As Credit Card Companies Cut-Off Consumers, MyECheck Gains in Popularity

MyECheck Inc. (OTC: MYEC) , an electronic transaction processor and provider of alternative payment solutions, 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% more than in 2007 and 131% higher than the level it expects by the end of 2008.

And according to a report in the Wall Street Journal on September 30, 2008, "Credit-card issuers have been decreasing credit limits. ‘Most banks are cutting their credit limits,’ said Carol Kaplan, spokeswoman for the American Bankers Association. ‘They’re doing it to everyone.’"

This may force an increase in the use of eChecks as a method of payment for small ticket items such as retail goods, to bigger ticket items such as airline tickets. And as credit card companies become more stringent on mitigating their liabilities, service providers may be forced to reduce payments by credit cards over eChecks.

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 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, commented, "Up to 50% 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."

About MyECheck
MyECheck Inc. is a leading electronic transaction processor and provider of alternative payment solutions to credit cards for brick & mortar, internet, and mobile commerce. MyECheck utilizes a patented method of creating and clearing remotely created checks (RCCs) for exceedingly fast, secure and cost effective payments. As the leader in Check 21 solutions and check image processing for online merchants, MyECheck provides merchants with financial access to more customers than any other payment method. Please visit www.myecheck.com