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Finpago Inc. launches FSAok^® AutoCopay™ to simplify flexible spending account purchase process

FSA payment service complies with IIAS and IRS Notice 2006-69

NORRISTOWN, PA – (May 11, 2009) – Finpago Inc. officially launched its FSAok^® AutoCopay™ solution today, making the service available for purchase to pharmacies to adhere to new IRS regulations regarding health flexible spending accounts (FSA).

FSAok^® AutoCopay™ delivers an automated copayment claims service that eliminates paperwork for patients and lets them easily and automatically make pharmacy copayments using any credit or debit card, including their FSA debit card. Now, any pharmacy can accept payments from consumers who use health flexible spending accounts, even if they don′t have a point of sale system.

The service complies with IRS Notice 2006-69 and is easy to use. Pharmacists simply submit copayment claims the way that they normally do.  AutoCopay™ processes the claim, and consumers pay using funds from their FSA card or any other credit or debit card.

For pharmacies without point of sale systems, AutoCopay™ makes it possible to accept payment from patients who use FSA debit cards after the July 1, 2009 IRS regulation deadline, which limits acceptance of flexible spending debit cards to pharmacies with inventory information approval systems (IIAS).

″The average pharmacy sells more than $60,000 per year to customers with flexible spending account debit cards,″ said Finpago Inc. CEO Fred Hawkins. ″ The FSAok^® AutoCopay™ service provides a cost-efficient method for them to preserve those customer relationships, so that pharmacies can continues to serve their patients and avoid losing a big part of their income.″

Pharmacies benefit from the FSAok^® AutoCopay™ service because it is easy to process claims, is inexpensive and doesn′t require a point-of-sale system. Pharmacies can process claims through their existing pharmacy system and do not have to pay to install any new software or hardware. What′s more, FSAok^® AutoCopay™ tracks FSA debit transactions and responds to IRS audits.

″ The goal of the FSAok^® AutoCopay™ is to make the process of visiting the pharmacy as easy and painless as possible for consumers,″ said Hawkins. ″ The consumer has control over how to pay for their health care purchase, including FSA debit cards. We would encourage anyone with a flexible spending account to take advantage of this essentially no-cost service.″

Finpago, Inc. provides independent payment and claims processing solutions for automating in-store health care purchases. It offers systems for streamlining health benefit accounts and serves administrators, employers, consumers, and retailers. The FSAok service is protected by US patent. For additional information, visit www.FSAok.com.