EL DORADO HILLS, CA, October 2 / MARKET WIRE/ --
MyECheck Inc. (OTCBB: MYEC), an
electronic transaction processor and provider of alternative payment
solutions, is growing in popularity with online retailers and service
providers who are looking for payment options other than credit cards.
Innovest Strategic Value Advisors, a consulting firm, forecasts that banks
will charge off $18.6 billion worth of credit card receivables in the first
quarter of 2009 and $96 billion in 2009 -- that would be 261% more than in
2007 and 131% higher than the level it expects by the end of 2008.
And according to a report in the Wall Street Journal on September 30, 2008,
"Credit-card issuers have been decreasing credit limits. 'Most banks are
cutting their credit limits,' said Carol Kaplan, spokeswoman for the
American Bankers Association. 'They're doing it to everyone.'"
This may force an increase in the use of eChecks as a method of payment for
small ticket items such as retail goods, to bigger ticket items such as
airline tickets. And as credit card companies become more stringent on
mitigating their liabilities, service providers may be forced to reduce
payments by credit cards over eChecks.
Checks continue to be the number one non-cash payment method in the US with
the value of checks processed annually over forty trillion dollars.
MyECheck can debit every US checking account, even accounts that ACH cannot
such as many Credit Unions, S&Ls, small banks, brokerage accounts, business
accounts and credit card check accounts.
Ed Starrs, CEO of MyECheck, commented, "Up to 50% of adults either have no
credit card or have insufficient available credit, meaning that as many as
80 Million US adults have no ability to buy online at the many websites
that only accept credit cards. Our customers are benefitting now and
enjoying a huge opportunity."
About MyECheck
MyECheck Inc. is a leading 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 exceedingly fast, secure and
cost effective payments. As the leader in Check 21 solutions and check
image processing for online merchants, MyECheck provides merchants with
financial access to more customers than any other payment method.
Please visit
www.myecheck.com
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks
and uncertainties, including, without limitation, continued acceptance of
mentioned products, increased levels of competition, new products and
technological changes, dependence upon third-party suppliers, intellectual
property rights, and other risks detailed from time to time in reports
filed with the Securities and Exchange Commission.
Contact:
Patrick Lowry
916.932.0089
Email Contact
www.myecheckcorporate.com
