Businesses have failed to fully realize the lower costs of ACH payments due to the added costs of the manual cash posting process. The challenge with electronic payments lies in the multiple formats in which the remittance is received and the loss of benefits from automating bank lockbox. This necessitates additional manual effort to capture the electronic data and link it to the correct payment. Finally, analysts need to match the payment to the open invoice in the ERP system – again, a manual process. Organizations that adopt ACH could leverage remittance detail from the transaction itself or deploy a targeted cash application solution to achieve increased efficiencies and reduced costs.
Join us in this free webinar and hear experts from NACHA and HighRadius discuss best practices for optimizing ACH payments and how technology should be used to accelerate cash posting in the era of electronic payments.
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.