Inovium Simplifies Business Transition to Electronic Payments by adding Check 21 Capabilities to its Web-Based Accounts Receivable Management System

Nov 7, 2005
Jules Kaplan, Chairman / Founder Inovium Corporation

This remotely hosted application from Inovium offers businesses the opportunity to reduce their costs of billing and collection by 60-75% as compared to traditional methods. The system also accelerates incoming cash flow, minimizes human errors and creates happier customers.

The Check Clearing for the 21st Century Act (Check 21 Act) has created significant changes in the way checks may be processed in the United States. By coupling Check 21 and electronic funds transfer technologies, Inovium has created a comprehensive system that allows businesses to scan incoming checks via a desktop scanner, transmit the resulting images to the bank of their choice, and immediately post to the Inovium management system for automatic reconciliation and posting to the accounting application. Businesses can now make deposits online and save the daily trip to the bank, as well as have the deposits credited much faster.

Jules Kaplan, founder and chairman of Inovium Corp., believes that the new Check 21 service offers an additional major benefit to corporate users. “We believe that our new system offers a natural migration path for companies wishing to convert to an Electronic Invoice Presentment and Payment (EIPP) environment, by providing them the means to implement the system without an immediate impact on their own customers. These customers may then convert to the online payment system at their leisure, providing additional benefits to both themselves and the system user.”

Inovium Corp. provides EIPP solutions by means of software-as-a-service applications, to small and midsize businesses and nonprofit entities. The company’s headquarters are located in Las Vegas, with offices in Orange County, Calif., and in Europe. To learn more about its products, mission and management, or for more information about the Inovium Electronic Funds Web-based accounts receivable management system, visit the Inovium Web site at www.inovium.com.