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However, when companies provide discounts or other perks for early payments, the team will likely pay ahead of schedule. Once paid, the A/P team records the transaction. Automatic cash application with 100% accuracy when using Gaviti’s Self-Service PaymentPortal, accelerating the payment process by reducing human error.
Key Components of Multi-Payment Gateway Systems As you scale, you’ll want to ensure your customers an exceptional customer experience while keeping the accounts receivables processes manageable. That means you’ll need to ensure that customers can pay in the most convenient way for them while minimizing declines transactions and latency.
By utilizing real-time data and analytics, companies can make informed decisions about extending credit, thereby minimizing the risk of baddebts. Offering Multiple Payment Options Provide customers with various payment methods, such as credit cards, ACH transfers, and online paymentportals, to facilitate prompt payments.
Data Entry Errors Data entry errors can happen if the user forgets to record a payment or enters it in the wrong column on the worksheet. For example, someone on the A/R team could have transposed numbers, entered a transaction for the wrong account, or extended credit to the wrong account.
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