MyEcheck Inc (OTCMKTS:MYEC) has seen an acceleration of volume and upwards movement after a quick retest of $0.02 support. The stock has a history of big moves running from $0.0014 to highs over 8 cents earlier this year and investors are hoping it can do it again.
In December MYEC said that it has filed a lawsuit in United States District Court against Sweetsun Intertrade, Inc., Seven Miles Securities, Titan International Securities, Inc. and Scottsdale Capital Advisors Corporation for the fraudulent issuance of 1.44 billion shares of MYEC stock. MyECheck is seeking recovery of shares, costs and attorney’s fees.
The lawsuit alleges that Sweetsun Intertrade, Inc., Seven Miles Securities, Titan International Securities, Inc. and Scottsdale Capital Advisors Corporation made intentional false representations to cause the issuance of shares of MYEC. MyECheck contends that the shares are void and should be cancelled.
MyEcheck Inc (OTCMKTS:MYEC) operates as a payment transaction data processor as well as a leading provider of electronic check image services to businesses, government and payment processors. The Company operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008. This patented payment method is the fastest, most secure and most cost effective method of processing payments in the US, and it works with the most people, businesses and entities.
MYEC patented payment method is the fastest, safest and most cost effective way to process electronic payments from any person, business or organization. It offers businesses a comprehensive payment solution which is easily implemented into any website, mobile, electronic invoicing and bill payment application.
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The Company’s technology platform provides multiple benefits over traditional ACH based e-check systems. it provides for higher transaction clearing rates, faster fund clearing, fewer returned items, fewer customer support issues and less administrative burden and lower overall costs, thereby increasing efficiencies and profitability for their clients. Current methods require days to process, whereas MYEC allows for processing in 1 to 3 seconds.
With the recent release of MyECheck 3.0 MYEC is now processing payments in accounts in numerous different banking institutions such as Bank of America and Chase among others.
On October 17 MYEC announced an agreement to implement and deliver its electronic check services to national coffee vendor, Dad’s Roast Custom Coffee.
Under the agreement, MyECheck will process payments made by customers to Dad’s Roast Custom Coffee, helping to reduce costs, improve transaction success rates, clear funds faster, and lower the number of returned items. Founded in 2009 by Gillis Cure and his son Samuel Cure, Dad’s Roast Custom Coffee provides fresh custom coffee roasting at a competitive price with intuitive, creative online delivery. The coffee provider is dedicated to superior customer service, but with sales volumes steadily increasing, it needed a unique payment platform.
“We are pleased to work with MyECheck to provide our clients with one more payment option for purchasing coffee on our site,” said Gillis Cure, founder of Dad’s Roast Custom Coffee. “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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MYEC made a nice move up last week but topped out at $0.032 and has been drifting since. The stock has a loyal following that is patiently waiting for good things to come, nobody has forgotten the run this one made last year from subs to over 8 cents a share and many are betting it can do it again.
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Disclosure: we hold no position in MYEC either long or short and we have not been compensated for this article.