HOUSTON, Nov. 29, 2016 /PRNewswire/ -- Noventis, Inc., (Noventis) officially announced the expansion of its biller network to more than 100,000 electronic billers. The fast-growing Noventis network helps solve a longstanding challenge for the payments ecosystem, particularly for small-to-medium businesses (SMBs) who receive the majority of their payments via inefficient paper checks.
By greatly expanding the number of electronic endpoints, the Noventis network helps businesses that deliver bill payments achieve their optimization and cost savings goals. The destination billers also benefit from this expanded electronic reach with faster receipt of payment and reduced processing costs. With this announcement, Noventis achieves another key milestone in its mission to create a greatly expanded and streamlined universe of billers for consumers and small business alike so all can benefit from faster payments. By enabling an electronic pathway to billers who were previously paid by check, Noventis is addressing major inefficiencies arising from multiple, fragmented networks. "Noventis is committed to growing our network and removing barriers for faster payments so that all businesses can thrive in our electronically connected world," said Steve Taylor, CEO of Noventis. "We are on target to deliver these capabilities to a greater number of our nation's 5 million small businesses in the coming year as we continue to add partners and expand the Noventis network." Various industry reports estimate the costs of processing a single paper check and business invoice ranges from $4 to $8. Based on these numbers, a company processing 5,000 checks per month could easily save over $240,000 annually by switching to electronic payments. While the marketplace has done a good job of connecting consumers and businesses to large companies for electronic bill pay solutions, most small and medium businesses are still relying on high-cost and time-intensive manual payment methods. A 2016 survey by SunTrust Bank of middle market and small business executives found that SMBs still make more than 57 percent of all payments through paper-driven processes and checks.