Latest Enhancement Allows Merchants to Accept All Payment Methods
OMAHA, NE. – December 6, 2011 – Financial Transmission Network Inc. (“FTNI”), a provider of the industry leading receivables management solution, today announced the availability of a Cash Processing module within its award winning ETran Receivables Management platform. ETran is well known for its ability to support Check21, ACH and credit card processing. This latest enhancement now allows merchants to reconcile all receipts, regardless of the payment type or the channel through which it arrived.
ETran is well known as a cloud-based PCI-compliant receivables management solution that utilizes an easy one-click install and requires no ongoing software maintenance by the user. It now becomes particularly attractive to those market verticals that want to log all payment activity. Already built to handle mailed-in, walked-in, called-in and web remittances, adding cash processing to the other payment methods further extends ETran’s lead in the market. As is often the case with ETran, this suggested enhancement came from a prospect, in this case a Top 10 Non-Profit. As with other maintenance funded enhancements, this new functionality will become available to all ETran users at no additional cost to them.
Among the first to focus not only on processing payments but also posting those remittances into the merchant’s Back Office system, similar functionality is now extended to ETran’s cash processing. In the same way that ETran associates check payments with remittance coupons, cash payments can now also be associated with invoices and customers. Alternatively, since ETran can easily host all open invoices, walked-in payments can be credited to an account and to a customer, even without a remittance coupon. Posting to a single invoice or splitting a cash remittance among several invoices is easily done. Since multiple bank settlement accounts have long been supported, the cash payment can be associated with the bank and account into which it will be deposited.
ETran’s SaaS-based platform is easy to deploy and also easily integrated into existing legacy applications. From its inception, ETran has maintained a bank, credit card processor and check scanner agnostic approach. With a growing presence in industry verticals such as insurance, non-profit and fulfillment, addressing all payment methods provides yet another strategic advantage. In addition, with ETran’s extensive reporting capabilities, reconciliation times can be greatly reduced, thereby providing even greater efficiencies.
“Cash remains a popular method of payment. By extending the industry leading functionality of ETran, into the cash space, we have provided yet another opportunity for our customers to consolidate their remittance processing” says Kurt Matis, President and CEO of FTNI. Mr. Matis goes on to say “Matching the Cash Processing enhancement with ETran’s remittance posting and email receipt functionality, is just another example of our ongoing focus on streamlining that processing.”
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH, credit card processing and cash posting, on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s cloud computing based software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s receivables system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.
VP Client Relations