Power of PAYBOX®
Platform for Integrated Receivables
Direct Insite’s PAYBOX platform for integrated receivables enables corporations to generate greater business value and significantly improve accounts receivables and payables processes. In organizations across the globe, labor-intensive, paper-based invoicing and receivables processes cause significant inefficiencies and increased costs that prevent effective financial supply chain operations.
According to a study by the Remittance Coalition, 67 percent of corporations receive most B2B payments in the form of paper checks. Although this number is on the decline as more enterprises recognize the value of e-invoicing and integrated receivables solutions, it threatens corporate financial strength and financial supply chain performance.
Using a Platform for Integrated Receivables to Drive Business Growth
By transitioning to a platform for integrated receivables, corporations can drive meaningful business results ranging from:
- Improved Data Accuracy and Security: In a report conducted by Aite Group, more than 70 percent of large corporations indicated that they have problems with growing volumes of exceptions due to incomplete or inaccurate receivables information. An integrated receivables platform eliminates the need for manual data entry and re-keying of invoicing information with automated e-invoicing data import and management. It also increases security for companies by improving archiving capabilities and reducing the risk of lost or stolen invoicing and customer data with advanced security and encryption protocols.
- Increase Straight-Through Processing Rates: Companies struggle to process a large majority of their invoices straight through, even with electronic invoicing. According to the Remittance Coalition, less than one-third of companies receive an electronic invoice that is ready to process and reconcile. But with a reverse lockbox solution that offers integrated receivables management capabilities, companies can improve straight-through processing rates and raise the portion of straight-through invoices to 80 percent.
- Reduces Tedious Manual Data Entry and Labor Requirements: Human intervention not only causes problems with data accuracy and completeness, it also increases costs and time requirements to process invoices. A dynamic integrated receivables platform allows organizations to lower invoice-processing times by 35 days or more. This frees up time for your accounts receivables staff to focus on more strategic initiatives and reduces labor requirements.
- Compatible with Existing Technology and Legacy Systems: An effective integrated receivables technology solution increases adoption among corporate clients and connects seamlessly with existing legacy technologies and ERP systems. A strong solution will incorporate a user-friendly interface with easy-to-use monitoring and reporting tools. This increases visibility among accounts receivables departments and enables organizations’ to continue to improve invoicing processes and cash flow management.
- Lowers Costs and Increases Profitability: A platform for integrated receivables helps companies improve cash flow management capabilities and reduce costs associated with printing, shipping, handling and processing paper-based checks and invoices. With an electronic integrated receivables solution, companies can reduce average processing and collection costs to $1 per invoice, down from an average of $35 among companies that rely on manual invoice management. An integrated receivables solution can also improve Days Sales Outstanding (DSO) rates by 80 percent.
Direct Insite’s PAYBOX solution for corporations is a comprehensive platform for integrated receivables. Our solution helps companies reduce invoice presentment and collection costs by 90 percent and increase profitability and efficiency throughout the financial supply chain. Call us today at (610) 212-2487 to discover how large and growth-oriented companies are improving accounts receivables processes with PAYBOX.