Inovium, a Corporation for corporates

Inovium is a Corporation specializing in Internet-based electronic billing and payment solutions intended for medium-size businesses, associations, and municipalities. It offers its products in the form of software-as-a-service applications that include InoviumPay, which is designed to handle billing/payment operations; Inovium RapiDeposit, which allows the client to convert incoming checks to digital images, and transmit these images to the bank account of their choice; Inovium LectroCheck, an electronic bill presentment and payment service, which processes clients’ accounts receivables operations; and Inovium MobilePay, a mobile payments system, allowing businesses to accept payments from any network-enabled mobile device.

Inovium was founded in 2002 by Jules Kaplan who also founded ChekFaxx Development Co. and M/D Systems, an Account Receivable insurance preparation management company for the Medical Profession, which was successfully acquired by Bristol Meyers in 1970. Mr. Kaplan was involved in several manufacturing companies as a CEO, was a field Auditor for Internal Revenue Service and is a retired CPA. He has been actively involved in software development since 1958. Mr. Kaplan developed the initial application for Inovium Corporation and is responsible for the initial vision of the company.

company promises its clients to reduce their processing costs up to 65-80%

Inovium Corporation is based in Las Vegas, Nevada with additional offices in Orange County, California; and Europe.

Inovium’s solutions are designed to help businesses shift from traditional paper-based processes to electronics. The company promises its clients to reduce their processing costs up to 65-80% while also offering high ROI to users. According to Inovium’s statements the pre-tax earnings of a typical $10 million manufacturer can be increased 20%.

InoviumPay

InoviumPay is an electronic method of billing and collecting that allows customers to pay their debts on a regularly scheduled basis. Payments are debited from their customer’s bank account.

The operation process offered by InoviumPay is as follows. A business creates and uploads electronic invoice with their logo put on it. The system automatically delivers the invoices to customers via email. Customers view the electronic invoice where they are provided with an option to make online payment by check or credit card or printing the invoice and mailing a check. They can also choose to have payments made on a regular basis by through online checks.

The platform is designed for the use by utility companies, property management companies, associations, non-profit organizations and telecom providers.

Inovium RapiDeposit

The Inovium RapiDeposit system consists of a Check 21 image scanner (various models available from manual feed up to 100CPM), application management software, and optional (CAR/LAR) handwriting reading software and optional payment stub scanning.

Inovium’s processing servers are equipped with 4GB of memory with Raid 10 Array. The servers and processors are fully SAS70 Type II compliant. 

The RapiDeposit application has three key features:

•    Payment Scheduler
•    Manual Entry of checks
•    Payment Stub reading/recording

With Payment Scheduler institutions can deploy electronic funds transfer (EFT). Among other things it works with credit card payments where a merchant card system is selected.

Manual Entry can be used as a virtual terminal by the user. It allows entering check information into the system if the scanner is unable to read a particular check and also provides for telephone payments.

With the payment stub reading/recording feature users can scan a payment stub, instantly matching the payer’s account number and amount due with the payment received.

LectroCheck

Another product of Inovium LectroCheck™ represents an electronic payment system that is designed to facilitate accounts receivables operations by enabling customers to pay their bills online. With LectroCheck™ consumers can remit their payments online or by check or by credit card. In addition the system allows customers to sign-up for automatic recurring payments.

Businesses can integrate LectroCheck to all major accounting software platform with the company brand remaining reflected in the interface.

Corporate clients can also select to integrate the solution with RapiDeposit which allows converting paper checks to electronic payments through Check 21 regulations and receiving funds within 12 hours.

Deploying this platform, clients can add their payers to the database at one time or individually. With that, payers can register themselves. Upon each payment both an organization and a customer receive a confirmation email reporting that the payment is complete.

To apply for the service a business need to contact to the sales staff of Inovium and advise of their wish to open an Electronic Funds Transfer (EFT) account.

InoviumPOPS

InoviumPOPS is an electronic procurement application for the small and medium size business community, municipalities, educational institutions and other organizations that provides them procure-through-pay capability. Suppliers can set up to receive payment through e-procurement payment gateway which allows them to take advantage of early payment discounts due to the rapid payment schedule.

If a supplier connects to the InoviumPOPS e-procurement system they will be charged no fee for being a member of the community while the service itself will be connecting clients to the supplier’s catalogs at no charge. Clients in turn are not charged when purchasing from the supplier. Inovium does not stipulate margins on the supplier’s product pricing.

The service allows suppliers to receive payments from their buyers electronically via Federal Reserve which eliminates credit card fees. Inovium prompts their clients that this can be passed on as a discount to the buyers.

Inovium offers suppliers to use UPIC bank codes meant to prevent any one from debiting their bank account. Suppliers can get their orders delivered by XML, Email or by FAX from their buyers.