Software Companies and Billers Find Silver Lining with Invoice Cloud™
To prosper in this economy, software companies and system integrators are offering added value to their existing customers and prospects.
Boston, Ma – August 4, 2009 – Experienced entrepreneurs Bob Bennett, Bob Lapides, and Todd Wiseman are providing a service that helps software companies and systems integrators increase their profits and attract new customers. Invoice Cloud gives traditional software providers a SaaS tool that saves money for both billers and their customers.
Bennett, who invented the MicroFridge™ (refrigerator, freezer, and microwave oven combination) over twenty years ago, admits, “The MicroFridge product was a simple idea that solved a pretty big problem for students and others living in small spaces. Invoice Cloud™ is another simple idea that solves a big problem for organizations that spend too much time and money sending out paper bills and processing paper checks.”
To maximize his simple idea, Bennett has joined with Lapides and Wiseman to create Invoice Cloud, Inc. Lapides, helped build and create positive liquidity events for high tech companies including EnvoyWorldWide and Ardence, now a Citrix division. Todd Wiseman, a former senior business development executive with Google, says “My recent experience with Google confirmed my belief in SaaS. Invoice Cloud is the right idea in the right space at the right time.”
Invoice Cloud extends the value of software by providing a cost saving SaaS solution that is payment card industry (PCI) compliant. This relieves billers of the burdens associated with storing sensitive financial information and software partners of the related development costs. Partners provide the electronic billing service, with integration to their software products, to existing customers and prospects to help them save money, improve cash flow and enhance the customer experience.
A 2008 Gartner Group survey of 100 companies with sales of $100 million or more, reveals that a savings of $5.7 million a year could be realized for businesses that bill electronically if a mere 2.3% of their invoices are viewed, paid and disputed online.
Invoice Cloud provides an easy to use, low cost, custom branded, e-billing and e-payment solution that reduces billing and collections costs by as much as 90%. What’s even more compelling is that there’s little to no upfront cost and the solution can be operational in days or weeks, not months. Billers don’t need to have customer email addresses to use the service. Paper invoices can drive adoption by providing the biller’s web address where customers can pay on-line and enter their email addresses to switch to paperless invoicing. According to the July 2009 issue of Digital Transactions, an estimated 64.4 million households paid at least one bill either through a bank site or a biller’s site.
The Invoice Cloud go-to-market strategy is to build partnerships with software companies and their leading resellers and systems integrators. Invoice Cloud management believes that their partner model is a key differentiator. Says Bennett, “Our partners have successfully provided integration support and are sharing revenue. The benefits realized by their customers are encouraging more billers to sign up everyday.”
About Invoice Cloud, Inc.
Invoice Cloud, an EngageSmart solution, is the leading provider of online bill payment services. Founded in 2009, the company has grown to be one of the leading disruptors in the cloud-based electronic bill presentment and payment (EBPP) space, helping institutions put customer experience first. By switching to Invoice Cloud, clients improve customer engagement, loyalty, and efficiency while reducing churn and missed payments in the process. With over 2,100 clients across the US and over 50 million payments processed annually, Invoice Cloud is one of the most secure, innovative, and inclusive fintech solutions in the market. To learn more, visit www.invoicecloud.com.