Power of PAYBOX®
Electronic Lockbox Services
Across all industries, corporations are recognizing the need to become smarter and more effective at managing risk, lowering costs and improving efficiency. The accounts receivables function figures prominently in this process—and increasingly, corporations are turning to electronic lockbox services to transform their accounts receivables programs.
Making the Case for Electronic Lockbox Services
Surprisingly, many corporations continue to be held hostage by paper-based invoicing and payment processes. Electronic lockbox services reduce corporate dependence on paper receivables by targeting the limitations of paper-based AR routines:
- Time intensive – Manual, paper-based receivables process are time intensive and ultimately lead to high Day Sales Outstanding (DSO) rates.
- High costs – Paper receivables increase the cost of invoice presentment and collection, creating inefficiencies in AR organizations.
- Data inaccuracy – A reliance on paper-based invoices and payments can overwhelm the corporation’s financial supply chain, causing data inaccuracies and higher rates of exceptions and returns.
In the past, many corporations have been hesitant to adopt electronic lockbox technology due to concerns about the amount of time and resources required for implementation. But the latest generation of advanced electronic lockbox services mitigates these concerns and presents important opportunities for increased efficiency and revenue growth.
Key Benefits of PAYBOX Electronic Lockbox Services
Direct Insite’s PAYBOX® solution offers electronic lockbox services technology that addresses the concerns and pain points of growth-minded accounts receivables organizations. Designed to function as an end-to-end receivables platform, PAYBOX provides important benefits for corporations and enterprises, including:
- Improved Efficiency – The inefficiencies of paper-based receivables processes limit growth and threaten bottom line business performance. PAYBOX improves AR efficiency by reducing errors, streamlining processing routines and increasing compliance. By eliminating bottlenecks in the financial supply chain, accounts receivables staff can focus their time on activities that drive business results.
- Better Cash Flow – PAYBOX enables corporations to receive payments faster, delivering up to 80 percent improvement in Day Sales Outstanding (DSO). Additionally, real-time insights and invoice archiving from a single, cloud-based portal significantly increase AR professionals’ ability to manage receivables for better cash flow.
- Lower Costs – PAYBOX features electronic invoice presentment, reducing the cost of printing and mailing paper invoices. Similarly, Direct Insite’s electronic lockbox solution drives down labor costs by automating the handling and management of data. On average, PAYBOX corporate users experience more than 90 percent reduction in invoice presentment and collection costs.
- Stronger Customer Relationships – Customers gain access to robust self-service functionality, including the ability to view and manage active invoices. By combining a seamless user experience with powerful, customer-facing features, electronic lockbox technology strengthens customer relationships and supports loyalty initiatives.
Taking the Next Step in Electronic Lockbox Services
Used by some of the world’s largest corporations, Direct Insite’s PAYBOX solution offers a proven and flexible accounts receivables platform for your organization. With a no upfront cost implementation program and 90-day go-live guarantee, PAYBOX is the smart choice in electronic lockbox services technology.
For more information about PAYBOX or to schedule a private consultation, call us today at (610) 212-2487.