(PRWEB) December 1, 2004
When UseMyBankÂs CEO, Joseph Iuso, first came up with the idea of an ECommerce solution focused strictly on the buying habits of Canadians, he wasnÂt exactly met with overwhelming enthusiasm from online merchants.
ÂNo one seemed to understand that this was an untapped goldmine...it is not that there are no online buyers here - but Canadians are used to making all their daily purchases with direct debit - and online purchase systems are all credit card basedÂ says Iuso. ÂNo one online was offering the Canadian marketplace the buying method that they were used to and comfortable with - direct debit.Â
ÂOur growth rate has been phenomenal - January 2005 will be approximately 10 times the volume, both in dollars and in transactions, of January 2004....and our main source of advertising has been viral - merchants coming to us because their customers want to use us.Â adds Iuso, ÂPeople like the concept...and our merchants are amazed at the ÂnewÂ market they have!Â
UseMyBankÂs proprietary platform acts a ÂbridgeÂ between the online merchant and the customerÂs own bankÂs online bill paying system. The transactions are authorized in real time, similar to a credit card purchase. The chances of a transaction being reversed due to insufficient funds, a common occurrence with the usual Âonline checkÂ that most merchants use, is virtually non-existent, as once the authorization has been made by the customerÂs bank, the funds are started on their way to the merchant.
As to whatÂs next for UseMyBank, CEO Iuso says that the company is focusing on providing their service to payment processors that are already involved in ECommerce rather than broadening their existing merchant base.
ÂWe know our strength is in expanding our core product, and making sure that the technology is always at the forefront. By letting our partners manage the Âfront officeÂ, working directly with the customers and merchants, while we provide the technology, it allows everyone to focus on the areas they do best. For companies that only offer ACH to their ECommerce
merchants, this is a great way to significantly add to the bottom line with a new service to "upsell", without adding to overhead. Â
UseMyBank will be expanding itÂs services to include banks in both the United States, and Europe by early 2005.
Press Contact Information:
Joseph Iuso, CEO
Primary Phone: 416-727-3806
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