Get Remittance Out of the (E)Mail with Lockbox and Cash Application Automation
The growth of B2B electronic payments has thoroughly complicated payment remittance practices at the buyers end. According to NACHA, over 80% of payment remittances require re-association to close invoices because customers remittances are spread across e-mail, e-mail attachments, check remittances, fax, EDI and even websites! This creates inefficiencies in the cash application process – requiring time-consuming manual work and slowing down the ability to apply cash faster.
This webinar examines how the ACH Network, coupled with automation technology, can improve the remittance information coming in from the bank lockbox and various other sources to automate the cash application processes.
In this 60-minute webinar, you will learn how to :
- Utilize in-built ACH Network processes and options for facilitating the exchange of payments plus remittance information;
- Adopt best practices for driving customer adoption of electronic remittance;
- Implement plug-and-play technology for aggregating remittance from email, paper, EDI, or web portals; and
- Use rules based technology for applying non-standard remittance to improve cash application in ERP systems.
Date: Wednesday, March 9th 2016
Time: 12:30 – 1:30pm CST
- Robert Unger, Senior Director Product Management and Strategic Corporate Relations, NACHA
- Jay Tchakarov, VP – Product Management, HighRadius