My Payment Network Inc., an online payment service provider for schools and small businesses, today announced the launch of its electronic payment platform for small businesses, MyPayNet. The new online service enables small businesses to invoice customers and collect payments electronically.

Businesses can collect payments electronically through their Website or by mailing electronic invoices. Businesses simply fill out a form in their MyPayNet account creating an "item" that details what customers are paying for. This invoice can then be emailed for customers for payment; the funds are then automatically deposited into the company's bank account. Customers are given the option of pay via check, credit card, or PayPal account. MyPayNet also allows businesses to build payment pages that can be linked to their Website. There is no limit on the number of payment pages that companies can create or the number of invoices they can send.

The company is targeting small businesses that send out less than 10,000 invoices per month, according to David Dunaway, president of My Payment Network. "There are other electronic payment services, but nothing that small businesses can afford," Dunaway said. Payment for MyPayNet varies by payment types: a credit card payment costs 2.6 percent of the invoice plus 30 cents per payment; setting up electronic check payment capabilities costs $200, plus 65 cents per check processed.