We are a wholesale distributor with ~$500 million in sales. Most of our customer payments are still received by check and processed through our lock box, but increasingly we are seeing more customers move to payment by ACH and by credit card. We want to explore some of the A/R automation software to see if we can streamline and automate some of our processes. I have heard of Open Scan, which was recently acquired by BillTrust, but have not explored their offering. Any experience with them or any other recommendations for solutions providers in this space?
Recommendations for A/R Automation Software
Answers
Greg,
You did not mention what
HighRadius is another very robust solution and they have online
You may also want to consider combining your payment portal an online billing and payment portal (EIPP) which will reduce administrative and transactional costs. ROI in most cases is generally 1 year even with a conservative adoption rate.
Hope you find this helpful.
John
1
John,
Thanks for the response. We use a home-grown system that currently runs on a Unisys mainframe platform. It was designed to handle payments to the lockbox by check that match the invoice/statement very well. All other payment types are a manual challenge. Appreciate the recommendations.
Greg
Greg,
I am missing something. ACH and CC payments are just gaps on your existing home grown software. Isn't it better to contact the developers of your current system to include the other payment types?
If am assuming you are already downloading statements from the bank and would caution you about REprocessing data as it is a recipe for mistakes/errors.
Maybe you want to discard your current process/software and looking for an all/inclusive one? That being said, the majority of your payment and process still works, is it wise to shake things up just to include the 10-20% (assumption)?
Greg:
It appears as though you main business issue is to reconcile payments received with your homegrown G/L system.
There are many robust Cloud delivered reconciliation solutions that specifically address the challenges of alternate payment types such as ACH and credit card. These solutions typically provide an automatic match rate of 90+% and some offer logic based methods to provide suggested matches for the non-matching items.
Michael
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