It’s just a fact. The world is moving toward electronic payments. In the U.S. alone, this year’s B2B ecommerce sales are expected to top $780 billion, with B2C sales coming in at roughly half that at $390 billion. With all that opportunity comes a substantial challenge: the lack of integration between electronic payments and back-office accounting systems.
Across the U.S. and Canada, companies are struggling to change over to a truly integrated receivables platform. About 70 percent of U.S. organizations are struggling to convert to electronic payments, while 70 percent also lack a standardized format for their remittance information. These challenges combine to hinder companies’ efforts to implement a complete solution leading to increased operational inefficiencies and expense.
The Cost of Inaction is High; Siloed Systems Won’t Get Better on Their Own
The costs of siloed systems are considerable and will only continue to increase if not addressed. As organizations learn, maintain and support disparate systems, additional dollars are sacrificed. Every time an employee has to review a payment, it costs the company money. Automating the vast majority of your remittances with unique business processes and workflows will allow you to re-purpose your resources to higher-value functions such as exception handling and data analysis instead of the tactical tasks of reviewing and manually posting payments.
The Key is to Find the Right Integrated Receivables Solution
True integrated receivables solutions are no longer just a vision, they’re a reality. Right now you can accept any payment type (check, ACH, credit card, debit card, cash, etc.) from any payment channel (mailed-in, called-in, in-person, online, mobile, etc.) on a single platform that can accept, process and post payments in a single pass (what we call straight through processing). Information is automatically posted into a company’s back-office system to eliminate redundancy and error while reducing labor costs. There’s no reason to wait. It’s time to tear down the silos!
How Will This eBook Help Me?
Our Integrated Receivables eBook helps when you're faced with putting an integrated receivables solution in place (either via a solution provider or your bank). A truly integrated receivables solution tears down traditional A/R and payments silos and ushers in a single, seamlessly scalable, back-office agnostic platform to leverage across your enterprise. In the book you will have an exploration of the challenges to overcome AND a checklist for identifying and selecting a true integrated receivables solution to meet your needs.
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