Are You Getting Extra Sprinkles With Your Remittance Services?
Soft ice cream vendors always give you add-on options like chocolate dipping and extra sprinkles. But what ancillary services do you get from your lockbox vendor? You probably expected more than someone just opening your customer payments. Let’s face it, even the ice cream vendor offers smashed Oreo topping.
Customer payment channels are varied these days – from paper checks to digital payments. So you need multiple processing options, all interfacing to get you your funds or cash quickly. What else slows down your remittance processing? Time-sink delays -- address change keying, web exception processing -- are routine, ongoing processing delays that your vendor should solve.
You deal with a lot of customer payments. Your ability to automate your accounts receivable posting process is key. Electronic funds transfer (EFT) enrollment, intelligent character recognition (ICR) and optical character recognition (OCR) all speed-up the remittance process flow. (So you get your funds or cash faster). Toss-in your regulatory and compliance obligations, and you’ll also want a vendor who keeps your data security top-of-mind. Encrypted image archiving and PCI Compliance help lock-down your sensitive data.
It’s a big capital investment to keep-up with the equipment and technology needed for a state-of-the-art remittance processing operation. But that’s why you outsourced to a vendor in the first place – cost efficiencies and added-value services. Just think how you can really customize your remittance operation with more automated vendor services.
Your remittance vendor also should offer you their cross-division “solution services”. Bolt-on account statement printing, security and fraud alerts, or payment card production and you have an end-to-end payments processing solution under one vendor roof. The right remittance vendor relationship should operate like an extension of your in-house staff.
You know what lockbox services you need right now. But it’s a rollercoaster business environment, and you need to be prepared for your long-term remittance needs. A flexible remittance vendor calls-in its company-wide resources, when and where you need it.
Your lockbox operation will benefit from the extra sprinkles. Click here to submit your comments and questions.