Having lengthy accounts receivable cycles is not ideal. You need your money faster than that. The same is true with accounts payable. Take too long, or make errors, and you lose discounts, not to mention the lost negotiating leverage with your vendors.
But business supply chains are long today. With global outsourcing, vendors are spread out around the world. Coordinating all that is a full-time business.
Fast and Efficient
It takes a lot of concentration to run an efficient, economical payment processing operation. Do it right, and your customers will not notice. Do it wrong, though, and they will complain, tell their friends, and broadcast it on social media. Eventually they will give their business to your competitors.
That’s where outsourcing, or rather, near-sourcing can help. We take over your payment operation, then look for ways to eliminate unnecessary steps, institute quality checks and lessen the time it takes to process your payments. We make those improvements by using business process mapping.
Some tactics we use for improvement
Business process improvement includes these tactics:
- Manual processes will be reduced as much as possible. That speeds the process, cuts payroll costs and reduces human errors.
- Accountability will be heightened. That’s necessary for quality control and security. Spot checks, mini audits, special studies and analysis – we provide all that on an ongoing basis. The goal is to have constant improvement, not to simply do an acceptable job for you.
- We will incorporate enhancements to the human capital side of things. The best technology to work with, flexibility in distributing work, and better controls (easier to work with) are all part of the package.
The latest technology helps
We can work with any platform you have, or if you prefer, we can develop one that best meets your needs.
What you’ll get
- Increased cash flow
- Lowered costs
- More customer satisfaction
- More customer loyalty
- Flexibility that you don’t have with a fixed, in-house operation. Expand or contract capabilities easily.
- Easy adjustments in manpower for seasonal needs.
No direct cost of updating systems and technology
Yes, our costs get passed on to you indirectly. But we can update our systems more efficiently, and at less expense, than you can in house. How? Because we serve many customers with the same technology. That lowers the cost for each one. Updates are easy.
People still pay by check, even though checks are the most expensive method of processing payments. But don’t let that stop you from learning new ways to replace more of your paper check transaction with digital, secure payments. That’s another one of our bpo solutions.
Gift cards, loyalty cards and rebate programs
Whatever types of programs you have now, or want to use in the future, we can accommodate them. Even more, we can guide you on the best, most efficient ways to implement them.
The less you rely on humans and paper checks, the more security you have. It might seem counter intuitive, but the threats are different and more open to discovery. Prevention is easier too. You will have a constant contact with us. We gladly accommodate your own internal security controls. Better for you. Better for us.
Better vendor relations
On time payments give you access to the best discounts. Some digital payment systems even keep vendors informed on the status and timing of their payments.
Need to configure a special payment system? No problem.
Custom checks with logos or MICR encoding? Yes.
Image storage with easy retrieval and a security trail? Yes.
EFT (Electronic Funds Transfer)
Rapid. Secure. Accepted. Many of your customers pay their other bills like this now.
Give your customers the option to make payments online from their bank account or credit card. That’s just another advantage of business process automation.