GreenPay Signs Software License Agreement in Nevada and Partners with Leading Marijuana Payments and Banking Services Provider
CHEYENNE, Wyo., Sept. 25, 2014 /PRNewswire/ — GreenPay LLC, a mobile payments provider to the legal marijuana industry and a wholly owned subsidiary of MyECheck, Inc. (OTC PK: MYEC), the leading innovator and licensor of electronic check systems for mobile payments, announced today that it has signed a license agreement with MJ Safe Pay, a new Nevada company established to capitalize on the emerging legal marijuana industry in Nevada. Under the terms of the new agreement, GreenPay will deliver to MJ Safe Pay a custom branded mobile payment app system in exchange for a fee per transaction processed on the system.
The MJ Safe Pay app will enable mobile electronic bank payments at authorized retail marijuana dispensaries within the state of Nevada. MJ Safe Pay will be the first fully electronic payment service in Nevada specifically designed to resolve the unique payment problems in the cannabis industry.
MJ Safe Pay already has an agreement to provide the app service to one the first and few state licensed dispensaries, and they plan to sell payment services to the other dispensaries within Nevada.
In other news, GreenPay has partnered with a payment services provider currently providing payment and banking services to the industry, with banking partners in five states that are currently accepting marijuana related cash. The partnership will help facilitate the rapid distribution of MJ Safe Pay services, and other GreenPay licensees’ services in Nevada, Colorado, Washington, California and other states.
About GreenPay: GreenPay LLC specializes in building applications to enable secure, real time electronic funds transfers at marijuana retail locations. We help legal, state-licensed retailers receive payments electronically, removing the restrictions inherent in an all-cash business. The MJ-Pay app will enable retailers to accept electronic payments and to electronically transfer their revenue into bank accounts. GreenPay operates under license to US Patent 7,389,913, Method an Apparatus for Online Check Processing, and was acquired by MyECheck, Inc. in August of 2014.
About MyECheck: MyECheck Inc. is a leading electronic payment technology developer and payment services provider. MyECheck operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008. This patented payment method is the fastest, most secure and most cost effective method of processing payments in the US, and it works with the most people, businesses and entities. MyECheck provides comprehensive payment solutions for all payment applications including mobile payments and the industry’s most advanced security and fraud control technologies. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions.
For more information contact:
VP, Business Development
2600 E. Bidwell Street #140
Folsom, CA 95630
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.
SOURCE GreenPay LLC