Simplify your exception handling
While payment exceptions are a relatively small percentage of overall transactions, their impact to billers, financial institutions, businesses and consumers is significant. Exceptions require someone to manually resolve the issue, in turn creating additional expense for the business and for processing organizations. Consumers’ payments are often delayed, resulting in late fees or service impacts, and negatively impacting good will.
Regardless of industry, most businesses are on a never-ending hunt to find new ways to improve customer service while still reducing costs and improving cash flow. Using an advanced software solution to simplify and speed exception handling can not only help reduce administrative costs, it can help retain customers, reduce late payments and grow good will over time.
According to NACHA, 130 million payments required exception handling in 2012, costing the industry approximately $720 million annually.
As a user-friendly platform, ETran simplifies the exception handling process by providing an easy way to create customizable rules that can help efficiently manage various exception types. Not only does that help reduce processing costs, it can help minimize the number of exceptions that need manual intervention. That means improved cash flow and less impact to revenue flow and customer good will.