Electracash Inc., a provider of Internet check payment-processing services, announced the addition of a new billing and payment service for businesses. Electracash MyPayNet is a robust online management tool specifically designed to meet the invoicing and collections needs of small to medium-sized businesses.
MyPayNet was developed by My Payment Network and is offered by Electracash through a reseller partnership. Electracash MyPayNet is a tool that enables businesses to send invoices and accept payments over the Internet without the need for special or proprietary equipment. Its functionality includes the ability to set up accounts, produce reports, send emails, and export files to accounting systems. To use the service, clients need only a computer and an Internet connection.
“As businesses grow, invoicing and bookkeeping can become difficult to manage. Our new service provides an easy way for businesses to have electronic invoicing payments to manage their billing and collection needs. In addition to invoicing, accounting, and collection, the tool enables the business’ customers to pay online both with major credit cards as well as personal and business checking accounts,” says Electracash CEO Lee Falls.
The service has a low technical requirement. Payment pages can be easily linked to the company’s website, but for entities without websites, invoices can be created and delivered through email. The consumer or bill payer can then either click on the emailed invoice or go to the website to pay the bill electronically. MyPayNet also provides a virtual terminal arrangement in which merchants enter transactions taken over the phone into their payment pages.
“As more consumers become accustomed to paying their bills electronically, they want to pay all of their bills, not just those from large corporations such as credit card issuers and auto lending firms,” Falls says. “However, many bills that arrive at a residence are from small companies who do not have the technical expertise or time to provide an electronic payment service. Electracash MyPayNet fills this gap.”