Power of PAYBOX®
Advantages of PAYBOX
Direct Insite’s PAYBOX solution is a sophisticated electronic invoice presentment and payment technology that adds value to corporations and financial institutions alike. By leveraging a variety of robust features and capabilities, organizations can capitalize on the many business advantages of PAYBOX, including increased revenue, lower costs and more effective cash flow management.
Advantages of PAYBOX for Corporations
A large majority of corporations still rely on outdated, manual and paper-based invoicing and payments processes. Paper-based check payments account for the largest B2B payment type for suppliers. According to a recent report by the Remittance Coalition, 67 percent of corporations receive paper checks as payments for B2B products and services. This represents a significant missed opportunity for corporations.
By leveraging PAYBOX, companies can close the costly inefficiency gap caused by paper-based accounts receivables processes and receive several other key business-driving benefits, including:
- Comprehensive Accounts Receivable Support: PAYBOX is a sophisticated end-to-end receivables solution that handles everything from electronic invoicing and payments to online approvals and adjustments in a single, easy-to-use platform.
- Revenue Gains and Cost Reduction: For organizations, PAYBOX significantly reduces processing and manual labor costs in accounts receivable departments, while delivering millions of dollars in annual float improvements. Our solution typically improves Days Sales Outstanding (DSO) by 80 percent and reduces invoice presentment and collection costs by more than 90 percent.
- Technology Agnostic: Companies do not need to upgrade their technology or make significant investments in new systems to use PAYBOX. Our integrated receivables solution seamlessly integrates with any legacy technology platform.
These benefits combined offer meaningful improvements in the financial performance and health of growth-oriented businesses. With PAYBOX, organizations can launch the solution in less than 90 days and quickly achieve straight-through accounts receivables posting rates of more than 80 percent. We also simplify adoption for customers by providing automated migration from paper invoicing and check payments to our e-invoicing platform.
Advantages of PAYBOX for Banks
Our PAYBOX integrated receivables solution not only drives business results for our corporate clients, but banks can also benefit from leveraging our platform to extend revenue opportunities from traditional lockbox services. As more companies recognize the value of integrated receivables and payment processes, non-cash transactions are shifting to electronic invoicing. This provides banks with a lucrative opportunity to fill a major service gap among corporate clients and generate new streams of revenue as profits from traditional lockbox services continue to decline. The advantages of PAYBOX for banks include increased profitability and growth, with benefits such as:
- Revenue growth by $1 to $2 per transaction and bolstered p-card payments
- Enhanced security, reduced risk and improved archiving capabilities for lockbox services
- Cost savings equating to tens of thousands of dollars from streamlined exceptions management and resolution processes
- Improved customer loyalty and satisfaction with value-add reverse lockbox offerings
Transitioning to electronic invoicing and payments processes is a win-win for organizations and financial institutions, streamlining the entire financial supply chain and increasing profitability. If you are ready to reap the advantages of PAYBOX, call us at (610) 212-2487 to learn more about our comprehensive solution.