Demand for Secure Business Payments Rises, Fueling Record Growth for MineralTree

New version of Secure Business Pay enhances user experience, guarantees payment protection against online fraud

CAMBRIDGE, Mass.--()--The growing demand by businesses for secure, integrated payables is translating quickly into record growth for MineralTree, the business payments company. In the last quarter of 2013, the company signed agreements to offer Secure Business Pay to the business customers of five major U.S. banks, including City National Bank and Silicon Valley Bank.

MineralTree sits at the intersection of businesses that are increasingly looking for smarter and safer ways to manage payments and banks that target business payments as a strategic growth opportunity. MineralTree’s award-winning solution offers businesses a better way to make and manage payments – relieving them of the risk and cost of relying on paper checks.

“Every month, we issue hundreds of checks, and the resources needed to review, produce, mail, and reconcile those payments was a huge burden—it was also an antiquated, expensive process fraught with risk at every step, ” said Ed Mis, Manager of Apnea Care in Williamsville, New York. “When our bank came to us with the option to use MineralTree, everything clicked, and we quickly and easily made the switch. We could not be happier – everything remains the same – our accounting system, our payments processes, our bank – except faster, safer, and more efficient.”

For most businesses, moving to online payments is neither simple, nor safe. This is especially true when it comes to online fraud, as seen in several recent high-profile incidents, like that of Mark Patterson, CEO of Maine-based Patco Construction, who had nearly $600,000 cleaned out from his business bank account when hackers took over his online bank account. If this were a consumer account, Patterson would have been protected under Regulation E (also known as “Reg E”), a law that protects consumers against electronic payment fraud.

Considering that this was a business account, Regulation E offered Patterson no recourse: Patterson had to engage in a lengthy, ongoing legal battle with his bank to recover stolen funds. Many businesses are not aware of the extent of online account fraud or the limitations of Regulation E, and therefore it is imperative that business payments solutions provide robust security against online fraud.

MineralTree’s Secure Business Pay, available to businesses of all sizes, fills that need. By simply using the solution to make payments from their business accounts, MineralTree guarantees payments against online account takeover and fraud.

Platform Expansion Delivers Benefits Directly to Businesses

The company announced today the release of a new version of its Secure Business Pay product, further enhancing both simplicity and security, while adding new features to electronify the entire process of making and managing payments, from approval to reconciliation. Available now, new features are designed to meet the needs of businesses of all sizes, including:

  • Two-way synchronization with Accounting and ERP systems: Eliminates mistakes from manual entry, saves valuable staffing resources and puts control back into the hands of accounting professionals. Available for Microsoft Dynamics GP1, NetSuite2, and QuickBooks.3
  • Next generation of integrated payables: Gives payment professionals more options for how and when they make payments.
  • Guaranteed fraud protection: Provides business customers the coverage and protection they need against fraud and online account takeover.
  • Invoice automation: scanning, document management, secure storage, search and retrieval, simplifying invoice capture, reducing risk of lost or stolen records, eliminating missed and inaccurate payments, and streamlining the back-office AP processes.
  • Workflow and control: Invoice and payment approval, dual approval, user payment limits – all designed to increase security, transparency, and efficiency.

“Many businesses rely on third-party payment tools that act as an intermediate settlement account for their funds, which significantly increases their risk,” said Christine Barry, a research director at Aite Group. “The better, more secure payment option is to pay directly through the bank. MineralTree serves as a payment facilitator and not a payment processor; all payments are disbursed directly from the paying organization’s bank account.”

Starting this year, MineralTree’s Secure Business Pay is available directly to businesses, along with its current availability through banks.

Businesses know it’s time to put an end to the antiquated, paper-based manual process of making and managing payments. Today, everything about business payments is slow, paper-based, and poorly controlled – from seeking invoice approvals to issuing paper checks,” said BC Krishna, President and CEO of MineralTree. “We’re singularly focused on making business payments simpler and safer for all.”

For businesses ready to improve the way they make and manage payments, visit http://www.mineraltree.com/StopWritingChecks and register for MineralTree’s upcoming webinar, MineralTree Secure Business Pay: A Better Way to Make and Manage Payments, February 12th, featuring customers clevermethod and Apnea Care.

1 Microsoft and Microsoft Dynamics are either registered trademarks or trademarks of Microsoft Corporation or its affiliates in the United States and/or other countries.

2 NetSuite and NetSuite Logo are trademarks or registered trademarks of NetSuite Inc or its affiliates in the U.S and other countries.

3 Intuit and QuickBooks are trademarks and service marks of Intuit Inc., registered in the United States and other countries.

Contacts

Corporate Ink Public Relations
Greg Hakim, 617-969-9192
ghakim@corporateink.com

Release Summary

MineralTree, the business payments company has released its new version of Secure Business Pay -- featuring an enhanced user experience, and guaranteed payment protection against online fraud.

Contacts

Corporate Ink Public Relations
Greg Hakim, 617-969-9192
ghakim@corporateink.com