April 3, 2013
& Associates Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its
division today introduced
, the electronic invoicing and receivables management system that simplifies how small business customers bill and collect receivables.
A survey from Experian found that in 2012, on average, businesses waited 29.2 days for payments after issuing invoices and as a result paid their bills more than one week past due. iPay Solutions' BillSimple enables financial institutions to offer self-branded invoicing with the option to accept credit card and ACH payments. Now, businesses can invoice, collect, track, and manage receivables electronically on a single platform. By providing more flexible payment options, they are able to increase on-time payment collection and accelerate cash flow while enhancing customer satisfaction.
, group president of iPay Solutions, said, "Small businesses depend on consistent cash flow and on-time payments to reinvest back into the company. This valuable customer segment depends on its primary financial institution for efficient and effective financial management solutions, and we are excited to provide our financial institution clients with a competitively differentiating solution that can help them prosper. BillSimple also provides financial institutions with a new non-interest fee-based offering that can boost customer retention and revenue."
BillSimple gives small businesses the flexibility to create custom invoices and easily import disparate customer data. The solution also enables them to leverage current merchant acquiring relationships to accept more credit card payments online and over the phone, as well as set up automatic recurring billing.
For integrated ACH processing, BillSimple leverages ProfitStars' Enterprise Payment Solutions™ (EPS), which offer broad ACH transaction processing including single and recurring prearranged payment and deposits (PPD), corporate credit or debit (CCD), WEB (Internet) and TEL (telephone). Businesses only need Internet access to log into their BillSimple portal and enter ACH payments on customers' behalf. Each financial institution can decide which payment methods are supported at both the institution and subscriber level.