Cash Application has long depended on bank lockbox services to deposit customer payments and create a file of all the remittance advice provided by customers with their payments. 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 very high, especially when the customer payments contain a large volume of smaller value payments.
AI-driven Document Data Capture Assistants can extract payment and remit information accurately from a wide range of formats and sources.
Download this eBook to understand how to:
- Auto-apply cash with hit rates of 90% and above
- Cut down manual activity and lockbox fees by 85%
- Exponentially improve productivity in cash app
- Enhance customer service and improve accuracy levels
- Assimilate new business units into a Shared Services Organization