Accounts Receivable
Conversion with Draft Conversion Plus (DCP) is a low-cost, high
quality solution that uses hardware and software to read checks and
remittance stubs for payment and account information. THe bank
account information (MICR line and check dollar amount) is
transmitted to the bank electronically for deposit via the ACH
(Automated Clearing House) network without the need to prepare a
deposit slip, and customer account information (from remittance
stub) is uploaded to the accounting system for posting without the
need for data entry. As an added benefit, check and remittance
stub images are stored and readily available to customer service,
via your internal LAN, for improved and speedy customer service
relations.
Before a file is transmitted, check
information that does not meet system or user defined criteria is
identified and brought to the operator's attention with the specific
data field flagged. Check amounts not equal to remittance stub
information are also highlighted to assist balancing efforts.
These built-in functions are designed specifically to streamline
this process and reduce operator time, as well as increase the speed
and accuracy with which checks are processed.
Key
Benefits
- Automated check capture function
reduces staff time to data enter payment information into the
account receivables system
- Electronic deposits clear the banking
system faster insuring faster notification of returned checks and
faster order releasing
- Bank fees are generally less for
electronic deposits than for physical check deposits
- Check and invoice stub images readily
available for customer service to immediately resolve
issues
Where Are
Your Savings?
Manpower
Costs Reduced
- Less time needed to collect payment
information and sort checks (automation can perform this function
at hundreds of documents per minute - checks and remittance
stubs)
- No data entry time is needed to post
payments to the accounting system
- Immediate check and remittance stub
information for customer service
- Less time needed to reconcile bank
statements because automated deposit reporting eliminates time
consuming clerical errors
Operating Costs
Reduced
- Bank fees are often reduced with fewer
deposits being made
- Significantly lower Return Item fees
than manual deposits
- Copy machine supplies and storage
space for check copies are freed up
Revenue
Increased
- Funds are available sooner for
operating expenses or deposit into interest bearing accounts since
they don't experience the delays caused by inter-bank mail
delivery, thereby compounding the impact on positive cash
flow
- NSF checks are returned within 48
hours versus up to 15 days for paper checks to facilitate
collection efforts
See How ARC Works
DCP Trifold Brochure
DCP
Case Study
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