MyECheck, an electronic transaction processor and provider of
alternative payment solutions, said that it 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
percent more than in 2007 and 131 percent higher than the level it
expects by the end of 2008.
And according to a report in the Wall Street Journal on September 30,
the company noted, "Credit-card issuers have been decreasing credit
limits.
In addition, 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 said that it 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, aid, "Up to 50 percent 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."
MyECheck is an electronic transaction processor and provider of
alternative payment solutions to credit cards for brick & mortar,
internet, and mobile commerce.
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