BPS initiates coverage on MyECheck Inc. (OTCMKTS:MYEC)

On 22^nd October’14, BrilliantPennyStocks.com initiated coverage on MYEC. The stock moved up by 12.53% since the coverage was initiated.

Electronic check solutions provider MyECheck, Inc. (OTCMKTS:MYEC) announced last week that it has signed an contract to provide web based “electronic check services” to coffee vending chain Dad’s Roast Custom Coffee.

Contract Scope

The contract covers providing of 24X7 payment processing service to the coffee retailer customers through Internet, mobile and other traditional point of sales means. The coffee chain hopes to realize cost savings in addition to faster and transparent cash flows through its tie up with the payment services provider. It also anticipates to achieve higher rates of customer satisfaction, since the contract would help increase the “transaction success rates” and thus reduce the number of “product return” transactions.

Benefits

The full implementation of the solution is expected to help Dad’s Roast Custom Coffee reduce its sales cycle and offer more options for its customers to complete their payments. The new service is also expected to cut down transaction fees paid by customers. This in turn is expected to lead to more satisfied customers and more add on business.

Need For A Payment Service

The Coffee chain has continued to spread its “fresh custom coffee roasting” and retailing operations nationwide since its inception in 2009. It differentiates itself from competition by offering a wide bouquet of flavors through its online order taking and delivery model. As its business expanded nationwide, it’s need for a dedicated payment processing technology backbone, which is able to scale as per business dynamics, was acutely felt.

Modus Operand

MyECheck, Inc. (OTCMKTS:MYEC) payment solution is built on a proprietary platform, which creates and clears “fully electronic checks on behalf of its customers”. Dad’s Roast Custom Coffee founder Gillis Cure has commented, “We are hoping this will enable business growth by reducing transaction fees while offering our coffee customers more flexibility in payments."

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