Stock Watch: Patent Boosts LML Payment Systems

The patent covers Internet purchases using checking-account payments authorized over the Internet. "This patent specifically applies our electronic check processing methods to Internet purchases without limitation to any device or network," said Chief Executive Officer Patrick Gaines.

The patent has the potential for business-to-business as well as business-to-consumer transactions, said Gaines, who called it a "monumental step forward" for his company. Consumers and businesses use checks more often than any other non-cash form of payment, he said.