Power of PAYBOX®
As paper invoicing and check volumes continue to decline, many banks are embracing electronic invoice presentment and other paperless strategies to grow their lockbox businesses. But the effectiveness of reverse lockbox technology hinges on a robust ePayments portal—a single, cloud-based gateway that gives payers the security and flexibility they expect from top-tier banks and suppliers.
For lockbox customers, electronic payments improve customer satisfaction and help optimize the financial supply chain. Consequently, the implementation of strong ePayments portal technology is a critical milestone in the development of a successful integrated receivables strategy.
The Benefits of ePayments Portal Technology
Direct Insite’s PAYBOX® reverse lockbox solution features an ePayments portal that maximizes flexibility and control for both banks and payers. The platform allows payers to control the amount of payments, payment types and settlement dates. Additionally, the combination of invoice presentment an approval and payment in a single platform increases p-card issuance and utilization.
Other benefits of Direct Insite’s ePayments portal include:
- Increased efficiency: The transition from paper payments to electronic payments improves the efficiency of lockbox routines, eliminating the errors and backlogs that are typically associated with manual workflows.
- Lower costs: Reverse lockbox and electronic payments technology lowers exceptions handling costs and reduces invoice presentment and collection cost by 90 percent or more.
- Improved compliance: By transitioning to an ePayments portal, banks reduce PCI compliance headaches and improve risk management through real-time notifications and increased visibility to data.
- Enhanced security: PCI-compliant ePayments solutions prevent payment fraud, protect sensitive cardholder information and provide audited security procedures.
Selecting an ePayments Portal Technology Provider
The decision to implement electronic payments technology is a critical for banks interested in optimizing their integrated receivables strategies and expanding lockbox revenue streams.
The ePayment portal in Direct Insite’s PAYBOX reverse lockbox solution seamlessly combines e-invoicing functionality with a best-in-class electronic payments solution that integrates with legacy lockbox technology, offering a breadth of capabilities for banks and payers.
When selecting an ePayments portal provider, there are several other must-have features and benefits to look for, including:
- Full tracking and auditing capabilities
- Proactive payment notifications
- Customer self-service payment profile management
- Real-time authorization and batch settlement payments
- Configurable business rules
- Partial payment 'reason required' business rules
- User configurable recurring or scheduled payment rules
- PCI compliance
The bottom line is that you need to select an electronic payments partner that understands the requirements of lockbox businesses and can tailor the technology to your organization’s unique integrated receivables strategy. Direct Insite’s PAYBOX reverse lockbox and ePayment portal solution is cloud-based, vendor-agnostic and fully integrates with legacy lockbox and treasury systems.
For more information about PAYBOX or to schedule a private consultation, call us today at (610) 212-2487.