MyECheck, an electronic check company established in 2004 and based in Folsom, Calif., released a two-sided mobile payment application for merchants and consumers in August 2015. Available on the Internet, Google Play and Apple iTunes Store, eMobile Pay facilitates "card-free, hardware-free" payments on smart phones and Internet browsers for a low, flat fee, the company said.
Consumers can link a checking account from any U.S. bank to the eMobile Pay wallet. Merchants pay 25 cents per transaction to process eMobile Pay transactions. Using eMobile Pay in lieu of traditional credit card processing can save merchants up to 85 percent, the company stated. It further described the solution as an ideal banking method for the 21st century.
MyECheck designed eMobile Pay to address common complaints among merchants regarding settlement windows, security and chargebacks. The app processes payments in real time, eliminates chargebacks and offers guaranteed funds and enhanced security, MyECheck noted. Feature sets include quick response (QR) code invoicing, recurring billing and installment payments designed for enterprise-scale clients. Future enhancements planned include shopping cart integration and e-commerce plug-ins such as geo-location search and reward programs.
Payment analysts have noted an increase in alternative payment methods, such as merchant-owned mobile commerce platform CurrentC and various digital currencies that bypass traditional credit card rails. They attribute this trend to the retail community's growing disenchantment with card-brand pricing, risk management practices and inherent security vulnerabilities. Two examples of this dissatisfaction are the payment card interchange fee and merchant discount antitrust litigation, which led to a $7.2 billion settlement that is pending appeal, and Target Corp.'s $19 million data breach settlement.
MyECheck stated its brand promise addresses merchants' most common concerns, which it identified as freedom from credit card fees, terminals, hardware, gateways, fraud and data theft, and chargebacks, as well as the need for free rewards and loyalty programs and hardware agnostic environments.MyECheck was granted a patent in 2008 for its method of online check processing, and its eMobile Pay wallet won the 2015 Pymts Award for Best Check Innovation. 
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