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Advantages of FinTech Accounts Receivable Automation

Written by Ben Frank | Thu, Nov 14, 2019 @ 04:30 PM |

Do you know the advantages of accounts receivable automation?

Traditionally, a bank lockbox has been used by company Accounts Receivable departments to increase convenience and efficiency.  Lockboxes have been around for decades, and much of the traditional bank lockbox's life has been utilized for capturing payment data associated with payments made by check. Commercial banks offered this service to improve the efficiency and flow of business transactions simplifying the accounts receivables collection process.

Customers leverage the Bank Lockbox to receive check payments in one consistent location

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The shift to electronic payments and ACH has created some interesting implications for cash application teams. While it seems that electronic payments should be easier and faster to process than paper checks, the ways of providing the corresponding remittance, including via email, have had a negative impact on accounts receivable. Now, cash application teams have to find new ways to process these ePayments.

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The ones closest to a problem sometimes avoid it the most. Small to mid-size businesses accounted a little under 60% of all sales and 55% of all jobs in the US. With that said, we all can agree that small to mid-size business are an important thread in the fabric of this country and around the world.

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