September 2, 2014, 1:46 PM

Investors put $11 million into online payments technology firm Transactis

Transactis provides its BillerIQ online billing and payment system as a “white-labeled” application through the Internet.

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With $11 million in new venture capital, Transactis Inc. is planning to further develop the technology and market reach of its online billing and payment application for B2B as well as retail companies, the company says.

The funding is from investment firms Safeguard Scientifics Inc. and Star Vest Partners, which specialize in financing e-commerce and technology companies. It brings to $40 million the total amount of outside investment in Transactis.

"This funding allows us to expand Transactis' products and services as we continue to grow our presence in the marketplace through our reseller partnerships,” says Joe Proto, Transactis chairman and CEO.

Transactis provides Internet or cloud-based software, BillerIQ, for online bill presentment and payment services that companies  can use to process electronic invoices and payments with business customers or individual consumers, Transactis says. The technology is designed for small companies that send out as few as 50 invoices per month to large corporations with hundreds of thousands per month, Transactis says. It adds that its clients are in industries including health care, insurance, public service agencies, utilities and financial services.

Transactis sells its software only through resellers, including banks and bill-processing services organizations, that can offer BillerIQ under their own brand names. The technology is designed to enable online bill presentment and payment on mobile devices as well as desktop computers. It also supports payment acceptance via telephone.

"The electronic billing and payment market continues to see significant compound annual growth. We are still in the early stages of moving from offline, paper-based billing and payments to online,” says Philip D. Moyer, managing director, technology, at Safeguard, who will join Transactis' board of directors. “Mobile and cloud-based offerings like Transactis are accelerating this market trend."

Transactis also offers DocumentIQ, an Internet-based digital document presentment and storage system.

StarVest Partners has also invested in e-commerce companies including NetSuite Inc. and Insurance.com. Other investors in Transactis include Metamorphic Ventures, Vermont Information Processing and Harland Clarke.

For a free subscription to B2BecNews, a weekly newsletter that covers technology and business trends in the growing B2B e-commerce industryclick here. B2BecNews is published by Vertical Web Media LLC, which also publishes the monthly trade magazine Internet Retailer.

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