Innovative Payment Solutions LLC

This may come as no surprise to some of you, yet we think it is worth mentioning, as many of you are so busy you may not have had time to realize what follows:

The migration of our society away from paper based payments (checks and cash) is happening at a very rapid rate. It is widely known in the payment industry that from 1979 thru 2003 paper went from 85% of the payment mix to 45%. The velocity of that change over the same time period increased substantially as well. Additionally, a 1996 Federal Reserve Bank analyst's study showed that the average cost to produce or accept a check (using 1993 data) was $2.84 to $2.93, while an electronic payment averaged $1.31, an approximate savings of 55%. Some ask, "Does this matter, since the report is so old"? The answer: Yes it does! Intuitively it makes sense that the cost of labor, paper, printing, distributing, and postage have ALL INCREASED since then. Electronic payment costs have declined due to the advancements in technology. Savings could be as much 80%!

What does this mean to your business? Advancement in receiving payments must be undertaken to remain competitive. Our electronic online, on-demand payment tool, GoToBilling, is the most powerful, yet simple to use solution on the market.