Power of PAYBOX®
Implementing Electronic AR Solutions
Corporations and banks have specific accounts receivables requirements that need to be met, so one-size-fits-all AR solutions might not deliver the results and return on investment that C-level executives and key-decision makers are looking for.
Financial automation is the key to improved AR department processes – reduced operational costs, increased efficiency and accelerated cash flow can all be achieved by implementing the right solution.
Why do Organizations Shy Away From Electronic AR Solutions?
Most corporations and banks are hesitant to replace manual AR processes with electronic solutions. Why?
- Department heads worry about the time it takes to implement a new solution.
- There’s a fear of an electronic platform running at too high a cost to the organization.
- After all of the time and money spent, decision-makers are concerned that not enough customers will adopt the new technology.
So how can corporations and banks implement an electronic solution and mitigate the risks that are often associated with a new AR technology project?
Say hello to PAYBOX®
PAYBOX® is an end-to-end receivables platform that combines the necessary elements to achieve a more streamlined receivables strategy:
- Invoicing – Bills and statements are presented through a secure online portal. Users are notified when new bills are available, prompting them to view invoices at their earliest convenience.
- Payments – Electronic AR technology allows customers to gain increased visibility into invoice payment amounts and bill closing dates. And unlike manual invoicing, users aren’t limited to one or two payment options – bills can be settled via credit card, direct bank transfers and more.
- Integration – Think adopting new AR technology means replacing legacy systems? Think again. PAYBOX® seamlessly integrates with existing technology, including enterprise resource platforms (ERP) for easy adoption.
- Security – Paper invoices are not only ineffective, but they’re also unsecure and susceptible to viewing by unauthorized third parties. PAYBOX® leverages robust security measures, protecting customers, corporations and banks from payments fraud.
- Reporting – A full suite of in-depth reports reveals in-depth insights into overdue invoice payments, customer use reports and more.
What Makes PAYBOX® a Leader Among AR Solutions?
Institutions that leverage PAYBOX® gain more than just better AR processes. Additional benefits of PAYBOX® include:
- Accelerated DSO, resulting in an increase in yearly cash flow performance
- Invoice presentments and collections costs reduced by nearly 90 percent
- Strong financial supply chain performance, with more options for lucrative financing
- Straight-through receivables posting rates of more than 80 percent
- Availability of new revenue streams
Before PAYBOX®, the typical life of a paper invoice was 45 days, and could cost up to $35 per invoice. After implementing PAYBOX®, invoice presentment and collections take an average of 10 days, and run organizations at a cost of $1 per invoice.
Stop researching countless AR solutions, and get started with PAYBOX® today. Contact us to learn more.