MyECheck (OTC BB:MYEC.OB), a leading provider of comprehensive viable alternative payment solutions, announced that it has signed AE Checking as a gateway partner and is providing the online processor with its comprehensive suite of electronic check processing services.
AE Checking's merchant clients may now process Remotely Created Check transactions through the MyECheck payment engine. MyECheck uses patent pending technology to generate electronic checks in accordance with the Check Clearing for the 21st Century Act (HR 5414 - "Check 21") specifications. These eChecks are transmitted in near real-time to MyECheck's partner banks, or directly to the check clearing system for faster clearing.
AE Checking began successfully processing through the MyECheck system in September 2007. AE Checking's volume has ramped up as they continue to convert their ACH business to the Remotely Created Check Service. AE Checking also plans to expand its business by adding new customers as a result of offering the Remotely Created Check Service.
AE Checking will serve as a gateway to the MyECheck solution for all sub-prime merchants. MyECheck's Check 21 solution bypasses the ACH system, and the solution substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards.
Ed Starrs, CEO of MyECheck, stated, "We are very excited to have AE Checking as a partner, and look forward to working with their merchants to accept this new form of ecommerce payment. Merchants who engage in all forms of commerce including web, telephone and point of sale can now utilize a single platform, MyECheck, for all their check processing, and benefit from faster collection of funds."