Cash Application has long depended on bank lockbox services to deposit customer payments and create a file of all the remittance advice provided by them. This file has been the key input for automatically applying cash and generating the resulting productivity improvements.
Lockbox services can be expensive as creation of the file is priced per keystroke, and scanning the check and remittance advice is charged per page. For companies that have high customer counts and payment volumes, the costs can be huge â€“ especially when the customer payments contain a large volume of smaller value payments.
This video will focus on:
- Reduce lockbox fees by 85% with data capture AI
- Auto-apply cash with hit rates of 90% and above
- Enhance customer service and improve accuracy
- Assimilate new businesses units into an SSO