Page 32 - CRF News 1Q 2018

6. Use standards
High Performers: Receive remittance in standardized formats like EDI and BAI2, which improves hit rates.
Low Performers: Get remittance in non- standard PDFs and spreadsheets, which adds processing costs and decreases hit rates.
7. Adjust attitude
High Performers: Embrace ACH and other pathways, and report being much more satisfied with their receivables operations.
Low Performers: Are more likely to be dissatisfied with their receivables operations.
There is a path to cash application success
that includes the removal of high labor costs, slower cash flow, and poorer customer relations. The 7 steps as outlined above streamline the payment process to allow for automatic payment processing with a higher degree of accuracy and economic advantage.
Editor’s Note: For those who want to get a good overview of ACH payment basics for credit professionals and how to improve the processing of remittance information, the Credit Research Foundation has developed a course on the topic: Electronic Payments. To find out more about this course please CLICK HERE.
About the Author:
Robert Unger is the Senior Director, Product Management and Strategic Initiatives with NACHA – the Electronic Payments Association.
Mr. Unger leads business
engagement for procure-to-
pay, order-to-cash and related
payment functions, focusing
on payment operations and strategy, as well as Automated Clearing House (ACH) online banking/bill pay and B2B initiatives.
Because so many of you have asked ...
2017 CRF Staff Ugly Holiday Sweater Contest Winner: Cheryl Weaverling
Kitties and Pizza won the day, but CRF CFO Cheryl Weaverling knows it was mostly kitties that captured votes in the 2017 CRF Staff Ugly Holiday Sweater contest. She should know — As the owner of 8 cats, all rescues, she's succumbed to the power
they hold over many people — unconditional love and hours of entertainment. Cheryl is also known for her love of pizza, but please hold the cheese!
A giant "Thank You" to all who voted and shared a laugh with us during the holidays.
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