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Article published in Issue Number: 070202

Accepting payments online, without the shopping cart

Product: MyPayNet
Company: My Payment Network Inc.

Sometimes businesses want just enough e-commerce capability to accept client payments online without investing in full-featured software with utilities like shopping carts.

My Payment Network Inc.'s MyPayNet allows businesses to electronically send invoices and receive payments, with the funds automatically settled to their bank accounts.

ISOs, which sell the service, can customize the look and feel of Web pages to match their own brand, said David Dunaway, My Payment Network's Chief Executive Officer. The company recently streamlined the private-labeling process for partners.

The system enables associations to accept event registrations, membership fees and subscriptions online. Personnel fill out an invoicing form in their MyPayNet account and designate it for payment by one or more of their customers. Invoices are e-mailed to customers.

Both electronic check and credit card merchant accounts are included with the service. The software and service reside on My Payment Network's secure server. Partners and resellers can offer the MyPayNet electronic invoicing and payment service to businesses or schools.

The service enables users to:

  • Use a simple form for online payment-page creation, called an "item"
  • Edit items at any time with instant updating to the payment page
  • Automatically generate HTML code for posting items to their Web sites
  • Keep a full archive of all transactions
  • Allow customers to view their transaction archives
  • Run reports by date, category, student and item name
  • Export all reports to Excel spreadsheets.

The process for linking payment pages to a business's Web site is the same as that linking the payment page to the invoicing function. Personnel fill in a form to create a custom payment page and then link that item to their site.

My Payment Network negotiates a revenue share with ISOs on setup and transaction fees, Dunaway said.

ISOs can also resell the company's primary service: SchoolPay, an invoicing and payment system that enables K-12 schools to accept credit card and check payments.

My Payment Network Inc.

Article published in issue number 070202

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