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MyECheck introduces global bank transfer services

25 July 2006  |  1450 views  |  0 Source: MyECheck

MyECheck, Inc., the world's first Check 21 based Internet payment system, today announced that it has added bank transfer payment services in more than 30 countries.

The new international service allows MyECheck merchants to accept non-card associated bank transfers in local currencies from the world's largest global markets.

The new services consist of two types of bank transfer payments for most countries, a consumer "push" method, and a "direct debit" method. The methodology employed with the push method prevents consumer initiated repudiation and charge-backs, eliminating most types of international payments fraud. The direct debit method may be more convenient for consumers to use, and offers both financial and identity verification to substantially reduce fraud. With either method, funds clear to the merchant's account in about 2 to 3 days.

MyECheck's international gateway provides a link between a merchant's website and MyECheck's International Payment Network (IPN). International customers wishing to pay a MyECheck merchant simply transfers funds in their home currency from their bank account to a MyECheck partner bank account within their own country. This service facilitates funds collection in over 30 countries and provides bank transfer remitting capabilities to bank accounts in over 120 countries. The system currently supports 21 currencies and will perform foreign exchange if required.

The addition of international payments compliments MyECheck's current US based Internet Check 21 service, which offers numerous benefits over both ACH based e-check systems and card systems. MyECheck now offers merchants, processors and banks the fastest, lowest risk and most comprehensive methods of collecting payments from both consumers and businesses worldwide.

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