Why Automate your Remittance Processing?
Creditron as a solutions provider contributes to the advancement of payment processing knowledge by providing a clear definition of common terms used in the payment processing industry.
Organizations today are under tremendous pressure to show performance improvements; to yield higher output with reduced input factors. Automation of processes can facilitate this objective, if implemented wisely. Automation of the remittance processing function (data entry of paid invoices, and deposit of associated checks) is typically cost justifiable for 200 or more payments per day.
Immediate Benefits Include:
- Reduced bank service charges
- Reduced deposit preparation time
- Increased accuracy of accounts receivable postings
- Reduced labor requirement for data entry
- Easier tracing of returned items
- Enhanced customer service
- Take advantage of ACH & Check 21 electronic deposit capabilities
The addition of image capture to remittance systems can augment these benefits by also facilitating faster retrieval of past transactions, or forming part of an overall image system which reduces paper handling and increases efficiency.