SVP, Corporate Communications
San Mateo, CA.—December 19, 2000—NetLedger, Inc., the leader in Web-based solutions that enable small businesses to succeed in the new economy, today announced the unveiling of online bill payment capability, a result of the partnership between NetLedger™ and Paytrust®. The new feature, as part of NetLedger’s powerful e-business tool, allows small businesses to simplify one more business process by helping them manage and pay bills online anywhere, anytime.
This partnership has facilitated the integration between NetLedger’s accounting application and Paytrust’s payment processing and check printing infrastructure via XML. NetLedger users can now make online payments while providing full remittance information on every check simultaneously. Then all transaction records will be updated to the minute in their NetLedger accounts. The new feature saves businesses time and labor so that they can focus on their mission-critical tasks.
Paytrust is one of many data links to NetLedger that have been facilitated by XML. The integration between the platforms has been undertaken using industry standard security and encryption technology.
“The launch of online bill payment provides further evidence that NetLedger continues to deliver its promise to provide small businesses with one tightly integrated e-business tool to run their entire businesses. This tool enables businesses to run their companies much more efficiently and effectively without the need for different, incompatible applications,” said Evan Goldberg, president and chief executive officer of NetLedger, Inc. “Partnership with Paytrust is gratifying as Paytrust and NetLedger both share the same goals.”
“We are pleased to have partnered with a premier site and offer the Paytrust service to NetLedger users who seek tools and resources to support their small businesses,” said Edward G. McLaughlin, CEO of Paytrust. “Bill management can be extremely laborious and by streamlining the process, together NetLedger and Paytrust are able to effectively save them valuable time, money and resources.”
NetLedger is built from the ground up using an open, scalable Internet architecture. NetLedger users can run NetLedger on all major browsers and operating systems, with anytime, anywhere access. Based on the Oracle 8i database, NetLedger delivers the power, reliability and security of enterprise-level accounting and business management solutions, combined with the ease of use of a small-business accounting and management package.
Paytrust automates bill payment by making the process extremely fast and easy allowing businesses to manage and grow their business rather than spending time writing checks, purchasing postage and mailing bills. Payments are issued electronically or via paper checks, depending on the payee’s capabilities. Both electronic payments and paper checks allow for extended invoice information. This ensures that the payee will accurately record that the payment has been made and allows businesses to manage their finance records efficiently.
Using proprietary technology, Paytrust delivers 100 percent of a subscriber's bills online or to a wireless device for complete bill delivery and management, far surpassing traditional bill pay-only services. Paytrust subscribers receive bill notifications and reminders via email rather than physical mail, and they can review their bill information from anywhere they have access to the Internet. Through Paytrust, customers can issue payments directly from any check writing account, view automatic checkbook balancing and download and analyse data in their personal financial management software.
Founded in October 1998, Paytrust is the flagship service of PAYTRU$T, Inc., a privately held company based in Lawrenceville, New Jersey. Through Paytrust's acquisition of PayMyBills.com in September 2000, PayMyBills.com is a wholly owned subsidiary of PAYTRU$T, Inc. The company is financially backed by investors including American Express, AT&T Ventures, Citigroup, ComVentures, E*TRADE, FTVentures, GE Equity, Goldman Sachs, idealab Capital Partners, NextCard, SOFTBANK Venture Capital, Spectrum Equity Investors and Thomas Weisel Partners. More information on the company can be found on its Web site located at www.paytrust.com or by calling 1-800-PAYTRUST.
Paytrust is a registered trademark and SmartBalance is a trademark of PAYTRU$T, Inc.
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