The popularity of online and mobile payments is increasing among consumers, who like electronic payments because they’re faster, less costly, use less paper, and provide a higher level of security.
What business wouldn’t want a system that speeds up receivables, automates payment handling and posting, accepts consumer and business payments online, and automatically produces a daily ready-to-post accounts receivable file?
Recent advances in technology now make all this possible with straight-through processing.
What is straight-through processing?
Straight-through processing (STP) streamlines your receivables process and delivers an electronic A/R file to post directly to your accounting system. This eliminates error-prone and inefficient manual processes which allows you to automate the processing of check payments and remittance documents.
Increase efficiency and lower processing costs
Payment processing and reconciliation are well known headaches for businesses. Manual processes can be time consuming and inefficient. Non-automated systems for check payments, remittance documents and invoice errors delay processing, and the lack of automation leads to high costs of posting receivables to your accounting system.
If you’re wondering if your company is able to take advantage of the power of advanced payment technology, talk with the Treasury Services experts at Hancock Whitney. We offer three state-of-the-art services that allow you to accept and process payments with straight-through A/R processing:
- Bill Pay Direct Post - Automate the posting of consumer bill payments. Online processing transforms your manual process into daily ready-to-post files with our Bill Pay Direct Post service.
- Biller Express & Quick Pay - Your customer visits a secure custom-branded website where they can see your invoices and make online payments with Biller Express. Or, with Quick Pay, you can accept online payments.
- Lockbox Services - Outsource your receivables processing to take advantage of electronic capture of payment and remittance data. Payments are deposited to your account daily. We offer Wholesale, OCR and Medical lockboxes.
Straight-through processing will streamline your receivables process and deliver you an electronic A/R file to post directly to your accounting system, saving you time and reducing the cost of processing customer payments. Learn more from your Treasury Services Specialist or call 866-594-2304.