Significantly speed posting, centralize workflow, lower cost and enhance customer service through a single platform for the entire receivables process — with consolidated reporting, archiving and analytics. It all happens in four steps:
Interfacing with every major channel
Eliminating fragmentation, interfacing from one system and leveraging enterprise IT
Speeding and centralizing posting, clearing, and customer records
Simplifying documentation and reporting
Servicing all payment channels is critical to both speedy collection and customer satisfaction. Yet proliferating channels can cause complexity and inefficiency. PremiumWorks™ offers interfaces for all payment forms and locations, eliminating redundant technologies, based on best-in-class components seamlessly integrated with, or fully replacing, legacy systems.
Any location...
Home office. Cash, checks and card stubs (or invoices) move smoothly out of the mail. Cash is collected, with a ticket for processing. Checks are reconciled and cleared via paper, image-cash letter or ACH. Card data is lifted from a stub and sent to the acquirer for approval or rejection.
Branch office/cashiering. For walk-in and mailed payments, choose Web-based or cashiering options. Cash is collected, with a ticket for processing; checks, invoices and stubs are truncated for image exchange or converted to ACH; cards are swiped or imprinted, with data sent to the hub by file or batch
IVR. For payments made by voice-recognition systems, easily integrate payment capture from your customer for e-check processing.
Internet. Leverage your Web presence for allowing payments. One-time online payments, card and other Web transactions move smoothly for payment collection, authorization and preparation for posting.
Mobile. Taking on-the-move payments enhances ease of collection. Customers respond to text message, using on-file payment authorization — and ACH enables the transaction.
EPBB. For bills presented electronically, both one-time and recurring payments flow easily to the hub through card or ACH transaction.
EDI. Exchange documents electronically — one-time, recurring or using the new B2B 820 format-via ACH transaction.
And any payment type...
Check. Every kind of check can be captured remotely and imaged. Third-party imports come via XML or other image and data files. Interfaces easily integrate our products, satellite capture or other third-party capture.
Cash. Capture cash transactions over the counter or in kiosk. Receipts are integrated with downstream and outside systems via file specifications to ensure centralization.
Card. Real-time and offline collection of card data and payment authorization across all providers and acquirers.
ACH. Electronic debit and credit payments are imported from upstream systems. The interface uses API for data imaging, and data from legacy or third-party systems is easily integrated.
Unified processing is no longer a luxury but a necessity, and inflexible legacy applications are plagued by maintenance issues and high cost. PremiumWorks™ leads the industry in handling every kind of receivable in a secure, integrated hub. Automating all imaging, routing and validation, drastically accelerating processing time, the solution reduces both waste and cost.
Transaction aggregation. A scalable, interoperable database — with gold-level Microsoft certification, high-availability storage devices (NAS/SAN) and redundant servers — works with all major hardware configurations to aggregate payments made through all locations and types. What was once a cumbersome variety of inputs are now digitized, sharing a single format and readily available across the workflow.
Exception handling. Managing exceptions has been the most time-consuming and error-prone operation for receivables organizations. Within the hub, exception payments are flagged automatically. Nonauthorized payments are excluded from the receivables file; data is sent to the client. Automated workflow improves compliance and reduces audit time.
Returns processing. Reconciling returned items has traditionally involved manual data-entry reversals for each payment channel. The hub consolidates returned deposited items into digital workflows. Reducing manual entry also provides a common audit trail, regardless of payment channel.
Cost saving alone makes electronic processing the new standard — but responding to new and changing demands means simplifying the process. Our flexible solution supports many output types for a variety of downstream systems. Best-case routing lowers unit deposit cost and minimizes float. Collection periods improve drastically, and payments clear and post quickly, securely and reliably.
Exports. Integrates and consolidates scheduled, automated exports to accounting and archive applications for improved posting and customer service processes.
Extracts. Multiple payment channels too often mean multiple reports or files. Consolidating all payments from all channels, using a single extract file that contains all data and images, reduces time spent updating A/R and eliminates errors related to manual input.
Posting. From remittance stub to full-page invoice, automated receivables matching ensures speed and accuracy in applying payments to the proper accounts. Our solution supports ACH (in any flavor), as well as a range of other methods both proprietary and third-party.
Clearing. With interfaces into all leading clearing and settlement organizations, the solution provides a consistent, reliable process for e-clearing.
Using a single dashboard for workflow monitoring, operational statistics, cash position and real-time status, our solution integrates consolidated A/R outputs with storage, retrieval and analysis. Server or Web-based, an image archive eliminates searches for paper records, and retrieval is almost instantaneous. Collections can be improved by up to 20%. Customer response time can be radically improved. Customer-service research and report delivery are fully integrated. Encryption technology, user-based client-level access and advanced authentication methods provide high security.
Payment Analytics. It's critical to turn data into business information, for trending, forecasting and cash management. A comprehensive database of all payments, regardless of type, with an intuitive Web-based portal, facilitates the conversion of payment information into payment analytics.
Reporting. Adding staff to provide reports can become a vicious circle. Our solution enables flexible reporting, controlled by the client and reducing unnecessary FTE hours.
Case Study
Main Street America Significantly Reduces Costs
Learn how PremiumWorks™ streamlined workflows for a top insurer.
