TRANSFORM YOUR REMITTANCE PROCESSING OPERATIONS
MOVING TOWARDS DIGITIZING PAYMENTS
Physical checks are still a vital part of the way we do business, even as remittance processing shifts towards using digital payment methods. 42% of B2B payments are made using checks, making paper checks the most popular payment method for B2B transactions. Even with digital payments gaining more popularity, the average value of physical checks is increasing each year, making it a powerful form of payment that is going to stick around.
For many companies, remittance and accounts receivables (AR) collection processes are time-consuming and labor-intensive, requiring many staff members to manually sort incoming mail, invoices, checks, and documents. Mail needs to be opened, sorted to a finer level, prepped for imaging, and finally scanned. Aging and outdated systems only capture images, leaving data to be manually entered into the system, making the process long and at risk for error.
WHY SHOULD YOU AUTOMATE YOUR PAYMENT PROCESSING WORKFLOW?
Automating your payment processing workflow removes many of the bottlenecks that stand in the way of getting your work done. Slow, manual, and outdated processes result in high operating costs that affect your business’s bottom line, causing low cash flow. In fact, business that still rely on manual processes for remittance and payment handling tend to have 30 longer day sales outstanding (DSO).
Automating your manual remittance processes improves the efficiency of your accounts receivable collections processes, reducing the risk for errors while increasing overall operational speed and productivity. It’s expected that 70% of businesses are looking to automate their account receivables (AR) processes to improve AR collection, short pay, DSO, and expenses.
ENHANCE YOUR OPERATIONS WITH AUTOMATION
Prepare for the future and stay ahead by incorporating automation into your accounts receivables collections processes. Automating your wholesale and retail lockbox, AR collections, and payments processing boosts productivity and throughput, while reducing operating costs and resulting in faster payment collection that lowers day sales outstanding and improves your cash flow. OPEX® Eagle™ and Falcon+® RED™ are flexible, scalable, and cost-effective remittance processing solutions that grow with the needs of your business. Compact designs streamline your operations by removing the need for multiple systems and separate workflows that raise expenses and take up valuable space.
OPEN, PREP, AND SCAN WITH FALCON+® RED™
For small and mid-sized operations, the OPEX Falcon+ RED document scanner with mail opening and extraction streamlines lockbox operations and remittance processing by automating mail opening, scanning, and image editing on one platform. Load mixed mail directly into the Rapid Extraction Desk (RED) for fast and accurate mail opening and feed the envelope contents into the scanner to produce high-quality images, capturing data automatically. Easily integrate the Falcon+ RED with your existing software for a seamless workflow. Help maintain compliance and guard against costly data breaches by capturing images with safe and secure document transformation that makes sense.
Handle invoices, receipts, and expand to other mailroom applications with the Falcon+ RED. It has the ability to process more than checks and handles intermixed documents with ease, even scanning damaged or fragile documents, eliminating manual and time-consuming document prep. Replace your outdated systems that constantly need maintenance for a system that can handle it all on one platform.
Stay ahead and grow your operations with OPEX lockbox and remittance solutions that provide your operations with the flexibility you need to prepare for the future. Accelerate your lockbox operations and accounts receivable collections process to increase your business’s cash flow with intelligent automation systems that scale to your growing business.
CAPTURE IMAGES AND DATA IN SECONDS ON THE EAGLE™
Maximize your operations by combining image capture and data entry into one system using the OPEX Eagle remittance processing system. Unlike traditional reader-sorters and check capture systems, the Eagle opens sealed envelopes, captures high-quality images and data as checks pass through the system, and sorts documents as processing is completed according to best clearing. With as few as one person needed to operate the entire system without pre-sorting incoming mail, the Eagle reduces the need to rely on manual labor and additional staff to meet deadlines.
Ideal for accounts receivable collections, the Eagle accelerates payment processing time by automating manual processes like opening and sorting envelopes, reaching rates of up to 16,000 envelopes processed per hour. The Eagle easily integrates with your current operations and is compatible with a wide variety of image check software, making it the quickest deposit-ready payment processing system on the market.