Since the company was founded in 2002, MyECheck, Inc. (MYEC.OB) has focused on creating a suite of products to meet the needs of its clientele. The company first focused on developing a safe and fast method of processing electronic payments that can be used by merchants and website retailers. It then developed a retail deposit capture (RDC) process where check images are created to reduce costs by eliminating the need for creating and transporting paper checks. The company has branched out to include an additional payment processing service called MyECheck Secure Payment Systems (SPS).
Clients can add on the MyECheck SPS solution to confidently ship merchandise to customers the same day items are ordered. In just a moment’s time, the SPS authorizes checks from its database that contains millions of records, accesses local and national negative files of unpaid checks and performs other proprietary verifications.
Before a transaction is authorized, MyECheck can verify the status of the bank account provided by the customer to determine if a check has recently bounced. The system offers up to 3 levels of identity verification based upon a merchant’s needs, including high assurance ID validation. The company also provides a fully integrated collections service at no charge.
The SPS actually profiles transactions using proprietary shopping pattern algorithms that continually update the database with check writing histories. The company’s internal database incorporates a positive file of good check writers, so merchants don’t lose sales due to a customer’s high check writing activity. With the addition of the payment guarantee service, merchants can receive a reimbursement within 14 days when an authorized check does bounce.
MyECheck has broadened its products to even include an international bank transfer payment service. Through using MyECheck’s service, merchants are at reduced risk from international payment fraud. It allows a merchant to accept non-card associated bank transfers in local currencies from the 50 largest global markets. The guaranteed funds are cleared in a 2 to 3 day timeframe without the need to pay currency exchange or high transaction fees.
MyECheck has created a system and scope of services that provide merchants and retailers with a safe and cost-effective method of processing payments and reducing risk.
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