Struggling with remittance processing? Here's the solution

Struggling with remittance processing? Here’s the solution
The difficulties associated with remittance processing can pose expensive problems for an organization, with the physical handling of paper, mailed-in checks and remittance documents putting a strain on resources.

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.

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