Inovium Releases Inovium Electronic
Funds Online Payment System
May 3, 2005
Jules Kaplan, Chairman / Founder Inovium Corporation
The small and mid-sized business solution reduces
billing and collection costs by 60%.
Las Vegas, NV (PRWEB) May 3, 2005 -- Inovium Corporation
today announced the release of the new online
payment business solution - Inovium Electronic Funds™
- which automates and helps manage the process of invoicing,
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
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 company's 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 www.electronicfunds.com.