SOURCE: BankServ

November 12, 2008 09:00 ET

DepositNow™ Speeds Cash Collection, Now Lets Business Customers Pay Directly From Invoices

Leading Payment Solution for Small Business Automates Accounting for Credit Card, Electronic Check and Check Payments

SAN FRANCISCO, CA--(Marketwire - November 12, 2008) - BankServ, worldwide experts in electronic payments, today announced that DepositNow™ has added the capability for small businesses to be paid directly from emailed invoices. This new functionality extends the leadership of DepositNow, a Small Business payment solution that automates the receipt and reconciliation of paper checks, to electronic check and card-based payments.

With DepositNow, business owners start by customizing a branded payment website hosted by BankServ and used by their customers to make electronic check and card-based payments. With the secure invoicing feature, DepositNow inserts a secure hyperlink within invoices emailed from the business owner's accounting software package such as QuickBooks™ or Peachtree™; secure invoicing will also support invoices emailed from Microsoft Word™. Once the customer receives an electronic invoice, they simply click the hyperlink to pay the invoice at the business' branded payment website, authorizing either a card payment or electronic check. DepositNow deposits the payment to any checking account in the United States (as designated by the business owner) and automatically updates accounts receivable for businesses using QuickBooks™ or Peachtree™.

For payments made by paper check, DepositNow allows the business to quickly and securely deposit the check into its existing checking account using its desktop computer and a check scanner, all while automatically updating accounts receivable within QuickBooks™ or Peachtree™.

"With this enhancement, DepositNow has become even more valuable to businesses," said David Keenan, VP Sales and Marketing of BankServ. "DepositNow revolutionized management of check payments by making it easy for businesses to deposit paper checks from their desktop. Now DepositNow helps businesses get paid faster and easier by delivering business-branded payment websites and supporting payments via emailed invoices. Small businesses can now help their customers pay without incurring check production and mailing costs and have increased choices for what method of payment type to use. The business and its clients save time, money, and postage all while eliminating trips to the bank and the post office."

"This is a significant development in payments and receivables management," said Doug Sleeter, president and founder of the Sleeter Group, a community of experts who provide consulting services to small business owners. "BankServ created a truly novel solution with DepositNow because they understood the importance of making check deposits an easier process, while also linking the customer payments to the AR transactions in the accounting system. By expanding this vision to include electronic check and card-based payments, DepositNow has become even more valuable for business owners who are concerned with speeding cash flow and creating a stronger relationship with customers."

About DepositNow™

DepositNow, the leading payment management solution for Small Business, is available through financial institutions across the United States and available directly at www.depositnow.com. In addition to enabling safe, secure online deposits of paper check payments, DepositNow now enables online payments by payment card or electronic check directly from invoices. DepositNow remains the only product to automate the accounting related to online deposits for QuickBooks™ and Peachtree™ accounting system users. DepositNow supports a variety of check scanners, including BankServ's SB1000, the lowest-priced scanner in the industry.

About BankServ

Since 1996, BankServ has been developing and delivering electronic payments technology for financial institutions across the globe, including systems for Fedwire, SWIFT, person-to-person payments and Check 21. More information about privately held BankServ can be found at www.bankserv.com.