Exela's Integrated Receivables (IR) accepts information from multiple sources, payment types, and channels such as transaction scanning, electronic payment, electronic lockbox, biller payment transactions, and web and simplifies your payments journey with a unified, automated, and omnichannel processing solution.
Integrated Receivables - Impact on Cash App & Collections
Cash Applied
What are its Challenges?
Customer Intent
- Customer's remittance instructions are missing or unclear
Re-association
- Payment advice is sent separately (by mail or electronically)
Third-Party Payments
- Banks or some other consolidator paying on behalf of the customer
Deductions
- Customer short pays and does not explain why - e.g., deduct freight charges
Matching
- Payments are applied to the oldest outstanding invoices
Unidentifiable
- The customer cannot be identified (e.g., name change or use of a legal name instead of the name the company does business under)
Multiple Accounts
- The customer has multiple accounts & unclear where to apply payment
Scalability
- The processing staff cannot manage the volume of payments
High Un-applied
- Cash is unapplied/misapplied, resulting in unnecessary calls to customers who have paid
Duplicates
- Issuance of additional invoices on accounts that are actually up-to-date
Exela Integrated Receivables - Features
Multichannel Aggregation
Capability to accept information from multiple sources, payment types, and channels, such as transaction scanning, electronic payment, electronic lockbox, biller payment transactions, web, and more.
Intelligent Data Recognition
Integrated with OCR/ICR engines to capture data from all types of structured and semi-structured forms to reduce manual keying. No more templates.
Email Integration
Uses predefined criteria to extract payment and remittance details from payment information sent via email, including attachments such as PDF, Word, or Excel. No more printing of incoming emails.
Learning Capability
Learns corrections, email matching, and payment application processes, improving accuracy and reducing manual effort.
Rules Engine
Contains business rules in one location that verify the accuracy of payment and remittance input and maximize workflow efficiency.
Web Service Integration
Uses secure web services to access other vendor systems to get customer contact information in real-time, avoiding multiple file transfers across platforms and minimizing the need for stop files or derog files.
Open Receivables
Accepts various files from the biller that are subsequently used to assist in the completion of each transaction.
Receivables Exporter
Transmits data and images, where appropriate, for completed transactions, as well as any exception information that may be required for other external systems.
Administrative & Exception Tools
Features a comprehensive set of administrative tools and dashboards to configure and manage the system in real time. And allows long-term archive of all payment activity, simplifies compliance, and enables valuable insights into business trends.