Every organization that receives checks as a form of payment must deal with the burdensome tasks of opening the mail, posting the payments to their A/R system, preparing bank deposits, and actually getting the deposit to their bank. Comsquared’s Active Remittance solution automates payment posting and bank deposit preparation using the latest check processing technologies.
Customers control how they remit payments. They may or may not enclose your preprinted remittance advice. They may pay multiple items with a single check, or submit multiple checks for a single item. They may just send you a check. It may or may not have their account number on it. Sometimes the name on the check does not match, or even resemble, their account name in your A/R system. These are called Exception Payments, and organizations spend frustrating hours dealing with them everyday.
Exception Payments cause up to 90% of the work involved in processing payments. Active Remittance makes easy work of Exception Payments. Using the latest technologies in payment processing, Active Remittance, decreases the amount time spent on daily payment processing. Checks received without any remittance advice, or one check that pays multiple invoices, or multiple checks for a single invoice all can be posted quickly with a automated system that “learns” your customers.
Active Remittance Features
- Virtually eliminates manual data entry of payment amount and invoice information.
- Improve productivity by as much as 70% through remittance automation.
- Automated bank deposit preparation.
- Accounts Receivable system interfaces to provide up to date inquiry and posting.
- Provides automated research tools to greatly reduce the number of unapplied checks.
- Reduces collection calls to customers who already paid.
- Payment images are ready for archiving with ensured transaction integrity to provide research tools to answer customer inquiries.
- Enhanced Customer Service with a single search, showing both stubs and checks for one-call resolution of customer inquires.
- Single source provider for hardware, software and archive.
Click here to download our Solution Overview for Remittance Processing.