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PAYMENT SOLUTIONS—Part A: Image-based Automated Payment/Remittance Processing
An image-based automated remittance processing solution transforms your current paper based payment handling process into an image-based capture, balancing, and host accounts-receivable-update workflow. After payments are received (and opened, if applicable), the images and data from payment coupons and accompanying checks are captured in a single pass on an imaging transport. The captured data is then interpreted electronically, validated, edited, and the host accounts-receivable update file is created and sent to your host. Coupon and check images and data are electronically archived for immediate retrieval, and the checks are endorsed and ready for deposit.
There are several benefits to automating your remittance processing:
- Significant reduction in your labor costs associated with receiving and applying payments
- Improved customer service
- Reduction in bank deposit discrepancies
- Elimination of paper payment remittance/coupon storage
Most organizations immediately realize a significant reduction in sorting and data keying labor. Sorting payments received based upon the amount paid or whether it matches the billed amount is no longer necessary. Manual account number and payment amount entry is replaced by automated capture. Even if you are currently bar-code scanning, the “wanding” process and the manual account number and amount keying required for your non-matching payments is also replaced by automated capture. The account information and payment amount(s) are automatically interpreted from coupon and accompanying check images by the remittance software.
Customer service is also improved – Complete transaction details are almost immediately available, including payment data and complete images of the payment coupon and the accompanying check, to aid customer service in resolving inquiries immediately and on the first call!
Past deposit discrepancies or errors are reduced as the image of every check deposited is now held in your local archive and can be accessed or printed on demand if any questions arise or if any items are reported missing.
Paper storage of remittances/coupons is eliminated and replaced by instantly-retrievable images of the entire transaction.
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