MyECheck, Inc. (MYEC.OB), a leader in providing electronic payment solutions, recently announced its third quarter financial results for the period of July 1 to September 2008 along with its unaudited interim October 2008 results. The company is able to provide merchants with a more cost-effective and secure method of processing customer payments via a patented solution that is far more efficient than traditional ACH processing methods.
For the year-to-date period of January 1 to September 30, MyECheck recognized revenue of $325,892 in 2008 while it booked only $4,771 of revenue in 2007. The company actually realized a 41% quarter-to-quarter increase in revenue as it recorded revenue of $156,174 in the third quarter compared to $110,805 in the second quarter. The company has since recognized a 65.9% increase in revenue of $99,310.18 in October 2008 compared to $59,837.51 in September.
Moving from the second to third quarter, MyECheck recognized a marked decrease its net loss from operations. The company booked a $210,540 net loss in the second quarter, but only recorded $122,562 in net losses in the third quarter. The decrease in net loss indicates the successful growth of the company’s customer-base over the fiscal year. The sales team continues to market the company’s technology by approaching a variety of new industry and business marketplaces. Due to the company’s strong push to expand, the company was finally able to surpass its break-even point and achieve a positive cash flow in October.
A major indication of the company’s growth is the number of transactions the system processes, which increased dramatically over the latest quarter. MyECheck processed almost $30 million dollars in the third quarter compared to $22 million for the first two quarters in 2008. The outlook for the last quarter of 2008 looks even more promising with a 45% month-to-month increase. The company processed over 394,000 transactions totaling $17.87 million in October 2008, while it recorded 236,253 transactions totaling $12.10 million in September 2008.
Edward Starrs, CEO of MyECheck, stated, “We are extremely pleased to have reached positive monthly cash flow in our first year of operations on our new software platform. Online e-check acceptance is catching on with web retailers because they enjoy the added advantages of real-time check verification, decreased non-sufficient funds checks costs and not having to wait for mailed checks.”
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