Managing and automating receivables has always been a problem, particularly if you use several payment channels where there can be many different and complex charging structures. New technologies such as artificial intelligence and APIs are being used increasingly to solve the problems.
SafeCharge Reconciliation Manager
SafeCharge Reconciliation Manager automates the matching and reconciliation of transactions across all payment service providers, platforms and banks.
Users outsource their matching and reconciliation to SafeCharge’s automated solution which covers all payment providers and merchant platforms. It automatically matches and reconciles each payment settlement to the processing bank accounts which:
- ensures correct amounts are received without delay
- flags mismatched transactions and then the SafeCharge team contacts the payment provider to fix the problem.
SafeCharge connects to all the payment providers directly while their users connect just to SafeCharge who also produce combined reports for their users on all payments received.
The main benefits are:
- identifying inconsistencies and addressing these transactions until all funds are reconciled, so recovering revenues that would have been lost
- reduce the human resources needed and increase bookkeeping accuracy
- finding ‘weak points’ in user’s systems and actively connecting with the concerned parties to address the issues and resolve them.
highradius Integrated Receivables Platform
highradius use Rivana, an artificial intelligence platform for ‘Embedded Decision Making’ across credit, collections, cash allocation, deductions, billing and payments as part of their integrated receivable platform which is made up of a range of receivables Apps. (This functionality is also integrated into BofA Merrill accounts receivable service, see.)
highradius processes over £380 billion worth of receivables annually for many well known companies world-wide, for users some of the key features are:
- increase A/R team’s efficiency and productivity
- faster on-boarding of new customers
- aggregate claim documents 92% faster from emails, EDIs and web portals
- processing of deductions at NO additional cost.
CTMfile take: Management and processing of receivables is a specialised task requiring advanced technologies, teams and platforms. Outsourcing could be the answer and save your company millions?
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