My Payment Network Announces The Launch Of MyPayNet 3.0

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Easy, Electronic Payment Suite Does for Service Businesses What the Shopping Cart Did for Retail

ETA Annual Meeting & Exposition -- My Payment Network, Inc. announced today the launch of the MyPayNet 3.0 payment suite, the easiest way for service businesses to electronically collect payments. The MyPayNet system blends electronic payment with email communication in one software suite, giving service businesses an easy, low-cost solution to their greatest challenges: cash management and accounts receivable.

MyPayNet 3.0 is built to meet the needs of service companies like doctor’s offices, law firms, and accounting firms. Currently available solutions don’t accommodate the unique needs of companies that receive checks in the mail and payments over the phone. “Getting these companies into electronic payment requires something different than a shopping cart.” said David F. Dunaway CEO of My Payment Network. “The service needs to combine robust email functionality with electronic invoice payment, Which is exactly what MyPayNet 3.0 does” added Mr. Dunaway.

MyPayNet is currently being tested with Doctor’s offices and out-patient clinics. “We’ve been able to gain significant traction in collections, both reducing our accounts receivable file and the cost of doing so”, said Derek Doss, Administrator for Urology Centers of Oklahoma. “If someone cannot pay the entire amount due, we use MyPayNet to establish a monthly payment plan,” added Mr. Doss

My Payment Network, sells the service directly to companies and through OEM and value-added resellers. MyPayNet 3.0 already has one reseller that is in “pre-launch” and is expected to go live in the second quarter.    My Payment Network is an attractive offer to ISO's, banks, processors and other groups differentiating themselves to their small business customers

About My Payment Network
My Payment Network, Inc. delivers online payment services to more than 1,000 schools, PTAs, businesses, and associations, through its MyPayNet® and SchoolPay® (http://www.mypaynet.com/?schoolpay) services. These online, self-service tools deliver electronic payment to groups and companies that traditionally have not had access to eCommerce. My Payment Network is based in Pittsburgh, PA. For more information, please visit http://www.mypaynet.com.

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Ann Dunaway