Earlier we had 6 Cash App folks. We had 5 dispute analysts and 15 collectors. With HighRadius, we now have 1.5 cash application processors, 4 dispute analysts and 9 collectors and our hit rates are great. We have a 96% check level hit rate and a 99% percent transaction-level hit rate.
Due to a diverse customer base, each customer chose a different payment option – resulting in multiple formats. American Greetings grappled with delayed cash application and open A/R.
For customers like big box retailers and mom & pop stores, American Greetings encountered no remittance scenarios. Incase of no information available, the cash remained unapplied.
The A/R team manually processed approximately 6,300 credit card payments manually. There was no automatic capture or creation of remittance data for credit card payments, slowing down their cash posting.
Majority of the customers requested duplicate copies of paper invoices. Sending these invoices via courier services resulted in high costs and were delivered late – leading to unhappy customers.
American Greetings offers highly customized pricing and discounting options. Their collections team had to deal with a lot of incomplete or overpayments. Therefore, they had to reach out to their customers for relevant information, which further affected customer relationships.
American Greetings is a privately owned American company and is a leader in paper greeting cards, electronic greeting cards, gift packaging, stickers and party products.
Media & Publishing
North America
$1.7 Billion
Cash Application
EIPP
With HighRadius Cash Application Software, American Greetings was able to automatically extract remittance data and was able to reallocate 75% of their cash application resources to other critical tasks.
HighRadius AI-Based Cash Application Software suggests missing remittances to payments coming in, and allows the team to choose from multiple suggestions provided by the solution.
With HighRadius EIPP Solution, American Greetings has been able to reduce the credit card payment processing by 50%. Processing auto credit card payments has ensured faster cash application.
With the HighRadius EIPP Solution, the A/R team of American Greetings was able to provide a self-service customer portal. Thereby, reducing paper statements by 70% and eliminating high paper and courier costs, involved in sending out a huge volume of invoices.
With HighRadius EIPP Solution, American Greetings can easily login and track invoice status and payment status of customers. Further, the A/R team can create disputes, discounts for specific customers.
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HighRadius Corporation
Westlake 4 Building (BP Campus)
200 Westlake Park Blvd.
8th floor
Houston, TX 77079
