Digital payments help companies speed up cash flow, reduce processing costs and mitigate fraud.
Transcript: How integrated receivables take the pain out of electronic payment posting
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Digital payments help companies speed up cash flow, reduce processing costs, and mitigate
fraud.
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- Speed up cash flow
- Reduce processing costs
- Mitigate fraud
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It’s fast and easy to see these customer payments deposit to your bank account. But matching electronic deposits to your open invoices? That’s usually far more labor-intensive.
First, staff have to track down remittance data.
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Find remittances
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It’s everywhere! In emails, PDFs, spreadsheets—even portals. Sometimes it never arrives at all!
Or, one payment covers dozens of invoices.
Then there’s the time spent rekeying information... and finally, associating each electronic
deposit with the right open invoice. So much for digital efficiency!
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Enter data
Match deposits and invoices
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Fortunately, an integrated receivables solution can help take the pain out of posting electronic
Payments.
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Integrated receivables
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It uses a powerful combination of automation and artificial intelligence.
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Automation
Artificial Intelligence
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In just seconds, integrated receivables can analyze thousands of line items, match electronic
payments with correct remittance information, and then with the open invoices in your AR file.
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- Analyze remittance data
- Match remittances to payments
- Accurately apply electronic payments
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Integrated receivables can deliver amazing results.
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Reduced Days Sales Outstanding (DSO)
Source: Mordor Intelligence, AR Automation Market Analysis, 2024
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Companies that deploy integrated receivables can typically automate a significant portion of
their electronic cash application. The technology is impressive.
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Electronic cash application greater straight-through processing
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Optical character recognition called O.C.R. extracts relevant information from remittance
documents.
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OCR
Optical character recognition
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AI makes a three-way match happen in the blink of an eye. It can process thousands of
transactions in just seconds.
AI continuously learns and improves with every invoice it processes.
Some integrated receivables solutions can even identify discounts and deductions when posting
payments.
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Apply discount to invoice?
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As you can see, there’s a lot to gain when you inject automation and AI into your electronic
receivables process.
Are you ready to get started?
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- Increased efficiency
- Greater accuracy
- Reduced DSO
- Stronger customer service
- Improved working capital
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Find out more by contacting your Wells Fargo representative.
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Contact us today
Wells Fargo
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