Inovium Releases Inovium Electronic Fundsââ€Å¾Ã‚¢ Online Payment System

Wednesday 4 May 2005 11:59 CET | News

Inovium Corporation announced the release of the new online payment business solution - Inovium Electronic Fundsââ€Å¾Ã‚¢ - which automates and helps manage the process of invoicing, billing and payments for small to mid-sized businesses.

This remotely hosted application from Inovium offers businesses the opportunity to reduce their costs of billing and collection by 60% or more as compared to traditional methods. This approach eliminates the time-consuming and costly process of sending paper invoices to customers, following up with reminder and replacement letters, manual recording of checks received, and endless runs to the bank to deposit the checks. This advanced application allows companies to bill their customers online. The customers may view the invoices, and then pay in seconds using true 128-bit SSL encryption via electronic funds transfer for processing through the United States Federal Reserve Bank. Besides saving an estimated average of $10.00 per transaction, the system accelerates cash flow and renders moot the old adage your check is in the mail. Joseph Meshi, President and CEO of Inovium Corporation, estimates that the cost to a small or midsize business to produce and deliver a paper invoice, and then process the resulting payment, reconcile the payment and create reports for management review is nearly $14.50. Inovium reduces these costs by allowing companies to eliminate significant labor, paper, and postage, and their customers to view their invoices over the web and make online payments directly from their business checking account. We have seen costs at the A/R department reduced by 65% or more, says Meshi. The total cost per transaction, including our modest fee may be reduced to less than $4.50 on the average, depending on the nature of the business and the number of transactions per month. Inovium offers visitors to its web site the means to calculate their own invoicing and collecting costs - Inovium goes well beyond the provisioning of electronic funds transfer by helping businesses to automate and manage their entire accounts receivable process. Such automation may encompass the entire process - from electronic billing to a seamless integration with the accounting system and the generation of timely and meaningful reports. We try to simplify the process for our clients and deliver a return on investment that is off the scale, says Meshi. Because our application does not entail the installation of any hardware or software and we interface to all accounting systems, I expect that most of our clients will be up and running within two business days of receipt of order. Inovium does not charge any setup or installation fees, and does not require long term contracts. Inovium Corporation provides Electronic Funds Transfer solutions by means of software-as-a-service applications, to small and midsize businesses and non-profit entities. The companys headquarters are located in Las Vegas, Nevada, with offices in Orange County, California and in Europe. To learn more about its products, mission and management or for more information about the Inovium Electronic Funds online payment system, visit the Inovium Web site at

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce