Bringing Electronic Payments Back from the Dark Side
Bringing Electronic Payments Back from the Dark Side : 3 Jedi Tricks to Achieve 90%+ Straight-Through Cash Application with Your Existing System
About the Video:
Not so long ago, at credit and A/R departments not so far away, finance leaders believed electronic payments would reduce payment processing costs and effort.
Unfortunately, teams who accept electronic payments also receive non-standardized, varied electronic remittance from email, email attachments, websites and EDI. Cash application has succumbed to the Dark Side, overwhelmed by the forces of manual data extraction, payment linking, reconciliation and exception handling. Electronic payments now take longer to process than checks!
However, recent developments have awakened a new hope and enabled credit and A/R leaders to take control and automate processing for more than 90% of electronic payments. The answer was not expensive software or a Death Star-sized IT project but simple “add-on” technology that works with existing cash application systems.
Elaine Nowak, Director, Product Marketing, HighRadius