Imagine getting all the remittance information ready in hand as soon as the payment arrives without having to go through the pain of remittance aggregation from customer portals, emails, or from check stubs of each and every customer. Read ahead to learn what is the best way to turn this into reality.
Instead of enabling easier and faster processing of payments, the increasing number of electronic payments and ACH have complicated matters further for cash application analysts with new ways of providing the corresponding remittance, including via e-mail. Read along to learn how to link email remittances to its payments and extract remittance information from them to apply cash quickly and accurately.
Don’t use automation blindly. Measuring and continuously improving your automation processes is often neglected but it is essential if you want to reap real benefits of technology. Moreover, measuring the performance of an automation system is easier than you imagine. In this blog, our technology expert highlights the three steps to follow while measuring the performance of your cash application automation solution.
“We no longer have unapplied cash sitting on account. Every payment is matched to an invoice the same day it hits the bank and the deductions coding process is automated.” – Josef Genda, Director of Credit, Reckitt Benckiser.
Too many forms of payment (check, ACH, wire transfer) across multiple lockboxes or banks coupled with inconsistent remittance details in different formats (paper, EDI, email attachments, online portals). Here is a quid pro quo to change the dynamics.