CheckFree Small Business(SM) Delivers Electronic Bill Payment, Invoicing and Receivables Solution for Financial Institutions' Sm
15 November 2006 - 1:15AM
PR Newswire (US)
CheckFree Solution Provides Vehicle for New Revenue Streams ATLANTA
and LAS VEGAS, Nov. 14 /PRNewswire-FirstCall/ -- BAI Retail
Delivery Conference & Expo, Booth # 1417 -- CheckFree
Corporation (NASDAQ:CKFR) today launched CheckFree Small Business,
an integrated electronic bill payment, invoicing and receivables
solution that financial institutions can offer to their small
business customers. CheckFree Small Business is a sophisticated
solution, but it is both simple for the small business owner to use
and easy for financial institutions to integrate within their
existing online banking offering. Built on the industry-leading
CheckFree Web(SM) platform, CheckFree Small Business goes beyond
online bill payment by providing capabilities to help small
businesses manage their invoicing and receivables functions - from
one centralized web- based service location. "Small businesses are
often overlooked, as most new products and services are designed
for big businesses or for consumers," said Jeff Weikert, senior
vice president of the Consumer Service Provider business unit in
CheckFree's Electronic Commerce Division. "Many entrepreneurs
running small companies have been using the electronic billing and
payment services offered by their banks that were originally
designed for consumers. Now, small business owners will have a
solution customized specifically for their needs." New Revenue and
Marketing Opportunity The Internet is becoming an increasingly
important channel through which many small businesses interact with
their financial institutions. An estimated 40 percent of small
businesses currently use online banking services and that figure is
expected to grow to 60 percent by the end of 2008, according to a
recent Aite Group report titled "Winning the Hearts and Wallets of
Small Business Customers." Research conducted for CheckFree
indicates that small business owners value online bill payment and
receivables functionality and are willing to pay a nominal monthly
fee for specialized features. Small business owners have typically
been more profitable customers for financial institutions because
they carry higher average account balances and utilize more banking
services. CheckFree Small Business not only provides a potential
new revenue source for financial institutions, but it also provides
cross-selling opportunities for banks to market other business
solutions, such as payroll services and lines of credit. Better
Organization Means Better Cash Control A critical component of the
new solution is the Payment Center, which provides users with a
consolidated, real-time view of their cash flow positions,
including recently paid and pending bill payments, as well as
customer receivables. CheckFree Small Business also helps reduce
many traditionally manual bookkeeping processes and streamlines
accounts payable and receivable tasks online, including: * Paying
bills online and viewing payment history * Receiving and paying
electronic bills (e-bills) * Establishing bill reminders and alerts
* Creating, sending and managing invoices * Receiving electronic
payments from customers * Automatic reconciling of invoices with
electronic payments from customers As a result of these timesaving
functions, small business owners can free up more time to focus on
growing their businesses. In addition, CheckFree Small Business
will integrate with CheckFree Financial View(SM), a suite of
financial management tools that financial services institutions can
offer to their customers. "With CheckFree Small Business, small
business customers will finally have the financial tools they need
to more effectively manage bill payments, invoicing and
receivables, while their financial institutions will experience the
innovation and quality they have come to expect from CheckFree's
industry- leading online bill payment applications," said Weikert.
Innovative Features for Small Businesses CheckFree Small Business
provides sophisticated features and functionality not seen in other
solutions on the market today. Electronic invoicing, presentment
and payment (EIPP) is a key element of the solution, providing
small business customers with a new way to manage their invoicing
and receivable tasks online. The EIPP capabilities of CheckFree
Small Business include: * Invoice and Receivables Management- Small
business owners can create invoices and send them to their
customers via email and view up to 15 months of invoice history.
Users also have the option of receiving electronic payments from
their customers via dedicated payment sites. Those electronic
payments are automatically reconciled with corresponding invoices.
* Optional Co-Branded Payment Site- An optional service enables a
small business to receive electronic payments from its customers
through a secure, dedicated website that is co-branded with the
business' financial institution. Receivables can be collected in a
more timely manner than traditional offline methods. In addition,
the solution offers bill payment functionality specifically
designed to meet the needs of small business owners, including: *
Multi-Tiered Authority Levels- A small business can establish
different authority levels with restricted access to certain tasks,
enabling it to delegate payment and invoicing roles while
maintaining control over the account. Audit trails for payments and
invoices show actions taken by authorized users and provide
additional security. * Extended Remittance Capabilities- CheckFree
Small Business users are able to pay multiple invoices at the same
time with single payments that include invoice details for tracking
purposes. The solution allows them to quickly and easily reconcile
their invoices with payments. CheckFree has demonstrated its
ability to transform innovative electronic billing and payment
technology into proven, market-ready solutions that enable
financial services organizations to meet their acquisition,
retention and optimization goals through their secure online
channels. CheckFree solutions enable both consumers and small
business customers to view and manage more of their overall
financial standing anywhere, any time, with the same security,
intuitive functionality and convenience they have come to expect
and trust from their financial institutions' online channels.
CheckFree's solutions include online integrated personal finance
management; online account opening, funding and transfer
capabilities; electronic billing and payment for consumers;
electronic invoice presentment, payment and receivables solutions
for small business banking customers; mobile payment solutions;
flexible web services technology for electronic billing and
payment; and payment fraud detection and prevention. About
CheckFree (http://www.checkfreecorp.com/) Founded in 1981,
CheckFree Corporation (NASDAQ:CKFR) provides financial electronic
commerce services and products to organizations around the world.
CheckFree Electronic Commerce solutions enable thousands of
financial services providers and billers to offer the convenience
of receiving and paying household bills online, via phone or in
person through retail outlets. CheckFree Investment Services
provides a broad range of investment management solutions and
outsourced services to hundreds of financial services
organizations, which manage about $1.5 trillion in assets.
CheckFree Software develops, markets and supports payment
processing solutions that are used by financial institutions to
process more than two-thirds of the 14 billion Automated Clearing
House transactions in the United States, and supports
reconciliation, exception management, risk management, transaction
process management, corporate actions processing, and compliance
within thousands of organizations worldwide. Certain of the
Company's statements in this press release are not purely
historical, and as such are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These include statements regarding management's intentions, plans,
beliefs, expectations or projections of the future. Forward-looking
statements involve risks and uncertainties, including without
limitation, the various risks inherent in the Company's business,
and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended June 30, 2006 (filed September 8, 2006) and Form
10-Q for the quarter ended September 30, 2006 (filed November 8,
2006). One or more of these factors have affected, and could in the
future affect the Company's business and financial results in
future periods, and could cause actual results to differ materially
from plans and projections. There can be no assurance that the
forward-looking statements made in this press release will prove to
be accurate, and issuance of such forward-looking statements should
not be regarded as a representation by the Company, or any other
person, that the objectives and plans of the Company will be
achieved. All forward-looking statements made in this press release
are based on information presently available to management, and the
Company assumes no obligation to update any forward-looking
statements. DATASOURCE: CheckFree Corporation CONTACT: Media
relations, Judy DeRango Wicks, +1-678-375-1595, or ; or Investor
relations, Tina Moore, +1-678-375-1278, or , both of CheckFree
Corporation Web site: http://www.checkfreecorp.com/
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