The PayStream Advisors’ report states that in 2015 more than 72% of businesses reported a decline in check usage as compared to the previous year. The shift to electronic payments is accelerating and AR leaders are faced with upgrading their payment acceptance and processing systems or incurring increased costs from card fees.To become compliant, accounts receivable operations must either pay dearly for the compliance certification process, or be liable for costs related to security breaches.
A successful transformation in the existing cash application scenario for accepting and processing electronic payments requires more than just blanket acceptance of all electronic payment formats. Payment acceptance initiatives end up impacting sales and revenue growth, increasing trade and business risk, and add to processing costs.
HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 1100+ Global Businesses
