The MyECheck Difference
All other eCheck solutions are automated clearing house (ACH) transactions. Compared with competitive ACH eCheck transactions, MyECheck items will work with more consumer accounts, will clear sooner, and will provide superior charge-back protection.
MyECheck Image Creation and Clearing
MyECheck does not utilize the ACH network, MyECheck items are processed entirely in a Check 21 environment. X9.37 files are electronically created from the customer check data you send to our system.
MyECheck = Paper Check = Safer
MyECheck created items, electronic RCCs, are governed by Check 21 law and Uniform Commercial Code (UCC state law). These laws are much more favorable to the recipient, you, than are the laws governing ACH transactions. Simplified regulation equals easier compliance equals reduced costs.
MyECheck has Broader Reach
MyECheck can debit every US checking account, even accounts that ACH cannot debit. Such accounts include accounts at many Credit Unions, S&Ls, small banks, brokerage accounts, business accounts and credit card check accounts. In fact, MyECheck provides you with access to more customers than any other single payment method.
MyECheck Provides Faster Clearing and Availability
MyECheck items are created, file formatted and submitted directly into the banking system for fastest possible clearing in near real-time. Providing your bank with expedited availability. With faster clearing and availability, risk is reduced, cash flow is improved, and services can be provided sooner with greater confidence.
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MyECheck Applications
• | Online Payments | 
| • | Phone Payments | • | Recurring Payments | • | Batch Payments | • | Paper Check Imaging | • | Displaces cards, wires, lockbox, ACH Online Payments |
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MyECheck Offers Value Added Services
• | 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. | • | Identity Validation Services
MyECheck offers 3 levels of identity verification including a high assurance ID validation. | • | Collections and Guarantee
Fully integrated collections at no additional charge, with payment guarantee available. | • | Guaranteed International Payment
Non-reputable 2-3 day bank funds collection in over 50 countries and provides bank remitting capabilities to bank accounts in over 120 countries. The system currently supports 21 currencies and will perform low cost foreign exchange when required. |
Competitive Analysis
MyECheck provides access to more US consumers than any other single payment method because it can debit 100% of US checking accounts, including business accounts and accounts where ACH does not work. MyECheck facilitates faster funds clearing than credit/debit cards or ACH. MyECheck provides superior fraud protection and offers industry leading tools including identity validation, funds verification and payment guarantee.
• | MyECheck leverages new technologies and laws to provide access to more customers and for faster, more secure payments. | • | Works with 100% of US checking accounts for higher transaction approval and success rates. | • | Provides fastest bank account credit and availability of funds to your bank. | • | Lower repudiation - governed by – UCC / Check 21 law. |
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