What’s needed is a provider with a workflow-driven solution that allows billers to digitize and process checks and remittance documents at their own offices, then electronically transmit the deposits to any financial institution they choose. Such a workflow solution is ideal for all types of billers, including insurers, utility companies, government agencies, non-profit organizations and more.
By outsourcing your organization’s remittance processing, here are some of the benefits you’re likely to see:
- ROI realized in as little as six months
- Improved speed on transaction processing
- Single-day (or better) improvement regarding funds availability
- Reduced bank deposit fees
- Reduced manual keying of check and remittance data
- Instant access to archived payment information
- Improved handling of check returns
- No need to physically travel to the bank to make deposits
A comprehensive remittance solution includes the option to have it deployed on-premise or delivered via the cloud, as well as such labor-saving features as optical character recognition (OCR), courtesy and legal amount recognition and automated capture of the MICR data on checks. All these elements combine for a solution that allows your organization to streamline and simplify the remittance process, saving you money and allowing your employees to focus instead on your core competencies.