MyECheck, Inc. (MYEC.OB), with headquarters in El Dorado Hills, California, has become a leader in providing an alternative payment solution for merchants and online retailers. While other solutions are based upon automated clearing house (ACH) transactions, MyECheck works on an entirely different system that enables it to surpass ACH in every aspect of processing.
One important advantage is that MyECheck has access a broader range of financial institutions. While ACH transactions are not able to debit funds at all small banks, S&Ls, brokerage accounts, credit card check accounts, or credit unions, the MyECheck system is able to debit any US checking account. Its ability to access more accounts enables MyECheck clients to have access to a larger portion of US consumers than merchants exclusively using ACH transactions.
Whereas ACH transactions are governed by the NACHA operating rules, MyECheck transactions are governed by Check 21 law and Uniform Commercial Code (UCC state law). The laws that MyECheck follow are in a more simplified structure that allows for an easier level of compliance that equates to a reduced cost of operations. Interestingly, the Check 21 law is less complicated and is more favorable to the recipient.
As it does fall under an entirely different set of regulations, MyECheck transactions are processed exclusively in a Check 21 environment and do not mingle into the ACH network. Through MyECheck, customer check information is sent to the system where X9.37 files are electronically created. Since the data is transferred electronically, clients are able to reduce their administrative costs as less paperwork is created and transferred to bank facilities. The system then electronically submits the customer payment data into the banking system that results in a faster clearing window for the funds.
The company does not only focus on the speed at which customer data is submitted to financial institutions, but also takes steps to ensure the validity of customer funds. The system actually checks bank accounts prior to authorizing a transaction to determine if a customer has recently issued a bounced check. In this era of fraud and stolen identities, clients are able to select up to 3 levels of identity verification, including a high assurance ID validation, based upon their business needs. MyECheck is so confident in its protocols that it provides a fully integrated collections program at no additional charge to its clients along with an option for payment guarantees.
MyECheck has built a solid option for merchants and online retailers to process payments. Compared to traditional ACH transactions, the MyECheck system gives clients the next level of service, speed, and safety in this electronic world of commerce.
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Stock Report http://video.qualitystocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment