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MyECheck Inks Deal with Online Retailer Unlimited Furniture
[June 18, 2008]

MyECheck Inks Deal with Online Retailer Unlimited Furniture


TMCnet Contributing Editor
 
MyECheck, an electronic transaction processor and provider of alternative payment solutions, has announced its newest client, online retailer Unlimited Furniture. MyECheck will provide  its comprehensive suite of electronic check processing services to Unlimited Furniture.



Under the terms of the agreement, Unlimited Furniture customers are allowed to use their checking accounts as an additional form of online payment. MyECheck can debit any U.S. checking account, even accounts that The Automated Clearing House (ACH) Network cannot debit. Company officials said MyECheck's patent pending software provides financial access to more consumers and businesses than any other payment method.
 
"The U.S. Department of Commerce released retail e-commerce sales data recently showing that online sales grew by 13.4 percent during Q1 2008 more than Q1 2007. 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," said Ed Starrs, CEO of MyECheck, in a statement.
 
MyECheck said that it does not require any physical cheque from the payer or payee for processing, generating electronic cheques that adhere to the Check 21 specification and transfer them for processing to banks or directly to the cheque clearing system.
 
The Check Clearing for the 21st Century Act (sometime referred to simply as “Check 21”) is a Federal law that is designed to enable banks to handle more checks electronically and hence make check processing faster and more efficient. This law allows the recipient of a paper check to create a digital version, thereby doing away with the need for further handling of the physical document. Check 21 took effect on October 28, 2004.
 
Nitya Prashant is a contributing editor for TMCnet. To read more of Nitya’s articles, please visit her columnist page.
 

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