The online jewelry merchant MySolitaire.com has agreed to let customers use electronic checks initiated by the Sacramento, Calif., alternative payments company MyECheck Inc. to make purchases.
MyECheck, which announced the agreement last week, debits online shoppers' bank accounts using a proprietary technology that creates and clear checks remotely.
The company has a patent pending on the payment system, which it claims can be used with any U.S. checking account and has check approval rates that average more than 90% and reach 95% at some merchants.
Many online merchants are interested in less expensive payment alternatives to credit and debit cards, and My ECheck said that is payments cost much less than the interchange fees merchants pay to accept cards.
