Credit & Collections
Credit Manager
Credit and Collections is routinely under pressure to collect faster and make the correct credit decisions. When you are tasked with giving your team an edge, you’re regularly asking upstream receivables and treasury functions to:
- Shorten the time it takes to post remittance information to the A/R system
- Enhance the accuracy and integrity of the posting data
- Minimize tedious work related to deduction and short pay transactions
While the OPEN SCAN solution will be utilized primarily by the A/R team, it will have an immediate and daily impact on your department:
- If using in an environment where payments are received at a lockbox, payment and remittance information is posted at least one full day earlier
- If operating in an environment where the A/R team is normally extracting the payment and / or remit information, the entire data capture process will be automated
- Hit rate accuracy will be in the high 90 percent range and exception handling will be reduced
- The first pass at deduction and short pay identification and coding will be completely automated
For credit and collections management, these process changes deliver multiple improvements to your daily activities:
- Collectors will have the most up-to-date and accurate information to resolve disputes with valued customers, making them more productive
- Exception research due to deductions and short pays will be kept to a minimum, allowing workers to focus their collection efforts on the most appropriate accounts
- The enhanced speed and accuracy of the cash application process will significantly reduce erroneous automatic credit holds and improve customer service
With so much riding on the credit and collections function, it is critical to minimize the unintended consequences of traditional payment processing models. This solution goes a long way in controlling and speeding up the Order-to-Cash process, while improving your ability to manage customer satisfaction and keeping your sales people happy.