The Do’s and Don’ts of Using Automated Remittance Processing Services
Considering automated remittance processing services? You’re not alone. Digitally based payment and billing processing has quickly outpaced traditional methods of manual check scanning and filing. Organizations are looking for remittance processing methods that accelerate cash flow while reducing operating costs and inefficiencies.
What You Need to Know About Automated Remittance Processing
Receivables are the lifeblood of any business. Automated remittance processing services allow organizations (and the bank lockbox providers they work with) to speed up billing and payment tasks without sacrificing quality customer service and enterprise productivity.
Often, outsourcing remittance processing capabilities is the most advantageous result for companies. Experienced transaction processors have the tools and knowledge to streamline remittance, improving otherwise inefficient processes.
Here are some helpful do’s and don’ts when considering automated remittance processing services:
- Select services that work with legacy technology. Automated solutions shouldn’t require a complete overhaul of company technology. You want remittance systems that work well with existing technology, exporting payment and remittance information to established accounts receivables (AR) accounts – and can make deposits to any depository institution.
- Choose services that are scalable. Organizations across a variety of industries – healthcare, telecommunications, government, etc. need services that scale quickly to meet evolving market and consumer demands. Be sure to select remittance services that can grow with your business.
- Select overly complex services. Some automated remittance processing services are complicated and lack user-friendly features. Look for a provider that makes onboarding simple, providing an intuitive, simple platform that doesn’t cause headaches or frustration during use.
- Partner with service providers that require lengthy implementation cycles. You need to get customers and employees up to speed with new providers – and fast. Avoid remittance processing providers with months-long implementation periods that overwhelm staff and customers. Plus, shorter implementation cycles mean you can start using outsourced remittance services immediately.
Automated Remittance Processing Services You can Rely On
Providing automated remittance services to companies worldwide, ibml is dedicated to ridding organizations of antiquated payments and remittance practices. How? By providing automated remittance processing services that speed cash flow by providing timely deposits, reporting and automatic updates to AR systems through secure transmissions.
We tailor our services to meet the unique business needs of individual organizations, working to improve efficiency, introduce new revenue cycles and maintain regulatory compliance. With ibml, you can achieve better remittance processing without overhauling your current lockbox processing infrastructure.