Project Description

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With the rapid pace of change, managing receivables may seem overwhelming.

Your customers expect more options, faster service, and more robust security.

Your company expects increased efficiency and improved working capital.

These are major challenges.

But you can make a big impact on your customer’s experience, your department’s efficiency, and your company’s working capital by making small changes in how you present, pay, and post receivables transactions.

Understanding how each of the 3 P’s functions – and how all three work together – is key to optimizing your receivables process.

Seven out of 10 customers expect multiple billing and payment options – regardless of your company’s size or industry.

If your company is like most, you present bills and invoices to your customers in multiple formats.

And they pay you through multiple channels using multiple methods.

Offering multiple presentment and payment options increases customer satisfaction.

But it can also increase your staff’s workload and the time and cost of posting your receivables especially if you rely on a different provider or system for each channel.

Even with electronic formats, almost half of today’s remittances require data entry or a manual process to post.

And the more payment formats you accept, the more complicated it can be to track your cash and store your payment data securely.

Moving forward means finding a smarter way to work.

It means looking for ways to streamline, automate, and even outsource activities across your entire receivables process.

For presentment, a single provider is key to efficiency.

You manage the billing data.

Your provider presents your bills and invoices in every format.

Look for a provider that can print and mail paper bills offering you the economies of scale and specialized equipment.

A provider that can create and distribute e-bills increasing speed and accuracy.

A provider that can even host a payment portal branded to your business, offering your customers’ personalized, convenient, electronic options.

For payment, a single system is key to satisfying customers and reducing staff workload.

Let your customers pay when and how they want, while you capture all electronic payments – regardless of the method – in a single system.

This innovative payment hub, known as a gateway, can support your web store, mobile app, call center, retail locations, and lockbox.

It can automatically screen every transaction for fraud and store sensitive customer data securely. It can even accept multiple currencies.

A single system for all types of e-payments helps your staff work efficiently and helps you manage with confidence.

For posting, straight through processing is key to improving working capital.

Work with your bank to make sure you receive the most complete receivables data – in the format you need – and in the fewest files possible.

With today’s sophisticated services, you can automate posting for card, ACH, check, wire, and online bill pay transactions.

Companies that automate can post receivables 25% faster and keep days sales outstanding under 30 days – more than three weeks better than their peers.

You can offer your customers more billing and payment options without adding to your staff’s workload, boost your organization’s cash flow and reduce days sales outstanding, and safeguard sensitive customer data from fraud and risk.

All by taking an integrated approach to the 3 P’s of receivables automation.

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