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Is Your Remittance Process As Agile As Your Business Needs to Be?
Not all payment processing policies are created equal. Each company has a specific set of needs and functions that require its accounts receivable departments to work with. And, in today’s digital world, you need to empower every department to adapt and adjust according to any new changes.
The good news is that you can find ways to manage your unique processing rules and create adaptive remittance solutions without the high cost of a customized solution.
But before we jump into how, let’s take a look at some of the special processing rules your company might encounter.
What are special processing rules?
Each industry—and even company—has specific policies that may affect how you handle payments. This can encompass whether or not you can accept payments, reject them, flag them, etc. A few examples of special processing rules a company might have in place include:
- Late payment handling (aka grace periods)
Some companies might choose to accept late payments but only if a fee is included. Other companies might choose to only accept payments that are no more than two days past due. This is hardly the extent of options when it comes to managing late payments—it all depends on business needs.
- Only accepting money order or cashier’s payments
This process might require the company to flag payments from certain customers when they try to pay with a personal check or create a list of customers who are required to pay with money order or cashier check.
- Managing over or short payments
A company’s process might have a set of criteria in place that allows them to accept payments that are $.50 cents under and refund any payment over $20.00.
- Address change
If a payment is made but the address change information has been updated, some companies might have a step in their process that routes and flags the payment for special handling or puts it on hold.
The above examples are common in the remittance world across industries. However, some special processing rules are specific to certain types of industries. For example, creating a “Shut off” list would be an important step to add to the remittance process in the utility industry. Meanwhile, government or state organizations might need to set up penalty or installment payment options.
There are a myriad of reasons why you would need custom solutions for your remittance process and how you control these processes needs to be in your hands. Unfortunately, there are many custom payment solutions that are far too rigid and do not allow for dynamic changes to be made quickly and easily.
But if you’re looking for a way to manage your unique processing rules without any custom costs, let us know. We can help you create an adaptive environment for remittance processing that will provide your company with the agility it needs to be competitive in today’s fast-paced world.
Click here for more information on our RTLFiRST Remittance handling solution.
Click here for our thoughts on if your agency needs a custom solution.
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