October 25, 2005

Easy and Cheaper Online Invoicing and Payment Solution

MyPayNet has launched an online system that makes invoicing and receiving payments from customers (or paying vendors) more feature rich and low cost than PayPal.

Using MyPayNet companies can send invoices and receive payments electronically with the funds automatically settled to the company's bank account. Business personnel simply fill out a form in their MyPayNet account with the details of what is being paid for and designate it for payment by one or more of their customers. This invoice, or payment item?, can then be emailed to one or more customers for payment from MyPayNet. MyPayNet gives businesses several options for receiving payments, including electronic check, credit card, and PayPal.

Features include:

- form for online webpage creation, called an "Item"
- unlimited Items
- accept payment online via electronic check, credit card and PayPal
- Edit Items at any time with instant updating to the payment page
- Email Items to all or a sub-set of your customers
- HTML code automatically generated for easy posting of an item to your website
- Upload company logo to add your branding to every payment page
- A full archive of all transactions
- Run reports by date, category, student, Item name and more
- Export all reports to Excel and CSV
- Simple fee structure

Set-up Fee $150 (limited time only)
Annual Renewal Fee $50

Transaction Fees
Electronic check $.65 per check regardless of the amount
Credit Card 2.6% +$.30 per transaction
PayPal 2.9% +$.30 per transaction

If you are looking for a way to cut out the manual process of invoicing and receiving payments from customers, MyPayNet looks like an ideal solution. Many growing businesses use PayPal for receiving (and sending) payments, but MyPayNet takes things up a notch and makes the process more feature rich, yet still simple.

PayPal's fees, for their WebSite Payments Pro service which accepts credit cards, are $20 per month, as opposed to a one time $150 fee by MyPayNet.

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