MyECheck Licensee to Provide Payment and Banking Solution to Legal Marijuana Industry
February 26 2014 - 10:59AM
Marketwired
MyECheck Licensee to Provide Payment and Banking Solution to Legal
Marijuana Industry
MyECheck 3.0 Selected by GreenPay LLC for Themed Mobile Payments
App "MJ-Pay"
EL DORADO HILLS, CA--(Marketwired - Feb 26, 2014) - MyECheck,
Inc. (OTC Pink: MYEC), an electronic payment solutions provider and
the leader in fully electronic check technology today announced
GreenPay LLC has selected MyECheck to provide a comprehensive
processing solution for the legal marijuana industry.
GreenPay LLC, is a start-up developer of downloadable mobile
payment applications for the legal marijuana industry called
MJ-Pay, with marijuana themed apps for Apple and Android
devices. MJ-Pay will provide a comprehensive real time fully
electronic payment and banking solution that is safe, legal and
fully compliant with Federal and State laws.
MyECheck received an upfront licensing fee from GreenPay LLC and
will share in a percentage of transaction fee revenue. The
MJ-Pay app will offer the only industry specific payment solution
designed to solve the unique problems present in the legal
marijuana industry.
Matt Hanson, CEO of GreenPay stated, "We chose MyECheck as the
back end for our app because they have the only solution that is
bank independent, and doesn't require the use of credit/debit cards
or ACH transfers. It's essentially an electronic cash transfer
system, only much more secure. The MJ-Pay system provides
custodial account settlement for customers who choose not to use
their own bank account to clear payment funds. MJ-Pay will
deliver the electronic cash solution the industry has been
searching for and we will be processing for customers in Colorado
and elsewhere in approximately 75 days."
Ed Starrs, CEO of MyECheck commented, "We welcome GreenPay
to our growing list of customers and licensees. They are first to
market with a real solution for a large problem, and have the
potential to make our combined services the de-facto payment method
for the burgeoning legal marijuana industry. Our proprietary
banking payment and security capabilities, along their themed front
end user experience offer an unique and large opportunity for
GreenPay and MyECheck."
On February 14, 2014, the US Department of Justice issued a
statement "that financial institutions can provide services to
marijuana-related businesses in a manner consistent with their
obligations to know their customers and to report possible criminal
activity."
The legal marijuana industry is currently estimated at about $1
Billion to $1.5 Billion annually however it is expected to grow to
about $40 Billion to $120 Billion annually very rapidly as more
states legalize marijuana for both medical and recreational
use.
Ed Starrs added, "In order for the industry to grow,
infrastructure needs to be in place that allows for trusted
commerce, and compliance with state laws with full transparency to
the authorities, MyECheck provides that financial
infrastructure."
About GreenPay
GreenPay LLC is a green payments technology start-up, formed in
2014 by a group of developers from a wide range of backgrounds
including gaming applications and mobile payments, to capitalize on
emerging payment and banking opportunities in the legal medical and
recreational marijuana industry. GreenPay LLC has developed
the world's first proprietary mobile payments app specifically for
transferring funds in real time, legally and safely, to marijuana
dispensaries.
Contact: Matt Hanson, CEO, GreenPay
sierragloballlc@yahoo.com
About MyECheck MyECheck Inc. is a leading payment data processor
and technology developer & licensor that provides a new
electronic payment method used as a preferred alterative to cash,
paper checks, credit & debit cards, and ACH "e-check"
payments. MyECheck's patented payment method is the fastest,
most secure and most cost effective payment method in the US and is
poised to be a significant payment platform. As the leader in Check
21 solutions and check image processing for online and mobile
transactions, MyECheck provides merchants with the easiest,
fastest, safest, and lowest cost way to collect money
electronically from the most customers. MyECheck customers
include corporations, retailers, governments, payment processors
and financial institutions.
Please visit www.myecheck.com
Forward-looking statements in this release are made pursuant to
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including, without limitation, continued acceptance of mentioned
products, increased levels of competition, new products and
technological changes, dependence upon third-party suppliers,
intellectual property rights, and other risks detailed from time to
time in reports filed with the SEC.
Contact: Ed Starrs Investor Relations: ir@myecheck.com Sales:
info@myecheck.com