The cost of processing incoming checks is almost 5.5 times greater than that of electronic payments, however, most companies still have a hard time expanding electronic payment adoption. The reason for this? People believe that processing decoupled electronic remittances is arduous and expensive, and electronic payments are more subject to fraud. However, these reasons don’t offer the whole truth. Why?
As organizations make decisions that will affect their operational expenses, they need to dive directly into the facts related to electronic payments. How organizations check facts and learn the truth around processing electronic payments will change the approach to solving e-payment processing challenges. A simple move such as implementing the right technology to optimize electronic payment processing will streamline operations and save organizations thousands of dollars a year.
Join us to discover why the perceived value that companies have in issuing checks as compared to leveraging electronic payments is built on myths. We will debunk the misinformation that proliferates in today’s A/R world and help organizations understand why checks are much more costly to process than electronic payments, why checks are fraught with fraud risk, and why effective cash application is possible for suppliers who process payments via an ACH or FedWire.
HighRadius Autonomous Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Autonomous Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.