[News]

(NewsUSA) - In today's digital age, small businesses have much more to worry about financially than in previous eras. But electronic payments and banking, the key transaction mechanisms for small U.S. businesses, are easing the burden.

According to a study performed by software vendor CashEdge, 72 percent of small businesses, with revenues in the $5 million to $10 million range, expressed a medium-to-high interest in utilizing online payments.

CashEdge also estimates that between March 2006 and March 2007, the number of electronic employee payments made by small businesses grew by a total of 41 percent. With the rapidly increasing number of web-savvy business leaders conducting business online, companies such as Bank of America have developed Express Invoicing services, which enable small business owners to create and send invoices electronically.

"With Express Invoicing, small business owners can spend less time on billing procedures and more time keeping their businesses running and growing," said Joe Helweg, senior vice president and small business e-commerce executive at Bank of America.

Express Invoicing, part of Bank of America's Online Business Suite, is quickly becoming a way to lighten the workload. These tools are tailored specifically toward small businesses -; a market that in 2006 totaled 26 million, with sizes ranging from one to 500 employees.

With influences such as the Internet, broadband and online advertising driving the evolution of these smaller segments of the business world, owners have become increasingly more tech-savvy and are now looking to save time when it comes to billing.

With Electronic Invoicing, the average invoice can be created and sent in less than two minutes. Services like e-invoicing are part of a larger set of online solutions that can be combined to increase a company's productivity.

Account management modules are now letting customers view their personal and business accounts -; including multiple business entities -; with one online ID. Helpful tools like direct-payment modules give small business owners the added ease of electronic vendor payments, as well as payroll solutions and direct deposit options for their employees.

In a time where small businesses are gaining ground more quickly than ever before, finding security, control and value in financial management has never been easier.

For more information, visit www.bankofamerica.com/suite.
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