its speed and capability to process any size transaction from any account. The addition of Simplifile is an impressive addition to our rapidly growing portfolio of larger accounts.”

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MyECheck Announces Two New Signed eCommerce Merchants

Thursday, June 18th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it has signed Wealthworld LLC and Alternative Info Solutions, Inc. to its software suite.

MyECheck utilizes a proprietary, patented method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and convenient payments. Since inception in 2004, MyECheck has continued to enhance its offerings and launch new services including Remote Check Capture (RCC) and POS solutions.

eChecks processed on the MyECheck system are typically accepted in 1 to 3 seconds and clear the same day or overnight compared to typical Automatic Clearing House system (ACH) time frames of 3 to 5 days. And MyECheck provides the most viable alternative to credit cards enabling conversion of declined transactions or customers without credit cards.

Ed Starrs, CEO of MyECheck, commented, “Check 21 law provides for unprecedented opportunities for the MyECheck payment platform. In addition to the web application, the MyECheck system is ideal for phone order or virtual terminal applications affording these organizations numerous benefits over ACH.”

Alternative Info Solutions is a provider of home study marketing courses and Wealthworld is a financial training company that teaches its customers how to get out of debt, repair their credit and start to build real wealth through products, services and seminars. Please visit www.wealthworld.com.

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MyECheck, Inc. (MYEC.OB) Signs Agreement with Regal Entertainment Group

Monday, June 15th, 2009

MyECheck, Inc., a leading provider of electronic check payment services, announced today their newly signed agreement with Regal Entertainment Group to use MyECheck electronic check services on the Regal websites. Regal will be accessing the MyECheck service through the Cardinal Commerce platform so that no direct technical integration with MyECheck is required.

Once launched, Regal patrons will be able to purchase discount movie tickets and gift cards through the Regal website. The MyECheck service is compatible with every checking account in the United States, including business accounts and accounts that Automated Clearing House (ACH) e-check solutions cannot debit. The scope of this service widens Regal Entertainment Group’s customer base by enabling more moviegoers to purchase online. The service is expected to begin within 30 days.

Ed Starrs, CEO of MyECheck, commented, “We are very pleased to add Regal Entertainment Group, the leading motion picture exhibitor in the world, to our rapidly growing portfolio of clients. I believe that our service will increase sales and lower costs for Regal, in addition to providing exceedingly fast, secure and convenient payments for Regal and its patrons.”

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MyECheck Inc. Announces First Quarter 2009 Results

Friday, May 15th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its First Quarter 2009 financial results for the period of January 1, 2009 to March 31, 2009. Revenues recorded for the first quarter were $163,751 compared to $58,913 for the same period in 2008.

The Company processed over $27.5 million for the three months ending March 31, 2009 compared to $7 million for the same period in 2008; an increase of over 394%.

The Net Loss from Operations in Q1 2009 was $114,074 compared to $264,365 for 2008, a substantial drop as the Company refines its business model and works towards building more value.

Many online merchants offer no alternative to credit, resulting in lost sales due to many consumers’ inability or unwillingness to purchase using credit. MyECheck’s solution is fast becoming popular amongst etailers, government organizations and brick & mortar operators.

Ed Starrs, CEO of MyECheck, commented, “In this time of credit card decline rates being at their highest, it is important for etailers to remember that the check is still the largest non-cash payment method in the United States.”

MyECheck works with more consumers than any other payment method and will lower costs, abandonment, charge-backs and fraud while increasing sales, loyalty and profits for its customers. And we offer our services at a fraction of the cost of credit-card processors, do not charge any recurring or account maintenance fees nor do we require any deposits or rolling reserves.

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MyECheck Partners With Ascent Processing to Provide Check 21 Electronic Payment Processing

Tuesday, May 5th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it has signed Ascent Processing Inc. as an Authorized Agent providing additional revenue opportunities for MyECheck’s patented Check 21 electronic payment processing software in the property management and rental industries.

Ascent Processing, Inc. offers payment processing to merchants nationwide and have worked with many industries in addition to Travel and Entertainment. Ascent is a registered Visa/MasterCard Member Service Provider for both Elavon/Nova Information Systems through USBank, and First Data through JP Morgan Chase.

Some of their clients include http://www.rental-network.com/, http://www.realtimerental.com and http://www.escapia.com/.

The check is still the largest non-cash payment method in the US, proving that people often prefer to use checks over credit cards. Many online merchants offer no alternative to credit, resulting in lost sales due to many consumers’ inability or unwillingness to purchase using credit.

MyECheck works with more consumers than any other payment method and will lower costs, abandonment, charge-backs and fraud while increasing sales, loyalty and profits for its customers.

Ed Starrs, CEO of MyECheck, said, “RCCs have been used for decades by mortgage companies, insurance companies, credit card companies and many others to collect recurring payments from their customers. Trillions of dollars are processed as checks annually. MyECheck allows these companies to fully automate, eliminate paper from their process, and speed collection by at least 2 days.”

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MyECheck Inc. Signs “The Guardians” MLM to Its Online Check Service

Wednesday, April 29th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, announced that is has signed The Guardians as a client and will be providing the online MLM with its comprehensive suite of electronic check processing services.

MyECheck utilizes a proprietary, patented method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and convenient payments. Since inception in 2004, MyECheck has continued to enhance its offerings and launch new services including Remote Deposit Capture and POS solutions.

Up to 50% of adults either have no credit card or have insufficient available credit on their cards, meaning that as many as 80 Million US adults have no ability to buy online at the many websites that only accept credit cards. By not accepting checks, companies may be missing a huge opportunity.

The Guardians exist as a coaching, mentoring and premium content organization based on success principles in a wide variety of subjects. They began in the late 80s by coaching retiring military personnel into achieving their lifelong dreams of business ownership. They have since evolved into a demographically larger and more diverse group but our fundamentals are still based on revealing life’s secrets in the areas of Wealth, Health, Success, and Independent Thinking. As their group grew we realized that the power of the Internet has provided us with the ability to grow exponentially. Please visit http://www.guardians.org/.

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MyECheck Signs Honeymoon Wishes to Its Online Check Service

Monday, April 27th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that Honeymoon Wishes has been signed as client for MyECheck’s online checking solutions.

This agreement allows Honeymoon Wishes’ 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.

MyECheck offers its services at a fraction of the cost of credit-card processors, and does not charge any set-up, recurring or account maintenance fees. And, 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, “Merchants who engage in all forms of commerce including web, telephone and point of sale can now utilize a single platform, MyECheck, for all their check processing, and benefit from faster collection of funds.”

HoneymoonWishes.com has become the #1 honeymoon bridal registry in the U.S. and Canada now serving over 100,000 wedding couples a year. Even global travel brands such as Carnival Cruise Lines, Couples Resorts, Club Med, Secrets Resorts, SuperClubs, Monograms by Globus, Palace Resorts, and over 180,000 travel agents around the world use HoneymoonWishes.com as their exclusive registry provider. Please visit http://www.honeymoonwishes.com for more information.

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MyECheck Inc. Launches ForYourParty.com and BeforeYourParty.com to Its Online Check Service

Wednesday, April 22nd, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it has signed ForYourParty.com and BeforeYourParty.com as a client and is now providing the online retailer with its comprehensive suite of electronic check processing services.

This agreement allows ForYourParty.com and BeforeYourParty.com 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.

Oppenheimer and Co. predicts issuers will reduce credit card lines by $2.1 trillion in the next 18 months wiping out 45% of spending power US consumers now have on credit cards. And credit card volume share from online purchases is predicted to fall nearly 50% by 2013 according to Javelin strategy and research.

Ed Starrs, CEO, commented, “MyECheck sales efforts have been focused on larger accounts involving longer sales cycles. The company reports it has multiple major accounts in its sales pipeline and intends to continue building its assets and customer base at a steady pace.”

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MyECheck Enters Agreement With Morse Data Corporation

Tuesday, April 14th, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce that it has entered into a definitive agreement with Morse Data Corporation whereby Morse Data is to develop MyECheck interface capability for InOrder.

InOrder is a leading enterprise management system for multi-channel merchants, fulfillment service providers and publishers. Easily deployed as an off-the-shelf system, InOrder accommodates all sales channels, including web, phone, fax, EDI, POS and catalog sales in real time for immediate and accurate inventory and order processing.

Once the interface is complete, which is expected within a few weeks, InOrder clients can quickly and easily add MyECheck payment services without the need for technical integration with MyECheck.

Credit cards are the most popular means to pay for online goods and services, but alternative online payments will account for 26% of e-commerce volume by 2009. A sea change is underway in the online payments world, with credit cards losing dominance as new payments options emerge. Credit cards accounted for over 90% of online payment volume in 2000, but will only account for a minority of e-commerce dollar volume by 2009. This shift will have significant implications for banks, merchants, and service providers supporting card-not-present risk for online merchants.

Ed Starrs, MyECheck CEO, commented, “We believe the relationship with Morse Data is a large opportunity for our company as we have already seen strong interest from InOrder clients. We are looking forward to providing Morse Data clients with our leading patented electronic check processing solution, and adding many valuable customers to our growing portfolio.”

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MyECheck Inc. Announces Year End 2008 Results Showing Over 2,000% Transaction Processing Growth Compared to Previous Year

Wednesday, April 1st, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to announce its Year End 2008 financial results for the period of January 1, 2008 to December 31, 2008. Revenues recorded for the twelve months ending December 31, 2008 were $548,159 compared to $46,051 for the same period in 2007; an increase of over 1000%.

The Company processed over $90 million for the twelve months ending December 31, 2008 compared to $4 million for the same period in 2007; an increase of over 2000%.The Company recorded revenues of $222,267 for the Fourth Quarter as compared to $156,174 for the Third Quarter; an increase of 41% on a quarter-to-quarter comparison basis.

The Net Loss from Operations in 2008 was $1,003,376 compared to $710,469 for 2007, which the Company attributes to increased G & A as operations continue to ramp up. Notably, the company has seen growth of over 40% in each quarter to quarter period in 2008 and is building its infrastructure to meet the continuing demand.

The company noted that expansion in transaction processing volume and revenue is accelerating as more processors and merchants go live on the MyECheck system. This increased growth in clients should offset the increased expenses as the Company is now situated well to manage the growth.

Ed Starrs, CEO of MyECheck, commented, “We reached a major milestone this year by processing over $90 million. We added a number of new clients during the Fourth Quarter, and will start to capitalize on results as they go live in the coming months. We expect to see more positive results from existing clients during 2009, and our sales team will continue to build our MyECheck brand across a number of industries and businesses.”

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MyECheck Partners With AE Checking to Provide Its Online Check Service

Wednesday, March 11th, 2009

MyECheck Inc. (OTCBB: MYEC), a leading provider of comprehensive viable alternative payment solutions, announced that it has signed AE Checking Inc. as a gateway partner and is providing the online processor with its comprehensive suite of electronic check processing services.

AE Checking’s merchant clients may now process Remotely Created Check transactions through the MyECheck payment engine. MyECheck uses patent pending technology to generate electronic checks in accordance with the Check Clearing for the 21st Century Act (HR 5414 – “Check 21″) specifications. These eChecks are transmitted in near real-time to MyECheck’s partner banks, or directly to the check clearing system for faster clearing.

AE Checking began successfully processing through the MyECheck system in September 2007. AE Checking’s volume has ramped up as they continue to convert their ACH business to the Remotely Created Check Service. AE Checking also plans to expand its business by adding new customers as a result of offering the Remotely Created Check Service.

AE Checking will serve as a gateway to the MyECheck solution for all sub-prime merchants. MyECheck’s Check 21 solution bypasses the ACH system, and the solution substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards.

Ed Starrs, CEO of MyECheck, stated, “We are very excited to have AE Checking as a partner, and look forward to working with their merchants to accept this new form of ecommerce payment. Merchants who engage in all forms of commerce including web, telephone and point of sale can now utilize a single platform, MyECheck, for all their check processing, and benefit from faster collection of funds.”

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MyECheck Provides Update on Increased Sales & Marketing Efforts

Tuesday, March 3rd, 2009

MyECheck Inc. (OTCBB: MYEC), an electronic transaction processor and provider of alternative payment solutions, is pleased to provide its shareholders with an update as to ongoing operations so far this year

MyECheck sales efforts have been focused on larger accounts involving longer sales cycles with the company reporting that it has multiple major accounts in its sales pipeline.

As part of this increased effort, MyECheck has added additional sales resources including Director of Business Development, Joe Benguerel, and National Sales Manager, Mark Hasik.

A number of smaller clients and merchants have been signed and are now in the process of being integrated.

MyECheck has been developing and has now completed a sophisticated transaction auditing software utility. Although MyECheck developed the new software service specifically for use by a major government account, it can be used by all MyECheck merchants to enhance the security of their reporting.

MyECheck has also completed integration with two new major banks, with another major bank in the integration process. The new bank relationships will enable certain merchants that have an existing relationship at those banks to use MyECheck services without opening a merchant account at a new bank.

In today’s economy, speed of collection is one of the most important features in the cycle of billing. So, the Company is also focusing on mortgage companies, insurance companies, credit card companies and many others who are using Remote Check Capturing to collect recurring payments from their customers.

Trillions of dollars are processed as checks annually and MyECheck allows companies like these to fully automate, eliminate paper from their process, and speed collection by at least 2 days.

Ed Starrs, CEO of MyECheck, commented, “The Company continues to sign on new clients in the current economic climate as ecommerce businesses strive to find new ways to reduce their overhead, while increasing their sales. 2009 is the year that we find ourselves working diligently to build MyECheck into a electronic transaction processor by presenting these same companies with cost-cutting payment processing services.”

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MyECheck, Inc. (MYEC.OB) Reports Astronomical Growth for 2008; Revenue Increases 1,096%

Wednesday, January 14th, 2009

Yesterday after the closing bell, MyECheck announced that it has processed about 2.1 million transactions in 2008, the year the company debuts its patented electronic transaction system.

Unaudited 2008 financial results report that the company’s fourth quarter revenue was approximately $235,000 on processing approximately $40 million worth of goods and services, compared to $41,000 in revenue for the same quarter in 2007. Quarterly revenue growth was solid throughout the year, ranging from 41% to 88% growth per consecutive quarter.

Ed Starrs, C.E.O. of MyECheck Inc., commented, “We are pleased to have established MyECheck as a viable alternative electronic transaction processor in 2008. Our consistent large growth rates demonstrate the strong demand for our services and the capabilities of our operation.”

“We expect our growth to remain strong into the foreseeable future, particularly in this credit crisis. As credit is reduced, consumers need a fast and safe way to pay online or over the phone from their checking accounts, and MyECheck offers the best solution,” Starrs added.

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MyECheck, Inc.’s (MYEC.OB) Comprehensive Check 21 Services are Bringing Innovation to the Ecommerce Landscape

Monday, January 12th, 2009

MyECheck, Inc., a Federal Reserve certified Check 21 provider, offers the industry’s most comprehensive suite of check image creation and clearing solutions. From back office check image clearing to real time internet processing, the company is offering a solution that will help businesses save money and unlock a larger potential customer base.

MyECheck’s RCC image service is the world’s first Check 21 processing solution for remote and online transactions. The company’s RCC solution can clear funds from any checking account in the Federal Reserve banking system; more institutions than ACH can reach. RCC images also clear faster than ACH, and have fewer returns. RCCs are not governed by NACHA and are not subject to their rules, fees, fines or chargeback policies.

The MyECheck system clearly is the safest, fastest, and cost-effective method for retailers and ecommerce sites to electronically process customer payments. The speedy and secure clearing capability allows retailers to reduce their risk and improve cash flow, which in turn allows any company to provide services and products with more confidence.

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MyECheck, Inc. (MYEC.OB) has an Experienced Management Team Leading the Way to Greater Success

Wednesday, January 7th, 2009

Edward R. Starrs, B.B.A., Founder and CEO, has more than two decades of experience as an international business executive with management experience in a number of different industries. Starrs has proven his ability to build teams, sales, marketing and distribution with full P&L responsibility as public corporate officer and as private company owner.

Mr. Starrs owned and operated multiple successful companies including, ERS Marketing, Inc., where he produced over $20 million in contracts for his clients, and Bay Distributing, Inc., a major distributor of 800+ product categories to Fortune 500 accounts. MyECheck’s CEO has also served in senior management positions with Fortune 100 companies including McCaw Communications, Inc. (AT&T), and AMF, Inc., the world’s largest sporting goods conglomerate.

R. Stephen Blandford, B.Soc., I.T.P., Secretary & Chief Technology Officer, retains over 15 years experience as a Senior Information Technology Professional. With credentials in Economics as well as Computer Science, Mr. Blandford is skilled at both business and technology adoption. Mr. Blandford has served in the CTO position at a number of successful companies in the online entertainment and gaming industries. Blandford has widespread expertise as a senior systems analyst, project leader and development manager.

James Heidinger, B.S., C.P.A., Treasurer & Chief Finance Officer, has comprehensive experience in analysis, planning and systems, mergers/acquisitions, MIS and risk management. He is particularly effective in streamlining organizations for greater operating efficiency as well as improving staff productivity to better serve the needs of the company. During a seven year tenure with a $50 million industry leader, Mr. Heidinger has had the opportunity for significant achievement in practically every area of corporate finance, auditing, financial control and operations.

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MyECheck, Inc.’s (MYEC.OB) Check 21 Solution is Quickly Catching On in the Ecommerce Market

Monday, January 5th, 2009

While most companies remember 2008 as a very challenging year, one company has grown leaps and bounds. That company, MyECheck, Inc., offers online merchants, call centers, billers, retail POS and RDC/back office applications an array of comprehensive Check 21 imaging, processing and related solutions.

MyECheck has been able to easy sign on new clients in the current economic climate as ecommerce businesses strive to find new ways to reduce costs, while increasing their sales. MyECheck has been able to achieve both results by giving these businesses access to every U.S. checking account, even accounts that ACH cannot debit; providing financial access to more consumers and businesses than any other payment method at a fraction of the cost of credit-card processors.

In the last two months, the company has signed on the following high-profile clients:

– Superior Business Network, the parent company of Yellow Pages, which has compiled one of the largest online directories for U.S. businesses

– Forever Living Products, a multi-level marketing-distribution company with over 9 million distributors

– Simon Properties Group, an S&P 500 company and the largest public U.S. real estate company

– California State Teachers’ Retirement Fund, the largest U.S. teachers’ retirement fund with a membership of 795,000

– SunSetter Products, America’s largest manufacturer of deck and patio awnings

– Bridal Online Store, a company offering a safe and convenient way to purchase the lowest price and best quality gowns

– Vacation Renter Solutions, a company utilizing exclusive matching technology to find vacation rentals that meet every need

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MyECheck, Inc. (MYEC.OB) Keeps the Cash Flowing Without the Need for Paper

Tuesday, December 30th, 2008

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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MyECheck, Inc. (MYEC.OB) Removes the Risk of Using Electronic Checks to Purchase Merchandise Online

Tuesday, December 23rd, 2008

With all the fraud that has taken place with checking accounts, it is common knowledge that receiving checks in exchange for merchandise is not the most secure way to do business. This is unfortunate since 50% of adults either have no credit card or no available credit, leaving them with little option when it comes to buying merchandise online.

However, through MyECheck’s Check 21 solution, ecommerce sites are able to quickly, safely, and cost effectively process electronic checks. When combined with MyECheck’s SPS solution, online merchants can ship the purchased merchandise the same day with confidence that they will be paid, even if their customer’s check bounces.

In less than one second, SPS authorizes checks from its database of millions of records, accessing both local and national negative files of unpaid checks, along with other proprietary verification services. This extensive verification gives MyECheck the assurance needed to offer this competitive service.

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MyECheck, Inc. (MYEC.OB) Launches Newest Software Upgrade

Thursday, December 18th, 2008

Today, MyECheck, Inc. announced that it has developed and launched a software upgrade called osCommerce Plug-In for Quick Open Source Integration. With the new software, osCommerce users have easy access to MyECheck services by simply downloading and installing software from www.oscommerce.com.

osCommerce has grown into a large growing eCommerce community that consists of over 182,900 store owners and developers. These members support each other and extend osCommerce Online Merchant with a growing library of add-ons. Currently there are more than 4,800 free add-ons available to customize osCommerce Online Merchant online stores and help improve sales numbers.

Edward Starrs, C.E.O. of MyECheck Inc., commented, “We strive to upgrade our software, making our patented application available to a broader market. We continue our sales and marketing strategy of dealing directly with large Value-Added Resellers, while at the same time building easy-to-use applications for smaller eCommerce vendors.”

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MyECheck, Inc. (MYEC.OB) Provides the Bridal Online Store Company with Its Check 21 Electronic Transaction Processing Software

Tuesday, December 16th, 2008

Today, MyECheck announced that it has launched its electronic transaction processing software at the Bridal Online Store. The announcement marks the fourth major deal signed for the month of December. The company continues to add clients as ecommerce retailers grow weary of credit card processing fees, charge-backs and rolling reserves.

Although retail sales have declined due to the current economic conditions, eCommerce sales are still growing. In fact, the Census Bureau of the Department of Commerce announced last month that the estimate of U.S. retail eCommerce sales for the third quarter of 2008, adjusted for seasonal variation, was $34.4 billion. The figure marks a 0.3 percent increase from the second quarter of 2008.

Ed Starrs, CEO of MyECheck, stated, “MyECheck provides faster clearing and funds availability, substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards. eChecks processed on the MyECheck system are typically accepted in 1 to 3 seconds with check approval rates averaging over 90%, with many merchants exceeding over 95%.”

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MyECheck, Inc. (MYEC.OB) Establishes Alliances to Strategically Improve Operations

Monday, December 15th, 2008

MyECheck, Inc. has established a number of strategic alliances with Internet payment gateways and payments software and service providers for partnership and reseller opportunities. Emphasis has been placed on building sales channels through these partnerships. The company has experienced early success with Cardinal Commerce and has been in discussions with other qualified Value Added Resellers and Payment Service Provides including:

• AspDotNetStorefront.com, a division of Discovery Products, Inc., provides online e-commerce shopping cart platforms for over 3,000 merchants and developer partners.

• ConsumerDirect® is linked to more than 95% of creditors in the United States, giving its clients a faster and more effective way to fix credit report problems.

• Secure Payment Systems profiles transactions using proprietary shopping pattern algorithms and continuously updates this database with check writing histories.

• TransFirst is owned by Welsh, Carson, Anderson & Stowe, whose processing partners include Money Tree Services, Bank of America Merchant Services, Fifth Third Bank Processing Solutions, Payment Resources International, DPI Merchant Services, and Pulse Card.

• Everpay Merchant Services specializes in electronic payment processing and total electronic business solutions, with real personalized assistance. The company has over 20 years of combined experience in the credit card and debit solutions business.

• Secure Payment Systems (SPS), a unique information services company that specializes in the needs of small and midsize retailers, was partnered with for check authorization and check guarantee services. The combined MyECheck and SPS solution enables MyECheck merchants to ship the same day with confidence that they will be paid, even if their customer’s check bounces.

• National Cash Management Systems (NCMS), the national leader in the sales and marketing of ACH and related payment-acceptance services, together with MyECheck will offer a cost-effective ACH alternative that is more merchant-friendly than ACH acceptance, while being less expensive than credit cards.

• AE Checking provides merchant-controlled payment schedule processing, flexible redeposit scheduling to provide higher collection rates, and a customer service interface developed for merchant specifications.

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Vacation Renter Solutions, LLC Becomes Client of MyECheck, Inc. (MYEC.OB)

Wednesday, December 10th, 2008

MyECheck, Inc. today announced that it has signed Vacation Renter Solutions, LLC as a client and will be providing the vacation rental company with its suite of electronic check processing services. AlwaysOnVacation.com, owned by Vacation Renter Solutions, strives to be the best location to find the perfect vacation rental. The online portal uses exclusive matching technology to search hundreds of amenities to find a vacation rental that meets every demand.

Vacation Renter Solutions’ customers will now be able to use their checking accounts as a form of online payment. Through MyECheck’s patented software, the vacation rental company will have access to every U.S. checking account, even accounts that ACH cannot debit; providing financial access to more consumers and businesses than any other payment method.

MyECheck Inc., the leader in Check 21 solutions and check image processing for online merchants, is an electronic transaction processor and provider of alternative payment solutions to credit cards for brick & mortar, internet, and mobile commerce. MyECheck utilizes a patented method of creating and clearing remotely created checks (RCCs) for fast, secure and cost effective payments.

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MyECheck, Inc. (MYEC.OB) Provides Superior Business Network Yellow Pages with Its Check 21 Patented Software

Tuesday, December 9th, 2008

Today at the opening bell, MyECheck announced that Superior Business Network (SBN) has signed on as a client and will be provided with its comprehensive suite of electronic check processing services. SBN is the parent company of Yellow Pages and has put together one of the largest online directories to date for U.S. businesses and powers over 10,000 websites.

Through the software suite, SBN will now be able to offer their customers the ability to use their checking accounts to pay for services. MyECheck’s proficient system significantly reduces charge-backs, risk, and improves cash flow. The software suite also provides businesses with greater access and lower operating cost than both credit and debit card processing.

Ed Starrs, CEO of MyECheck, stated, “We are pleased to launch our services with the Superior Business Network of online yellow page websites. Checks continue to be the number one non-cash payment method in America and MyECheck provides both a cost cutting and payment yield maximizing solution.”

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Dutton Associates Covers MyECheck, Inc. (MYEC.OB) with “Speculative Buy” Rating and $3.25 Price Target

Tuesday, December 9th, 2008

On October 14, 2008, Dutton Associates initiated coverage of MyECheck, Inc. with a “Neutral” rating. However, after the strong revenue and transaction growth that took place during the third quarter and nine months, as well as the further accelerated growth in October, the research bureau upgraded their rating to “Speculative Buy” with an initial price target of $3.25 a share.

MyECheck, Inc. is aggressively addressing opportunities made available by the recent passage of the Check Clearing for the 21st Century Act (Check 21). The company has the patented technology and infrastructure necessary to become a major force in the new Internet-based Check 21 payment process and has signed up an impressive cadre of alliances with Internet payment gateways, payments software and service providers for partnership and reseller opportunities.

Below are some of the many reasons Dutton Associates recommends MyECheck:

• The October 28, 2003 passed law, Check 21, has changed the entire pay-by-check and credit card environment.
• MyECheck has very quickly created internal and external infrastructure to take advantage of Check 21.
• MyECheck has established necessary partnerships with leading Internet payment gateways and payments software and service providers for partnership and reseller opportunities.
• MyECheck has begun to sign up individual commercial customers.
• MyECheck is a lean organization with only nine employees and three senior management personnel.
• MyECheck has achieved its current status with a minimal amount of capital outlay.

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