Payment 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.

Benefits of Simplified Exception Handling

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.

Using ETran to help simplify handling exceptions can help you:

• Easily create customizable rules to handle various exceptions from payments, remittance documents or account posting
• Reduce administrative costs
• Improve cash flow and reduce delays in accounts receivables
• Improve customer service and brand good will
• Configure unique rules to match a payment with multiple invoice entries through Intelligent Invoice Matching
• Improve remittance scanning and posting through customized scan fields
• Allow clients to enter reasons for short pays via the web

According to NACHA, 130 million payments required exception handling in 2012, costing the industry approximately $720 million annually.