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A proactive A/R approach includes linking financial data with other enterprise resource planning (ERP) data, so businesses can avoid manual tracking and gather the necessary data to accelerate payments. Automatingcashapplications also boosts cash flow by reducing errors, allowing customers to receive payment confirmations faster.
Paymentportals are not just for large B2C businesses any longer, B2B businesses of any size can benefit. In the evolving world of B2B transactions, the importance of paymentportals has become undeniable. By automating these processes, businesses can accelerate cash flow and focus on growth.
Send online credit applications to existing and potential customers to evaluate customer’s creditworthiness. Disputes and deductions. For example, some might prefer to pay in person via credit or debit card. Get alerts in real-time of which customers are going beyond a predetermined credit threshold and reduce your risk of bad debt.
Collections Management AutomationAutomated collections management streamlines the process of identifying overdue accounts and initiating follow-ups. CashApplicationAutomationCashapplicationautomation involves the automatic matching of incoming payments to their corresponding invoices.
Intelligent routing may also include payment redirection for alternative options in the event of operational disruption or downtime. Help automate the A/R process. For example, it can automatepayment reconciliation, payment workflows, A/R collections, reminders and confirmation. CashApplication.
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