The costs of processing incoming checks is almost 5.5 times greater than that of electronic payments, however, most companies still have a hard time increasing 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 are far from the truth.
In truth, among all form of payments, checks are subject to the most incidents of fraud. As a result, managing payment risk and operational expenses is one of the biggest on-going challenges faced by corporations today. How you check your facts and learn the truth around processing electronic payments will change your approach to solving the e-payment processing challenges. A simple move such as implementing the right technology to optimize electronic payment processing will save organizations thousands of dollars a year.
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.