NETLEDGER™ AND PAYTRUST® PARTNER TO DELIVER ONLINE BILL PAYMENT CAPABILITY
SAN MATEO, CA.—December 19, 2000.—NetLedger, Inc.,
the leader in Web-based solutions that enable small
businesses to succeed in the new economy, today announced
the unveiling of online bill payment capability, a result
of the partnership between NetLedger and Paytrust®.
The new feature, as part of NetLedgers powerful
e-business tool, allows small businesses to simplify
one more business process by helping them manage and
pay bills online anywhere, anytime.
This partnership has facilitated the integration between
NetLedgers accounting application and Paytrusts
payment processing and check printing infrastructure
via XML. NetLedger users can now make online payments
while providing full remittance information on every
check simultaneously. Then all transaction records will
be updated to the minute in their NetLedger accounts.
The new feature saves businesses time and labor so that
they can focus on their mission-critical tasks.
Paytrust is one of many data links to NetLedger that
have been facilitated by XML. The integration between
the platforms has been undertaken using industry standard
security and encryption technology.
The launch of online bill payment provides further
evidence that NetLedger continues to deliver its promise
to provide small businesses with one tightly integrated
e-business tool to run their entire businesses. This
tool enables businesses to run their companies much
more efficiently and effectively without the need for
different, incompatible applications, said Evan
Goldberg, president and chief executive officer of NetLedger,
Inc. Partnership with Paytrust is gratifying as
Paytrust and NetLedger both share the same goals.
We are pleased to have partnered with a premier
site and offer the Paytrust service to NetLedger users
who seek tools and resources to support their small
businesses, said Edward G. McLaughlin, CEO of
Paytrust. Bill management can be extremely laborious
and by streamlining the process, together NetLedger
and Paytrust are able to effectively save them valuable
time, money and resources.
NetLedger is built from the ground up using an open,
scalable Internet architecture. NetLedger users can
run NetLedger on all major browsers and operating systems,
with anytime, anywhere access. Based on the Oracle 8i
database, NetLedger delivers the power, reliability
and security of enterprise-level accounting and business
management solutions, combined with the ease of use
of a small-business accounting and management package.
Paytrust automates bill payment by making the process
extremely fast and easy allowing businesses to manage
and grow their business rather than spending time writing
checks, purchasing postage and mailing bills. Payments
are issued electronically or via paper checks, depending
on the payees capabilities. Both electronic payments
and paper checks allow for extended invoice information.
This ensures that the payee will accurately record that
the payment has been made and allows businesses to manage
their finance records efficiently.
Using proprietary technology, Paytrust delivers
100 percent of a subscriber's bills online or to a wireless
device for complete bill delivery and management, far
surpassing traditional bill pay-only services. Paytrust
subscribers receive bill notifications and reminders
via email rather than physical mail, and they can review
their bill information from anywhere they have access
to the Internet. Through Paytrust, customers can issue
payments directly from any check writing account, view
automatic checkbook balancing and download and analyze
data in their personal financial management software.
Founded in October 1998, Paytrust is the flagship service
of PAYTRU$T, Inc., a privately held company based in
Lawrenceville, New Jersey. Through Paytrust's acquisition
of PayMyBills.com in September 2000, PayMyBills.com
is a wholly owned subsidiary of PAYTRU$T, Inc. The company
is financially backed by investors including American
Express, AT&T Ventures, Citigroup, ComVentures,
E*TRADE, FTVentures, GE Equity, Goldman Sachs, idealab
Capital Partners, NextCard, SOFTBANK Venture Capital,
Spectrum Equity Investors and Thomas Weisel Partners.
More information on the company can be found on its
Web site located at www.paytrust.com or by calling 1-800-PAYTRUST.
Paytrust is a registered trademark and SmartBalance
is a trademark of PAYTRU$T, Inc.
For more information about NetSuite please visit our Web site at www.netsuite.com.