In the company’s news yesterday,
MyECheck announced that it has launched its electronic transaction processing software at the Bridal Online Store. The announcement marks the fourth major deal signed for the month of December. The company continues to add clients as ecommerce retailers grow weary of credit card processing fees, charge-backs and rolling reserves.
Although retail sales have declined due to the current economic conditions, eCommerce sales are still growing. In fact, the Census Bureau of the Department of Commerce announced last month that the estimate of U.S. retail eCommerce sales for the third quarter of 2008, adjusted for seasonal variation, was $34.4 billion. The figure marks a 0.3 percent increase from the second quarter of 2008.
Ed Starrs, CEO of MyECheck, stated, “MyECheck provides faster clearing and funds availability, substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards. eChecks processed on the MyECheck system are typically accepted in 1 to 3 seconds with check approval rates averaging over 90%, with many merchants exceeding over 95%.”
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