MYECHECK INC
MYECHECK INC ("MYEC-L")
- As Credit Card Companies Cut-Off Consumers, MyECheck Gains
- In Popularity
MyECheck Inc., 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.
