Online Invoicing and Payment Solution Can Help Business Owners Collect Payments from Customers More Easily and Quickly

Denver, CO, December 21, 2009 — PaySimple, the leading provider of SaaS (Software-as-a-Service) on-demand online payment solutions for small businesses, has partnered with American Express to launch AcceptPay (www.acceptpay.com), an online invoicing and payment solution that can help business owners improve cash flow at a time when customers are taking a longer time to pay.

AcceptPay is a new online solution that allows business owners to create, send and track invoices – all in one place. Through AcceptPay, customers can pay the invoice through a variety of methods, including major credit and debit cards, eChecks, cash, or checks. Resulting payments are deposited directly into the business owner’s bank account.

“At a time when every dollar counts, business owners need tools and resources to help them better manage their firms’ finances, and that is why we created this innovative payment collection solution that can help them get paid faster,” said Mary Ann Fitzmaurice Reilly, Senior Vice President, American Express OPEN. “AcceptPay further demonstrates our commitment to offering entrepreneurs a full range of products and services that can help them manage through the recession and grow their enterprises.”

“We are extremely excited about our partnership with American Express,” said Eric Remer, CEO of PaySimple. “Not only is American Express a great company, but it also has an exceptional reputation for its quality products and services, especially in the business community. This partnership allows PaySimple to further its vision of simplifying the lives of small business owners by expanding its reach to millions of small businesses.”

According to the American Express OPEN Small Business Monitor, a semi-annual survey of business owners, 60% of small business owners have cash flow concerns, with 20% of business owners reporting that the ability to pay bills on time is the most significant cash flow issue. In addition, 32% of small business owners are most likely to be more aggressive in collecting accounts receivable in order to improve cash flow – the most popular tactic of those offered in the survey.

AcceptPay features and benefits include:

  • Faster payments: Customer payments are deposited directly into a linked bank account designated by the AcceptPay user;
  • Variety of Payment types: Customers can choose multiple online payment options including major credit and debit cards, eChecks, cash or checks;
  • Improved efficiency: Business owners can create and send invoices, as well as track and organize invoices, payments and outstanding receivables online – through a single web-based portal;
  • Added financial control: Business owners can track and view invoices and receivables via automated or custom reports. All of these records can be seamlessly integrated into QuickBooks® software.
  • Ease of use: AcceptPay does not require a software download or customer website.

Every business owner, whether or not they are an American Express OPEN Cardmember, is eligible to apply for AcceptPay from American Express OPEN. There is no set up fee, and the service is priced at $20/month. Any business owner can also register for AcceptPay Lite, which is a free invoicing-only solution that provides the opportunity to test the product.

American Express OPEN partnered with PaySimple, a leading provider of SaaS (Software as a Service) on-demand electronic payment solutions for small businesses, to design AcceptPay. OPEN and PaySimple worked with business owners to create product features and integrated feedback from product test groups.

Small Business Owners Ask “How can I get Paid Faster?” in New TV ad Featuring AcceptPay

American Express recently launched a television spot featuring real business owners asking each other questions about how to better run their businesses. The national ad underlines the primary thing small business owners want to know – how to get paid faster – and highlights AcceptPay as a solution for business owners looking to turn the page on a challenging 2009. Small business owners are also encouraged to ask their own questions and join the conversation by logging on to OpenForum.com, an online resource and networking site for business owners. The business owners featured in the ad include:

  • Ahmed Mady, Paragon Remodeling, Vienna, VA
  • Candace Nelson, Sprinkles Cupcakes, Beverly Hills, CA
  • John Lawson, 3rd Power Outlet, Atlanta, GA
  • David Hughes, Skydive Santa Barbara, Lompoc, CA
  • Lynn McMahan, Southern Eye Center, Hattiesburg, MS
  • Jasmine Takeshi, Laughing Lotus Yoga, San Francisco, CA
  • Rafe Totengco, Rafe New York, New York, NY
  • Chris McIntyre, Eagle Rider Tours, Los Angeles, CA
  • Chris Zane, Zane’s Cycles, Branford, CT
  • Dan Marino, Jackson Hole Buffalo Meat Co, Jackson, WY