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For small businesses, billing and dealing with paper check payments can be a time-consuming headache. At a minimum, you have to deposit paper checks and mail out paper invoices; all too often, you must make follow-up calls to ensure that the check is in the mail. Consequently, some businesses add surcharges for handling paper checks.

CheckSpace streamlines the entire billing and payment process by moving it to the Web and to e-mail--if both parties agree to use it. CheckSpace effects direct transfers between the bank accounts of its members.

When you sign up, you provide CheckSpace with your bank account and routing information. Activation occurs immediately if you use a credit card for address verification; if not, CheckSpace verifies the data with your bank and sends you an activation code via snail mail. Once you've signed up, sending bills or payments to fellow members is as simple as entering their e-mail address (that's how CheckSpace identifies users) and filling in the amount on a form at the CheckSpace Web site.

When you're ready to set up a payment, tell CheckSpace when you want it to transfer the funds; to request a payment, set a deadline. CheckSpace makes its money by charging the recipient 95 cents per transaction (after the first five, which are free). This expense makes the service impractical for small payments but worthwhile for larger sums. Payments are limited to $500 per week unless you undergo further credit checks.

CheckSpace e-mails you when the person you've billed submits instructions for payment. In my tests, payments showed up when promised. You can export transactions to Excel, Money, QuickBooks, or Quicken file formats.

Convincing larger companies with more complicated accounting procedures to use CheckSpace might be difficult. But consultants and small-business owners who don't have dedicated accounting departments could certainly benefit from this simple and straightforward alternative to paper-based payments.

SUMMARY

CheckSpace PRO: Easy-to-use, inexpensive online billing and payment service for small businesses; can download records to many financial software programs. CON: Both parties must register; doesn't easily integrate with large, formal accounting packages. VALUE: Handy alternative to paper-based billing and payments if both sides participate. $Street price: Recipient pays 95 cents per transaction. CheckSpace 206/749-0966 www.checkspace.com

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