Beyond the Bracket: A/R Automation Solutions, Payment Processing’s MVP

Written by: Erin Wright

March 25, 2024

March Madness is upon us — a time for buzzer beaters, Cinderella stories, and unforgettable comebacks. But, while the tournament heats up, there’s a different kind of madness plaguing back-office accounts receivable (A/R) operations. Siloed, outdated systems and/or pretty (but functionally limited) dashboards are blocking your A/R operations from taking–and making–the winning shot. 

Late payments, manual errors and slow collections cycles lead to turnovers in your A/R, leaving your internal team scrambling for a payment processing win. In this blog, we’ll discuss how the A/R automation all-stars can turn your manual, time-consuming and error-prone payment processing and cash application operations into a slam dunk, not only in March, but all year long.

Let A/R automation solutions be your MVP this season. 

Coach Your Business to Success with All-Star A/R Automation Solutions

Time to meet the team.

#30 Enhanced Document Processing (EDP) - The SharpshooterAR_PlayerCards (1)

Enhanced Document Processing (EDP) solutions are the sharpshooter of A/R operations — consistently hitting the mark. With precision and accuracy, EDP ensures the data contained within remittance documents are seamlessly associated with payments and customer account information every time. 

By utilizing AI to capture and read the data off semi-structured remittance documents, EDP helps you to eliminate manual data entry from remittance documents that can include data covering tens, even hundreds, of invoices. All required remittance data captured from the documents is populated within a single user interface based on your business’s unique cash application specifications. 

With EDP solutions, there is no more manual data entry, no more manual cash application, and way more time for your internal team to focus on higher value functions. This sharpshooter always hits its mark — a true winning shot for your receivables. 

#1 Advanced Remote Deposit Capture (RDC) - The Fast Break Specialist

Advanced Remote Deposit Capture (RDC) solutions are your fast break specialist, ready to swoop in andAR_PlayerCards (2) accelerate the pace of your paper-based receivables. 

With Advanced RDC solutions, your business is able to seamlessly scan checks and associated remittance advices into a single platform to view, associate and store all account and payment information in a highly-secure (and compliant), central location, with the added benefit of cash application automation. 

RDC solutions are the fast break you need to automate and accelerate the acceptance, processing and posting of paper-based receivables. Don’t let paper check payments slow you down, keep your business ahead of the game with advanced check processing solutions.

#15 Mobile Payment Solutions - The Alley-oop Master

Mobile payment solutions are a well-executed alley-oop that will transform your A/R operations. Empower your delivery drivers, sales representatives and field team members to accept payments on the spot from customers — anytime, anywhere.

AR_PlayerCards (3)By adding mobile payment acceptance to your receivables mix, your field team members are able to accept check, ACH/EFT, and credit/debit card on the spot via a white-labeled stand alone application, or by integrating embedded payment acceptance capabilities into an existing app or mobile interface. Mobile payment solutions help you to create a dynamic A/R offense, giving you a home court advantage—even when you’re accepting payments on the road and in the field.

#23 Online Payment Solutions - The Slam Dunk Champion 

Block late payments and streamline electronic payment acceptance with convenient, contactless online payment options. 

By adding the ability for customers to make contactless payments online, as well as set up automated recurring, and autopay (automatic debit) payment options, they gain the convenience to safely and securely make payments when and where they want—and your A/R team gainsAR_PlayerCards (4) complete oversight of all electronic payments from a single, cloud-based platform. It’s a slam dunk for you and your customers.

Online payment solutions, whether fully-hosted or seamlessly embedded via APIs, lead the charge in securing victories for your business by speeding collections and automating payment processing and posting. With a few clicks, customers are able to make payments to outstanding invoices or statements, view past payment history and save payment methods for future use. Boost efficiency in your receivable operations by eliminating late payment fouls and automating electronic payment acceptance.

#33 Cash Application Automation - The Dream Team Captain

Manual cash application and data entry are leading to turnover after turnover in your back-office receivable operations. 

With cash application automation as your dream team captain, your business is able to streamline and automate reconciliation processes and elevate exception handling. AR_PlayerCards (5)Internal A/R staff are no longer tasked with manually matching payments to customer accounts and keying in important details. Instead, cash application automation solutions create business rules and workflows to automate the matching of payments to customer accounts for posting to any back-office system. 

When it’s crunch time, cash application automation will lead you to victory.

_____________________________

Don’t airball it by continuing to utilize siloed, legacy systems and manual A/R processes this season. Take (and make) the winning shot with A/R automation and its lineup of all-star solutions. 

With A/R automation solutions as your business’s MVP, your organization will be able to speed payment processing, reduce errors and save costs.

It’s time for you to team up with accounts receivable automation solutions. 

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1. Forbes, “The Future Of AI-Powered Document Processing” | 2021
2. SSON, “Collaborative Accounts Receivable: How the AR Pulse Check Survey Reveals an Urgent Need for Instant Customer Engagement" | 2022
3. AFP Survey, “Payments Cost Benchmarking” | 2022
4. PYMNTS Report, "Why Holistic Bill Payment Experiences Will Win the Payment Platform War" | 2023
5. PYMNTS Report, “Meeting the Growing Need for A/R Modernization” | 2023
6. PYMNTS, "How Automations Reduce Receivables Delays" | July 2023
7. BigCommerce, "6 B2B Payments Trends to Digitize Your Business in 2022" | 2022

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