Secure Internet Commerce Network

2918 5th Avenue, Suite 210
San Diego, Ca 92103

tel.:  619.294.9191
http://www.sicomm.net

Press Release

 
May 02, 2005



SicommNet Launches Access to Prompt Payment Services for it's Vendor Community.


   San Diego, CA - May 02, 2005 –SicommNet today announced that it is working with Bay View Funding, which is financed by a subsidiary of Wells Fargo Bank, to offer Prompt Payment Services to its more than 30,000 vendors already receiving solicitations from state and local public agencies within SicommNet’s MarketPlace system.

   While public agencies tend to be excellent customers, many small businesses find the cash-flow requirements necessary to successfully perform on public agency contracts do not always align with the payments from the agency. SicommNet understands the challenges that companies sometimes experience in receiving prompt payment from their customers. Because of this, SicommNet has made arrangements with a few select leading financial institutions, including Bay View Funding and Wells Fargo, wishing to provide a Prompt Payment Service to vendors who have won awards from public agencies or other customers.

   “We are delighted to be offering Prompt Payment Service to our public agency customers’ vendors. We recognize the cash-flow requirements for many small businesses necessitate obtaining funds in advance of their contract’s current payment schedule. In conjunction with the rest of SicommNet’s products, receiving Prompt Payment Service will help many of our vendors be even better suppliers to our public agency customers,” noted Dr. Michael Elliott, CEO of SicommNet, “This is a win-win for both.”

   The Prompt Payment Service is initially being offered to suppliers receiving orders from public agencies which are awarded on SicommNet’s BaSEC system. More information on this service is available HERE.

About SicommNet :
 
SicommNet was founded in San Diego in 1998 to provide e-commerce solutions for public agencies, business enterprises, and the millions of small and medium sized businesses searching for a way to use the web as a business tool. SicommNet’s e-procurement system, which runs on the Internet, is used by the states of Hawaii, Idaho, and Maine, as well as the U.S. Marine Corps and several other public agencies.
About Bay View Funding :
 
Bay View Funding is an independent asset-based finance company providing cash flow financing solutions for small to medium sized businesses across the USA. Account receivable financing up to $2 million. Providing financing solutions for start-up, fast growth, or leveraged, service, manufacturing and distribution companies through out the USA. Learn more by telephone (800)229-9000 ext 620 or www.bayviewfunding.com.


Contacts:

SicommNet:
Name: Paul McEneany
Phone: 877-742-6661 x 130
e-mail: mceneany@sicomm.net

Bay View Funding:
Name: Vince Narez
Phone: (800)229-9000 ext 620
e-mail: vnarez@bayviewfunding.com