MyECheck, Inc. (MYEC.OB)

Posted: Thu May 29, 2008 9:34 am

MyECheck offers online merchants, call centers, billers, retail POS and RDC/back office applications an array of comprehensive Check 21 imaging, processing and related solutions. The company was created to meet the demand for an alternative payment solution to credit cards when buying products and services online. By utilizing a patent pending method of creating and clearing remotely created checks, MyECheck provides businesses with fast, secure and convenient payments.

The company has made great strides since its inception four years ago. MyEcheck has stayed committed to enhancing its offerings as well as launch brand new services, making it a leader in Check 21 solutions today. The company is known for offering the most comprehensive suite of electronic check processing services in the industry.

MyECheck differs from ACH by increasing capability with consumer accounts, expediting the clearing process, and providing exceptional charge-back protection. The regulations imposed by Check 21 law and Uniform Commercial Code (UCC state law) are more favorable to the recipient than those governing ACH transactions, allowing simplification, easier compliance and reduced costs.

Posted: Thu Jun 12, 2008 12:09 pm

MyECheck Inc. (MYEC.OB) Announced the Addition of Symmetry Direct Corporation to Online Processing List

MyECheck Incorporated is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. Recently, MyECheck proudly announced that Symmetry Direct Corporation is now processing live though MyECheck’s Check 21 Software. With this partnership, Symmetry Direct can now benefit from the increased sales, lower costs, faster clearing time and fund availability associated with MyECheck merchants.

The CEO of MyECheck, Ed Starrs, commented on the addition of Symmetry Direct by saying, “A sea change is underway in the online payments world, with credit cards losing dominance as new payments options emerge. Credit cards accounted for over 90% of online payment volume in 2000, but will only account for a minority of e-commerce dollar volume by 2009. MyECheck is part of that revolution.”

Symmetry Direct is a producer of nutritional supplements, weight management products, and nutraceuticals. They are based in Milpitas, California and have been operating in the supplement market since 1995. The company has been experiencing consistent double digit revenue growth and is now turning to MyECheck to help continue this trend.

MyECheck will provide Symmetry Direct with a substantially reduced number of charge-backs and risk, and improve cash-flow. Moving forward, all transactions can be guaranteed by MyECheck, eliminating the impact of fraud on Symmetry Direct. These transactions will deliver success rates exceeding those of card and ACH eChecks.

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Posted: Thu Jun 12, 2008 12:12 pm

MyECheck, Inc. (MYEC.OB) Reports a Substantial Rise in Unaudited Revenues in Second Quarter

MyECheck, Inc. (OTCBB: MYEC) recently announced that unaudited revenues for the first two months of the second quarter of 2008 increased over 100% compared to their first quarter’s results. For the month of May 2008, the company’s unaudited revenues increased by over 60% compared to the numbers in April 2008.

The company pointed out that, although there has been an economic downturn in many regards, their latest figures demonstrates a significant change when it comes to online retailing. A recent report by eMarketer estimates that U.S. retail e-commerce sales (excluding travel) will reach as much as $146 billion during this year alone, a 14.3% increase from 2007. It should be noted that the numbers specified in the company’s report are unaudited, and are only based on the financial information that is available to them.

According to Barrington Research, the 16-stock group of electronic transaction processors recorded their second consecutive month of positive price performance with a mean return of 4.47%. Some of the stocks that registered prosperous returns for the month include Western Union at 2.8%, Cardtronics at 18.9%, Heartland Payments at 17.9%, Global Cash at 15.7%, and Fidelity National at 11.7%.

Ed Starrs, CEO of MyECheck, said, “Our growth in this period is unprecedented for the company, and we expect that we will continue to increase our revenues as more of our customers are added.”

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Posted: Thu Jun 12, 2008 12:20 pm

MyECheck Inc. (MYEC.OB) Signs CedarStore.com Network of Sites to Its Online Check Service

Since the beginning of the year, MyECheck, an electronic transaction processor and provider of alternative payment solutions, has been adding on new online retailers to its electronic processing services. Included in that list is CedarStore.com, which MyECheck announced this morning has a signed an agreement to use their products and services.

According to the agreement, CedarStore.com’s customers will now be able to use their checking accounts as an additional form of online payment. CedarStore.com strives to make the customer’s experience easy and fun. Using MyECheck’s patent-pending software, CedarStore can debit every U.S. checking account, including accounts that ACH can’t debit, thus providing CedarStore.com financial access to more consumers and businesses than any other payment method.

Established in 1992, CedarStore.com is the leading supplier of outdoor furniture and gazebos in Pittsburgh and Western Pennsylvania. Since 1999, their online store has been gaining global popularity with people from around the world. The company’s specializes in outdoor living and their list of products includes patio gliders, chaise lounges, porch swings, rockers, picnic tables, gazebos, and much more. They also have other informative websites where their customers can get information on the different characteristics and advantages of the materials used in Cedarstore.com’s products. Those sites are a part of the Cedarstore.com network that will also utilize MyECheck products and services.

Another benefit that MyECheck provides its merchants is reduced charge-backs, and the ability to verify the status of a customer’s bank account, including bad checks, prior to authorizing a transaction. They also offer full integrated collections at no additional charge, and payment guarantees.

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Posted: Thu Jun 12, 2008 12:27 pm

MyECheck Inc. (MYEC.OB) Signs Unlimited Furniture to Its Online Check Service

MyECheck Inc. (OTCBB: MYEC) announced today that it has signed on a new client, Unlimited Furniture, and will be providing the company with its comprehensive suite of electronic check processing services. The accord will give Unlimited Furniture customers the ability to use their checking accounts as an alternative way to pay for products.

MyECheck’s unique patent pending software is able to debit any U.S. checking account, including those that ACH cannot debit, enabling online merchants to expand their potential marketing base to more consumer and businesses. The process doesn’t require a physical check and adheres to the Check 21 specification.

“The US Department of Commerce released retail e-commerce sales data recently showing that online sales grew by 13.4% during Q1 2008 over Q1 2007,” commented Ed Starrs, CEO of MyECheck. “Combined with an increase in the use of electronic check payments, we expect our services to be in ever increasing demand as our software gains traction.”

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Posted: Wed Jun 18, 2008 1:23 pm

MyECheck Inc. (MYEC.OB) Services Giving Businesses Confidence in a Shaky Economy

MyECheck Inc. is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. In today’s turbulent economy, cash and electronic transactions are the preferred method of payment by vendors, and surveys show that consumers like using checks. A perfect solution is MyECheck, and the company provides a variety of services that can be used by vendors to expedite check clearing and availability, reduce risk, improve cash flow and provide greater confidence in successful transactions.

These services are available for many applications and can be used for transactions made over the Internet, or the phone. They can also be used for recurring payments and batch payments. These services are compatible with bank accounts in over 120 countries and facilitate fund transfers from 21 different currencies. The methodology employed by MyECheck prevents consumer-initiated repudiation and chargebacks, eliminating most types of international payment fraud.

MyECheck also offers several value-added services as an option to customers. Their Financial Verification Services, or FVS for short, allow MyECheck to verify the status of the customer’s bank account and determine if the customer is a recent check bouncer. The Guaranteed International Payments plan, GIP, offered by MyECheck guarantees payment internationally within 2 to 3 days and will perform a low-cost, foreign currency exchange when needed.

In addition to FVS, MyECheck offers an Identity Validation Service which can be purchased at three different levels. These levels vary from a basic identification check all the way to an in-depth validation report. Finally, MyECheck offers a collections and guarantee service which provides a cost-free, fully integrated collections service, and for a minimum fee can provide a payment guarantee. All of these features are helping to restore confidence to the growing list of vendors signing up with MyECheck.

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Posted: Wed Jun 18, 2008 4:44 pm

MyECheck, Inc. (MYEC.OB) Signs Raza.com to Its Online Check Service

MyECheck announced this afternoon that it has signed on Raza.com, a telecommunications company, as a new client and will be providing them with its comprehensive suite of electronic check processing services, allowing Raza.com to offer its customers the ability to use their checking accounts as an alternative form of online payment.

MyECheck’s unique patent-pending software is able to debit any U.S. checking account, including those that ACH cannot debit, enabling online merchants to expand their potential marketing base to more consumer and businesses. The process doesn’t require a physical check and adheres to the Check 21 specification.

Raza.com is a privately owned firm based in Chicago, IL. The company is managed by knowledgeable executives that have experience in processing payments, networking, information services, retail marketing, telecommunications and switch facilities. Their focus is on providing international calling cards that offer cheap rates. The phone card industry has grown into a $4 billion industry with approximately 500 million cards sold last year alone.

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Posted: Fri Jun 20, 2008 11:38 pm

MyECheck, Inc. (MYEC.OB) Launches Checkgateway on Its Check 21 (RCC) Software Platform

MyECheck Inc.(OTCBB: MYEC), a major provider of comprehensive alternative payment solutions and electronic payment processing via patent pending software solutions, today announced that Checkgateway, a leading provider of electronic payment services, is now using MyECheck’s patented software to process e-checks on behalf of its merchant clients.

Checkgateway, a participating electronic payments gateway partner, and its clients are now able to process Remotely Created Check (RCC) check transactions using MyECheck’s payment engine.

This RCC, applicable to Internet, phone, and batch payments, offers financial access to more consumers than any other payment method, and – in accordance with the Check Clearing for the 21st Century Act (HR 5414 - “Check 21″) specifications, provides the safest method for processing electronic payments from customers. In addition, transmission of MyECheck funds occurs in near real-time, making for more readily available funds.

Checkgateway is both a leader and innovator in the Automated Clearing House (ACH) industry, a nationwide electronic funds transfer (EFT) system that facilitates inter-bank clearing of credit and debit transactions. The company has been an ACH service bureau member since 1993, and is also an affiliate member of the NACHA (formerly the National Automated Clearing House Association), or The Electronic Payments Association, which is a not-for-profit organization that oversees the ACH by developing operating rules and business practices.

MyECheck, which offers both RCC and RDC (Remote Deposit Capture) transaction processing facilities, is finding that its Check 21 solution is experiencing rapid growth in the growing e-commerce and electronic payments industries. This RCC image service is now the world’s first Check 21 solution for remote transactions.

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Posted: Mon Jun 23, 2008 12:07 pm

MyECheck, Inc. (MYEC.OB) - Times Are Changing For Online Transactions

It was just a short time ago - in fact less than 8 years - when 95% of all purchases online were made with a credit card. As Internet commerce increased, so did the desire for alternative methods of payment, and such services as Paypal were created. But history and consumer surveys both show that the use of some form of check is still one of the most preferred methods of payment, and it’s been estimated in industry circles that, within a few short years, credit card transactions will be in the minority on the Internet. With that in mind, MyECheck (trading under the symbol MYEC) offers online merchants, call centers, billers, retail POS and RDC/back office applications an array of comprehensive Check 21 imaging, processing and related solutions.

So, just what is this “Check 21″ that we hear so much about lately? Well, the “Check Clearing for the 21st Century Act” (commonly known as Check 21) was signed into law on October 28, 2003, and became effective on October 28, 2004. Check 21 is designed to foster innovation in the payments system and to enhance its efficiency by reducing some of the legal impediments to check truncation. The law facilitates check truncation by creating a new negotiable instrument called a substitute check, which permits banks to truncate original checks to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks. A substitute check is the legal equivalent of the original check and includes all the information contained on the original check.

A common question often asked is “isn’t that what Automated clearing house (ACH) transactions do?” and to some extent that would be true. But the ACH transactions fall far short of what MyECheck offers its customers. MyECheck works with more consumer accounts, clears sooner, and provides superior charge-back protection over ACH transactions. MyECheck can debit every US checking account, even accounts that ACH cannot debit. These include accounts at many credit unions, S&Ls, small banks, brokerage accounts, business accounts and credit card check accounts. In fact, MyECheck provides access to more customers than any other single payment method.

If it was simply the range of accessible checking accounts that made MYEC different, they’d be worthy of a good close look, but that’s just one facet of their offerings. With Financial Verification Services, prior to authorizing a transaction, MyECheck can verify the status of the customer’s bank account and determine if the customer is a recent check bouncer. Utilizing their Identity Validation Services, MyECheck offers 3 levels of identity verification, including a high-assurance ID validation. The system currently supports 21 currencies and will even perform low-cost foreign exchange when required.

That is a fine and well rounded complement of services to offer any business that needs payment processing. As online commerce continues to grow, MyECheck is growing right along with it, offering up real-world solutions to all types of retail and cyberspace merchants. Investors would do well to keep their eye on this company for further developments.

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Posted: Mon Jun 23, 2008 12:16 pm

MyECheck, Inc. (MYEC.OB) Signs Mentor Public Schools to Its Online Check Service

MyECheck, Inc. announced today that it has signed on Mentor Public Schools as a client and will be providing the Ohio School District with its comprehensive suite of electronic check processing services. The company’s eCheck solution will allow parents to debt their checking accounts for payments such as adding funds to their children’s lunch cards.

MyECheck’s unique, patent-pending software is able to debit any U.S. checking account, including those that ACH cannot debit, enabling online merchants to expand their potential marketing base to more consumers and businesses. The process doesn’t require a physical check and adheres to the Check 21 specifications established by law.

Commenting on the news, Ed Starrs, CEO of MyECheck, stated, “We are excited to have our first school district sign to our software and see this as a potential segue into other school districts, colleges and government agencies.”

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Posted: Wed Jun 25, 2008 8:41 pm

MyECheck Inc. (MYEC.OB) Awarded Patent for Online Check Processing Technology

MyECheck Inc. (OTCBB: MYEC) today announced the U.S. Patent & Trademark office has granted a patent for MyECheck’s online check processing technology, which provides merchants with the fastest, safest and most cost effective method for online, phone or remote payment transactions. The company’s founder and CEO Ed Starrs invented the technology, designating MyECheck as the sole licensee of the patented technology, creating a significant asset for the company and catapulting it ahead of competition.

“MyECheck now has the intellectual property rights to secure our system of eCheck software throughout the industry. We were not only first to market with an online Check 21 solution; we have now staved off competitors. As the most viable alternative payment method, our system provides merchants with access to more customers at a much lower cost than card processing,” Starrs stated in the press release.

The check processing technology was designed to create and clear image-authorized demand drafts known as remotely created check image files. The computer-implemented method processes payment for any item, whether it is a physical product, a service, digital media or digital content.
It is applicable to banks, savings and loan (S&L) institutions, credit unions and more, and is more universally available for merchants. The technology uses electronic images of authorized drafts, acceptable at every U.S. bank, even where current payment systems associated with the ACH network are not eligible.

“While many checking accounts are not accessible through the ACH network, MyECheck can clear funds from all checking accounts within the Federal Reserve banking system giving us the broadest reach of any electronic payment system. We are excited about this development and believe it will further our growth in the transaction processing industry, while positioning us as the leader in online and remote check processing,” Starrs stated.

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Posted: Tue Jul 01, 2008 7:34 am

MyECheck, Inc. (MYEC.OB) Makes Online Commerce Simple and Easy to Use

In today’s world, with new technological advancements popping up everywhere you look, one industry at the forefront of this advance is the alternative payment solutions segment of e-commerce.

One of the companies that leads in this arena is MyECheck, Inc. (OTCBB: MYEC), a company that was created to satisfy the demand for viable payment solutions to credit cards for online commerce. MyECheck utilizes a patent-pending method for creating and clearing remotely created checks (RCC’s) for exceedingly fast, secure and convenient payments.

MyECheck is different in that other “e-check” solutions are automated clearing house (ACH) transactions. MyECheck does not utilize the ACH network, so when compared with competitive ACH eCheck transactions, MyECheck items work with more consumer accounts, clear sooner, and provide superior charge-back protection. Items that are processed by MyECheck are done so in an entirely Check 21 environment. All items that are created by the company, including electronic RCC’s, are governed by Check 21 law and the varying state regulations regarding the Uniform Commercial Code. These laws are more favorable to the recipient, as opposed to the laws governing ACH transactions.

The reason why MyECheck items clear faster is because each transaction is created, file-formatted and submitted directly into the banking system for the fastest possible clearing in near real-time, providing the bank with expedited availability. This results in a reduced risk involving errors and fraud, the cash flow is improved greatly, and services are provided sooner with greater confidence. MyECheck can debit every U.S. checking account, even accounts that ACH cannot debit, such as credit unions, small banks, brokerage accounts, business accounts, and credit card check accounts.

There are additional services that make MyECheck stand out as the future leader in the alternative payment solutions and e-commerce industry. The company offers financial verification services that allow MyECheck to verify the status of a customer’s bank account and determine if the customer has recently bounced a check before completing the transaction. There are also guaranteed international payments, collections and guarantees (i.e., fully integrated collections at no additional charge), and identity validation services.

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Posted: Wed Jul 02, 2008 11:44 am

MyECheck Inc. (MYEC.OB) Strings Together Two Days of Monster Gains
July 1st, 2008

MyECheck Inc. is a financial electronic transaction processor and provider of alternative payment solutions for internet and mobile commerce. In the past two days the stock has risen 35.38% and 19.32% respectively. A $10,000 investment on Monday would have resulted in a return of $16,153.85 in just 48 hours.

The consumer services sector has actually lost over 2% as a whole in the same two-day period that MyECheck has shown the impressive gain of over 61%. Monday’s 35% gain took place on 89,882 shares while today’s 19% gain took place with 97,717 shares traded. In that short window of time, the recently volatile Dow Jones Industrial Average has gained only 38 points on below average trading volume.

One advantage to the services offered by MyECheck Inc. is that they are mutually beneficial to both the buyer and seller. Their services guarantee prompt payment on various transactions completed around the globe. The services offered can be used to facilitate fund transfers with well over 100 countries and are easily exchangeable with 21 different currencies. These services are helping small business owners increase cash flow and boost confidence in transactions. After the past two days on Wall Street, it is apparent that investor’s confidence has also been boosted in MyECheck.

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Posted: Tue Jul 08, 2008 9:32 am

MyECheck Inc. (MYEC.OB) Patent Awarded For Technology Used In Online Remotely Created Check Service

MyECheck Incorporated is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. The company was recently issued a patent for their “METHOD AND APPARATUS FOR ONLINE CHECK PROCESSING” by the United States patent and trademark office. MyECheck calls this patented, electronic transaction processor Check 21, and it is used used by MyECheck for the creation and clearing of imaged, authorized demand drafts, also known as remotely created check image files.

The patent issued by the United States Patent & Trademark Office is patent number 7,389,913 and was issued on 06/24/2008. The patent will help MyECheck maintain their leading position in the market for online check cashing. Currently MyECheck’s services are used by vendors to expedite check clearing and availability, reduce risk, improve cash flow and provide greater confidence in successful transactions.

The CEO of MyECheck, Ed Starrs, commented, “MyECheck now has the intellectual property rights to secure our system of eCheck software throughout the industry. We were not only first to market with an online Check 21 solution; we have now staved off competitors. As the most viable alternative payment method, our system provides merchants with access to more customers at a much lower cost than card processing.”

Starrs went on to add that MyECheck now has the broadest reach of any electronic payment system currently on the market. He believes this patent will allow the company to focus on further development of their services and growth within the transaction processing industry. With the receipt of this patent, MyECheck is well positioned to become the leader in its field.

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Posted: Fri Jul 11, 2008 10:55 am

DoublingStocks.com Features MyECheck Inc. (MYEC.OB)

Michael Cohen from doublingstocks.com wrote last week that MyECheck was one of the strongest penny stocks. MyECheck Incorporated is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. Cohen chose the stock because of the rapid growth MYEC has already experienced, and the potential for continued growth in both the near and distant future. The services offered by MyECheck are very tempting to businesses seeking immediate, secure payment from their customers.

Earlier this month, MyECheck was granted a patent from the United States Patent & Trademark office for their proprietary technology capable of accepting payments straight from a customer’s bank account. This eliminates a large portion of the risk associated with credit cards and past due payments. The system also decreases check clearing time and increases a business’s cash flow. The bank typically receives the digital check created by MyECheck within a matter of seconds electronically, instead of waiting for the physical check to come through the mail, a process which typically takes days.

Cohen compares MyECheck to Visa and Mastercard in the sense that they are at the top of the food chain in their respective industries. MYEC is capable of dealing directly with the Federal Reserve banking system via access to the “Fedline”, so they can interact with every US checking account. This gives the company a lot of power which is a positive for many small businesses where every successful transaction makes a difference. MyECheck is currently one of the leaders and has a lot of potential growth within the transaction processing industry.

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Posted: Tue Jul 15, 2008 12:52 pm

MyECheck Inc. (MYEC.OB) Online Check Services Implemented in Ohio School District

Earlier this morning, MyECheck Incorporated announced that its software had gone live at Mentor Public Schools, an Ohio School District. MyECheck is a financial electronic transaction processor and provider of alternative payment solutions for Internet and mobile commerce. The company’s patented Check 21 technology, used as an apparatus for online check processing, has been adopted by the school district for its reliability and ease of use.

The announcement of the school district signing an agreement with MyECheck was in the news last week, and already, within five days, the company has implemented its software and is now operating live. This was made possible because of the streamlined integration process that MyECheck has now built for its clients utilizing easy application programming interfaces (API’s). In addition to the ease of integration, clients benefit from expedited check clearing and availability, reduced risk, and improved cash flow in all transactions.

The CEO of MyECheck, Ed Starrs stated, “Our APIs have evolved with the changing needs of our clients to the point where we can have a customer ‘live’ within a week of bank interface approval. We will continue to streamline this process and work with both our internal team and outside VARs to ensure that we provide a cutting-edge technology in this growing industry.”

Mentor Public Schools is a School District in Mentor, Lake County, Ohio with 14 schools, including elementary, middle and high schools. The new services provided by MyECheck will allow parents to debit their checking accounts for payments such as loading their children’s lunch cards, allocating donations to the school, or paying for field trips and book fairs. MyECheck now gives parents the freedom of an alternate payment choice from the standard cash option which is the only method accepted by most public schools.

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Posted: Wed Jul 23, 2008 1:24 pm

MyECheck Inc. (MYEC.OB) Teams Up with Ranger Supply Store to Make Online Purchasing Easier

MyECheck Inc. (MYEC.OB) is pleased to announce that it has entered into an agreement with Ranger Supply Store to provide its suite of electronic check processing services to the online retailer. Customers will now be able to use their checking accounts as an additional method for online payments.

Based in El Dorado Hills, California, MyECheck provides electronic transaction processing and alternative payment solutions to online retail companies. The company’s patented software is able to debit any U.S. checking account, even those which ACH cannot debit. The software provides more customers and businesses with the ability to purchase merchandise from online merchants than any other existing payment method.

“Ranger Supply Store represents another in a long list of CardinalCommerce customers to realize the value in offering our online check solution,” stated Ed Starrs, CEO of MyECheck.

CardinalCommerce Corporation is a global leader in authenticating payments, securing transactions, and enabling alternative payments brands to eCommerce and mobile commerce. Cardinal Centinel® allows payment brands such as MyECheck, Verified by Visa, MasterCard® SecureCode™, PayPal™, eBillme™, Bill Me Later®, Google™ Checkout, NACHA® Secure Vault Payments (SVP), Ukash™, eLayaway™, and Ebates™ to over 30,000 merchants and merchant service providers.

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Posted: Fri Jul 25, 2008 4:24 pm

Xziex Water Purifier Company Now Processing Merchants through MyECheck, Inc. (MYEC.OB) Software

After the close today, MyECheck Inc. announced that Xziex Inc. has begun processing its merchants through its Check 21 Software. MyECheck’s patented solution provides merchants with financial access to more consumers than any other payment method

Xziex Inc. has developed and markets the XZIEX(TM) Atmospheric Water Generator. The generator produces pure, safe drinking water directly from the air. By using their technology, customers and businesses never have to haul bottled water or deal with the waste of plastic bottles.

MyECheck is known as the pioneer in marketing this type of service in the multi-trillion dollar paper check image processing industry, while operating as a leading online Check 21 processor. MyECheck is the preferred solution for clearing checks as it eliminates ACH (Automated Clearing House) issues by enabling merchants to deposit funds without the usual waiting period needed by other processors.

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Posted: Mon Jul 28, 2008 6:55 pm

Yellow Pages Company Signs on to Use MyECheck Inc. (MYEC.OB) Software

MyECheck Inc. (MYEC.OB) announced that it has entered into an agreement with Superior Business Network, the parent company of Yellow Pages, which retains the largest online directories for U.S. businesses.

MyECheck will provide its unique suite of electronic check processing services to the online directory and advertiser. Superior Business Network clients will be able to utilize their checking accounts as an additional option for online payments. The patented software designed by MyECheck has the ability to debit any U.S. checking account, which even ACH processing is unable to do. This added option for payments will allow more consumers and businesses to purchase services from Superior Business Network.

The MyECheck software has several other advantages over other online processing methods. MyECheck provides a more real-time posting, which results in faster clearing and funds availability for businesses. The more efficient system significantly reduces charge-backs, risk, and improves business cash flow. Processing through MyECheck is very similar to a credit card authorization, but is a guaranteed amount that eliminates fraud implications. MyECheck even has a lower operating cost than both credit and debit card processing.

With the Superior Business Network agreement under its belt, it looks like more national online businesses are recognizing the advantages of using MyECheck software for its online processing.

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Posted: Tue Jul 29, 2008 5:06 pm

MyECheck, Inc. (MYEC.OB) Signs Online Commerce Group, LLC With 25 eCommerce Stores

MyECheck Inc. announced today that it has inked an agreement with Online Commerce Group, LLC (OCG) to provide its comprehensive suite of electronic check processing services. The agreement will enable OCG customers to use their checking accounts as an additional form of online payment.

MyECheck’s patented software is unparalleled by any other solution as it is able to debit every U.S. checking account, even accounts that ACH cannot debit. This unique platform provides online merchants with financial access to more consumers and businesses than any other payment method available.

MyECheck’s payment engine uses patented technology to generate electronic checks (”remotely created checks” or “RCCs”) in accordance with the Check 21 specification. The company possesses sole rights to US Patent No. 7,389,913, “Method and Apparatus for Online Check Processing.”

Online Commerce Group, LLC is a diversified group of both residential and commercial niche e-commerce stores committed to delivering excellent customer experiences by providing their valued customers with a product presentation online that allows them to get as close to the product as possible. The websites also feature exclusive one-on-one customer service and competitive prices with multiple selections.

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