RICHMOND, VA (WWBT) - If you pay your bills electronically, you probably enjoy saving the time and cost of mailing out checks. But many businesses haven't been able to do that until now, thanks to a new local company.
Point, click, send. That's how easy it is for you, a consumer, to pay your bills electronically through bank websites.
But it's not that easy for most small businesses. They still use paper checks because they don't have the systems to electronically pay their vendors, which may all accept different forms of payments, and usually require additional information.
Explains Steve Winston, founder of the The Payments Company, "In business payments, you have to send the information, the invoice. You might have 100 invoices that go with one payment."
The Payments Company performs that research and has software that lets businesses pay each other electronically, including through a pre-paid Virtual Visa card. Plus the businesses receive rebates for using the system.
"For companies like Patient First, which may have one thousand checks a month, we convert as much as 70 to 80 percent to electronic," explained Winston.
The Payments Company has grown from a few employees just four years ago, to twenty today. Now Union First Market Bank, which has been using The Payments Company for its own payments, has invested in the company, claiming a 20% stake and a seat on its board of directors.
Said Billy Beale, CEO of Union First Market Bankshares, "The benefit for us is two-fold. It provides us a relationship that we can refer to our customers. The second is that it gets us into a unique space in the payments industry."
The Payments Company is now in the process of expanding. They're about to move into a larger office space in the same building, and they're doing some hiring. They're adding two to three positions this month in sales, research and accounting, and say they'll add more soon. The company is setting up a presence in seven states with plans to expand nationwide.
"We almost doubled our revenue from last year," said Winston. "We're looking to double again. Yah, we're pretty excited."