El Dorado Hills electronic check services firm posts $1.32M profit in first quarter

Published: Friday, May. 16, 2014 - 12:40 pm

MyECheck Inc., the El Dorado Hills-based developer and licenser of electronic check services, today reported net income of $1.32 million for the first quarter ended March 31.

The company noted that stockholders’ equity went from a $1.2 million deficit in the same period a year ago to almost $1.2 million on the plus side this year.

During this year’s first quarter, the company sold licenses for a new mobile payment app system, including custom-developed apps with security features for specific industries.

MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. Revenue is from transaction fees collected for data processing, check authorization and fraud-mitigation services, as well as from software and patent licensing fees.

Call The Bee’s Mark Glover, (916) 321-1184.

Read more articles by Mark Glover

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