Press Release

DepositNow® adds ability to accept credit cards and electronic checks

SAN FRANCISCO, February 10, 2009 — BankServ, worldwide experts in electronic payments, today announced that DepositNow® has added the capability to accept credit card and electronic check payments over the Web. This enhancement creates the first Small Business product to unify billing, collection and bookkeeping across the most widely used forms of payment, allowing business owners to collect receivables faster and reduce their billing and processing costs.

For over four years, DepositNow has helped businesses save time and money by enabling desktop deposits of paper check payments. Its unique "smart bookkeeping" feature automatically matches check payments with the correct invoices in popular accounting programs such as QuickBooks® and Peachtree®, eliminating data entry errors and speeding the accounting process. The new release of DepositNow extends those capabilities to customer-initiated card-based and electronic check payments, giving business owners faster access to cash and cutting down on back-office paperwork.

With DepositNow, a business owner simply provides her company logo and graphics, and BankServ sets up a custom-branded Web site to accept payments by credit card or electronic check. Customers either go directly to the site to pay their bills, or the owner can insert secure, "click-to-pay" hyperlinks within invoices generated in QuickBooks, Peachtree or Microsoft Word®. When a customer pays online, DepositNow directs the funds to the business’ selected bank account, then uses its smart bookkeeping feature to automatically update accounts receivable records.

"When we introduced it, DepositNow revolutionized the way Small Business managed check payments," said David Keenan, VP of Sales and Marketing at BankServ. "More than ever, though, business owners need the faster receivables collection, improved customer service and lower costs provided by online acceptance of credit cards and electronic checks. We are excited to bring these popular forms of payment to Small Business and believe that DepositNow now represents an even greater value for business owners and the banks that serve them."