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Tuesday June 29, 8:04 am Eastern Time
Company Press Release
Paytrust Launches on the Web to Take the Chore Out of Monthly Bills
Works with Any Biller, Any Bank to Offer Consumers Seamless, One-Stop Bill Delivery and Payment Online
PRINCETON, N.J.--(BUSINESS WIRE)--June 29, 1999--A new era of e-convenience begins today with the nationwide launch of Paytrust(TM), a Web-based service providing consumers with complete one-stop bill delivery, payment and management.
Harnessing the power and efficiency of the Web, Paytrust (http://www.paytrust.com) delivers 100 percent of consumers' bills to a single, secure Web site and directs payments from users' pre-existing checking accounts. Leveraging proprietary, patent-pending technology, as well as the ability to work with any biller and any bank, Paytrust delivers on the promise of consumer-focused electronic bill presentment and payment (EBPP). As an added incentive to try the service, consumers who visit the Paytrust site beginning today can enroll for a FREE three-month trial period. Following the trial, subscribers simply pay a low monthly fee of just $7.95.
The Paytrust service effectively takes the chore out of the monthly bill process so many consumers hate. Consumers simply tell Paytrust the bills they want to receive online and provide the bank account from which they want payments made. Like a personal assistant, Paytrust handles all the work and contacts billers to have them send billing information (electronic or paper bills) to the Paytrust processing center. Customers then have quick and easy access via the Web to view and pay all of their bills anytime, anywhere.
''We believe the Paytrust service is perhaps the most useful and compelling e-convenience since the introduction of email,'' remarked Edward G. McLaughlin, co-founder and CEO of Secure Commerce Services, the company behind the Paytrust service. ''By streamlining the bill payment process for consumers, we are effectively saving them valuable time they can spend on other activities.''
In addition to saving consumers time, Paytrust offers them complete control over the bill paying process. A wealth of customizable features allow them to choose between reviewing and approving each bill they receive, or simply designate specific bills for automatic payment. In addition, Paytrust maintains a detailed, ongoing log of their bills and sends out email reminders to aid them in avoiding missed payments.
Facilitating the entire payment process, the Paytrust Bill Center notifies subscribers via email when a bill has arrived, and provides instant access to the secure, password-protected, Paytrust Web site where they can view and review an exact replica of their paper bill containing the same detailed billing information. Subscribers can choose to pay the bill then or review it later, and receive email reminders whenever bills are soon due. To further streamline the process, specific bills can be designated for automatic payment based on specific criteria. For example, Paytrust can be told to pay a subscriber's monthly cable bill two days before it is due as long as it never exceeds $35 and to notify them prior to paying if the bill is over that amount. Finally, Paytrust bill data can be easily integrated with leading personal financial management software such as Quicken(TM) and MS Money(TM), thus allowing consumers to merge bill payment records with the rest of their financial information.
Security and Customer Service
Paytrust offers the highest level of security to ensure that consumer transactions and information remain confidential. All Paytrust transactions are fully encrypted and all accounts password-protected. In addition, all subscriber information is safeguarded from outside parties and will never be shared or sold. Paytrust also offers live, around the clock customer service via telephone and email 7 days a week, to ensure subscribers always have a resource for answers and assistance.
Biller Benefits
U.S. billers spend $150 billion annually processing consumer bills (source: Bank America/Robertson Stephens). Paytrust has the potential to deliver significant savings for billers by automating bill delivery systems. Paytrust's proprietary technology allows for full integration between billers and their customers' banks, a feature that enables billers to take full advantage of the time and money-saving capabilities of electronic finance. Unlike other EBPP services, Paytrust is the only service to provide all of its billers with detailed payment receipts, thereby eliminating potential billing confusion and delays. Furthermore, the integration of Paytrust's bill management service provides billers with a simple and immediate means of bettering their service to customers.
About Paytrust
Paytrust is the flagship product of Secure Commerce Services Inc., a privately held company based in Princeton, New Jersey. Founded in October 1998, the company is financially backed by AT&T Ventures and Spectrum Equity. More information on the company can be found on its Web site located at paytrust.com or by calling 1-877-PAYTRUST.
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