CheckFree Acquires PhoneCharge

The acquisition of PhoneCharge will help CheckFree meet all of the electronic bill payment processing needs for billing organizations by supporting every channel, including online, walk-in, telephone, and lockbox through accounts receivable conversion processing. By working with a single, strategic electronic bill payment partner, billing organizations can further reduce costs and operational complexity that they face in managing multiple remittance vendors and settlement processes. CheckFree's focus is helping billers optimize their management of the "Revenue Collection Lifecycle."

Today, PhoneCharge offers proven phone payment services to an established base of companies, including national and regional telecommunications, cable television, utility and other billing organizations. The acquisition expands CheckFree's market position in offering convenience payments, which billers offer consumers in order to make last-minute or same-day bill payments to avoid late fees or service interruptions. These capabilities complement CheckFree's existing focus on faster payment processing across the channels it supports. CheckFree can also offer its billing customers the option of offering multiple payment instruments to their customers to fund their bill payments, including electronic checks, debit and credit cards.

"The acquisition of PhoneCharge reaffirms CheckFree's strategic commitment to serving the end-to-end electronic bill payment needs of billing organizations," said Matt Lewis, executive vice president and general manager of CheckFree's Electronic Commerce division. "By consolidating bill payment processing for all channels with one trusted partner, billing organizations can optimize their management of the Revenue Collection Lifecycle for improved operational efficiency, customer service and competitive advantage."