September 23, 2008, 12:00 AM

Shoppers can save, organize and now search online payments with a new tool

Online payment provider Billeo is launching a search feature that lets shoppers look for payment records by store, amount paid, card used and other categories.

Katie Evans

Managing Editor, International Research

Online payment services provider Billeo is expanding its e-payment management tools with a new feature that lets shoppers search online receipts and transaction records they’ve stored electronically in their Billeo accounts.

The tool, called Splendid Search, automatically saves and categorizes online bill payment and shopping receipts and enables consumers to search for their own transaction records by store or company name, amount paid, credit card used and date. Splendid Search is scheduled to debut in October.

The tool will mark the latest addition to Billeo’s free online payments management program, which allows registered consumers to download a toolbar that features an e-wallet for storing payment information. That includes credit card data in encrypted form, a bill pay feature that sends payment reminders and stores payment receipts and transaction history, a shopping assistant that automatically populates payment billing and shipping forms with the cardholder’s information at online stores from information stored in the e-wallet, and a password assistant that populates online forms with the correct stored password. A reporting feature on the toolbar also enables consumers to view reports of their yearly or monthly spending by category and by company paid.

“What has been very widely available in online shopping is information about all the places you can shop, and the prices,” says Billeo founder and chief executive officer Murali Subbarao. “This is the first product that lets consumers store and organize their online transactions.”

Billeo’s toolbar is downloadable free at its site, but the company may charge in the future, Subbarao says. Three-year-old Billeo derives revenue by selling its services to card issuers, who provide the toolbar free to cardholders under their own brands as an incentive to sign up for those cards. Billeo is paid a fee by the card issuer when cardholders make a purchase using the toolbar’s e-wallet.

Subbarao says Billeo’s e-wallet has been used for payments at some 12,000 web sites, including about 5,000 online retailers, as well other companies that accept online payments, such as utility companies. Among the 26 categories of retail sites Billeo tracks, travel ranks No. 1 in dollar value, followed by apparel and accessories, computers and software, electronics and photo, and home improvement. In the past year, more than 1 million payments have been made out of the company’s e-wallet, according to Subbarao.

 

 

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