Secure Pay Services releases Check 21-compliant accounts receivable system
15 November 2005 | 896 views | 0
Source: Secure Pay Services
Secure Pay Services announced today that the revolutionary accounts receivable (A/R) management and automation solution designed by Inovium is now available to organizations throughout the Chicago area.
"This service accelerates an organization's collection of incoming payments not by collection services but through more efficient processing," says John W. Richmann, president of Secure Pay Services. "The organization's customers receive invoices almost immediately via fax or email. Moreover, transmitting funds is faster and even more secure."
Inovium's A/R service streamlines the payment process by leveraging two cutting edge technologies. The first enables paper checks to be scanned and passed into the A/R application. This means that organizations no longer have to depend on their customers to pay on-line in order to realize the cost- and labor-savings of Electronic Invoice Presentment and Payment (EIPP). Rather, those customers can continue to pay with paper checks, which can be scanned and converted into substitute checks using the second technology breakthrough - the Check 21 Act. Customers can make the transition to on-line payments when convenient. This web-based service integrates with virtually all accounting systems and requires no changes in banking relationships.
According to Richmann, users of Inovium Electronic Funds will be able to deposit checks without leaving their offices. "That's because Inovium uses the Check 21 system," he says. "Furthermore, users can expect to enjoy reductions of 60 percent or more in the cost of processing incoming payments."