Under the terms of the deal, NetCarats customers are able to use their checking accounts as another method to make payments online. MyEChecks patented software is able to debit every US checking account, including those that ACH cannot debit. A physical check is not necessary for the payer or payee who selects MyECheck for processing, generating electronic checks that adhere to the Check 21 specification. The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law which took effect in 2004, allowing the recipient of a paper check to create a digital version, thereby eliminating the need for further handling of the physical document. MyECheck technology for merchant processing enables merchants to deposit funds without the waiting period needed by other processors.
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