Credit limits benefit the business of MyECheck

[img_assist|nid=8113|title=|desc=|link=none|align=left|width=100|height=42]Online retailers and service providers who are looking for payment options other than credit cards are increasingly resorting to the services of MyECheck Inc., an electronic transaction processor and provider of alternative payment solutions.

As per the forecasts of Innovest Strategic Value Advisors, a consulting firm in the firs quarter of the following year the banks will likely charge off $18.6 billion worth of credit card receivables that would be 261% more than in 2007 and 131% higher than the level it expects by the end of 2008.

Besides, the report in the Wall Street Journal on September 30, 2008 advises of a decrease in credit limits that banks have been introducing.

Such a move may result in an increase in the use of eChecks as a method of payment for small ticket items such as retail goods, to bigger ticket items such as airline tickets. Bank’s yearning for mitigating their liabilities may force providers to reduce payments by credit cards over eChecks.

Ed Starrs, CEO of MyECheck, commented, "Up to 50% of adults either have no credit card or have insufficient available credit, meaning that as many as 80 Million US adults have no ability to buy online at the many websites that only accept credit cards. Our customers are benefiting now and enjoying a huge opportunity."