Transforming Cash Application to Achieve 82% Automated Cash Posting - The EBSCO Way

Impact Achieved

82%

Automated Cash Posting

72%

Deductions Auto-Coded

33%

Resources Reallocated to Higher Value Tasks

100%

Elimination of Lockbox Fee Saving $64,000 Annually

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ABOUT EBSCO

EBSCO, an American media & publishing company automated its end-to-end payment processing with HighRadius and achieved a hit rate of 82% in cash application, enhancing its overall customer experience.

Employee

6000

Revenue

$2.8 Billion (2017)

Geography

NA

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Top Challenges

  • Huge manual workload with just 6 analysts executing the entire process.
  • Missing remittances for payments received leading to delayed cash application.
  • Slower processing of credit card payments negatively impacting customer experience.

Business Benifits

  • Automated invoice matching helped process payments faster.
  • AI-based remittance prediction for missing remittances resulting in faster cash posting.
  • A self-service payment portal eased credit card and ACH payments for customers.
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Invoice level Hit Rate for Cash Allocation

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Check Level Hit Rate

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© 2023 HighRadius • All rights reserved
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