Advanced Check Processing, The Key to Your Business’s HeA/Rt

Written by: Erin Wright

February 14, 2024

VDay_BlogHeaderImageRoses are red, violets are blue, advanced check processing solutions will automate your paper-based receivable operations so you don’t have to!

Even though many businesses and industry press outlets tout that the paper check is dying, the use of paper checks as a foundational payment method within B2B receivable organizations remains consistent with a staggering 81% of businesses smitten with paper checks. However, the way many businesses accept, process and post their paper-based receivables is far from love at first sight. The traditionally manual and time-consuming A/R processes surrounding the processing and posting of check payments leaves many internal staff members wanting more. 

But, there is a solution that will show your paper-based receivables a little love and help to automate and accelerate your payment processing operations. This Valentine’s Day, instead of flowers and chocolates, gift your A/R organization with seamlessly integrated Advanced Remote Deposit Capture (RDC) solutions. The introduction and integration of advanced check processing software to your operations will surely make your heart skip a beat, and you’ll fall head over heels for efficiency and automation. 

You Had Me at Remote Deposit Capture

Just like the overflow of candy and cards received on Valentine’s Day, many businesses receive a steady stream of paper checks and remittance documents within their A/R organization all year round. In order to efficiently and effectively handle paper-based receivable operations, advanced check processing solutions deliver the ability to scan checks and remittance advices into a single user interface while seamlessly viewing, associating and storing all account and payment information in a highly-secure, central location. VDay_BlogImage

By automating the manual, time-consuming and error-prone A/R processes surrounding check and remittance processing, your internal team is able to spend more time on higher value functions such as exception handling. 

And, it gets even sweeter. In addition to Advanced RDC solutions delivered from a single A/R automation platform, your organization is also able to implement a solution to speed the acceptance and processing of invoices and remittance documents associated with customer payments. Enhanced Document Processing (EDP) provides your back-office with the tools to eliminate the paper chase that comes with paper-based receivables.

EDP utilizes AI to automatically capture and read data from semi-structured remittance documents and long-form data tables from PDFs, scanned images and files, and populate the data in your A/R automation platform for cash application and reconciliation. 

According to PwC, AI-based data extraction techniques can save businesses between 30%-40% of the hours typically spent on manual processes. Let EDP be your remittance document matchmaker to cut down the time your team spends on manually processing incoming invoices and remittance documents. 

Are you already falling in love with RDC?

The Ultimate Power Couple – Desktop + Mobile RDC

Prepare to be swept off your feet with the ultimate power couple for your business — desktop RDC + mobile RDC (mRDC). With a truly integrated A/R automation platform, desktop check processing and mobile check acceptance are seamlessly integrated to deliver the ability to accept check payments in the field via a user-friendly mobile application and automatically send the payments to the home-office for processing and posting. It’s a match made in B2B payment processing heaven. 

VDay_BlogImage (1)Mobile check processing solutions allow your business to move payment acceptance from the back-office, to the field and front-office by providing your delivery drivers, field team members and sales representatives with a secure mobile app (either stand-alone or embedded into an existing application via APIs) to accept check payments on the spot. With a quick scan of the front and back of a check from their mobile device, the payment information is whisked away to your home-office for automatic posting into your back-office system(s). No more waiting on paper payments — mRDC + desktop RDC works at the speed of love at first sight.

Love Struck by Cash Application Automation

Like cupid’s arrow, A/R automation solutions automatically post your payment details straight to the heart of your back-office. And, you know what you can’t spell “heart” without? A/R.

With cash application automation, your business is able to streamline and automate cash application and reconciliationA_R Automation Heart processes, elevate exception handling and achieve true straight through processing. And, your internal team is no longer tasked with manually matching payments to customer accounts and keying in important payment details — trust us, they’ll love you for it!

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If your business is still handling check payments, let 2024 be the year that you fall head over heels for advanced check processing solutions that will deliver your internal team and back-office A/R operations with streamlined and automated payment and remittance acceptance, processing and posting. 

Happy Valentine’s Day!

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1 PYMNTS Report, “Meeting the Growing Need for A/R Modernization” | 2023

2 PwC, “Digital intelligence: How to make your analytics functions more efficient and cost-effective” | 2021

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