Northbrook, IL, September 1, 2000 -- PayNet, Inc. announces a strategic partnership with the Equipment Leasing Association for the launch and marketing of its flagship service, Payment Information Network or PayNet¾the only online service for commercial equipment leasing companies to obtain valuable lease payment history on lease applicants. The ELA-PayNet agreement calls for ELA marketing support and visibility with the ELA membership.

"PayNet’ partnership with The Equipment Leasing Association highlights the quality and integrity of the service," says Bill Phelan, President of PayNet. "The industry is in need of this network because, quite frankly, there is no better indicator of how a lease applicant will pay on his lease than how he is currently paying other leasing companies. PayNet offers the critical credit variable and streamlines the credit process, allowing for higher transaction approvals and less write-offs through better informed credit decisions."

PayNet will be demonstrated at the ELA convention this October in Palm Desert, California. The pilot program launches in 4th Quarter 2000, with an official launch set for early 2001.

"We are always looking for ways to help our leasing company members be more profitable," says ELA President Michael Fleming. "Credit is a key factor for lessor profitability, so our partnership with PayNet allows us to support a system that will help companies achieve a more efficient and profitable credit process."

"ELA’s involvement also ensures that the largest number of lessors are introduced to PayNet, recognize its value and participate," says Fleming. "Companies contributing their credit data helps not only the entire industry make better informed credit decisions," he notes. "But ultimately helps the quality of the leasing community including their individual companies."

Leasing company subscribers to PayNet will provide a monthly download of their customers’ lease payment experiences to PayNet. A one-time technological set-up is required, but thereafter the monthly downloads will be handled automatically through their existing accounting system ensuring that minimal staff time and technological resources are required. PayNet subscribers then can access the pooled data and pull Payment History Reports online for a low fee per report. For confidentiality reasons, names of leasing companies will not be associated with published credit data. This PayNet data also will not be sold for marketing purposes.

Ultimately, subscribers to PayNet can:

• Have access to data that supports more informed credit decisions, increased approvals, lower delinquencies and write-offs;
• Obtain data that is more relevant to their credit decisions than traditional sources of credit history;
• Receive accurate, quality information due to PayNet’ data filtering process;
• Enjoy a streamlined credit process; and
• Eliminate the credit process of checking references with competitors, therefore tipping off the competition to pending deals.

PayNet is working with The Revere Group, as well as Northern Consulting, CEO Associates, and major accounting and software providers to ensure that PayNet technology is user friendly and compatible with existing lease accounting systems.