PayData Automates Your Business Processes
PayData is a simple to operate system which allows Utility, Insurance, Banks, Governments, Churches, Non-Profits and Medical companies, as well as many other business sectors, to lower their Management, Operations and IT costs.
Many of today’s businesses if not most are spending as much as 300% more than they should within their remittance processing departments.
Addressing Your Requirements: For every industry and organization there is a unique set of requirements that drive the effectiveness of their remittance processing group.
To design and develop the most effective process for your organization we must identify the steps in your process today then assess the activities within each of these steps!
Typical Steps in the Remittance Process:
- Post Office Box or Postal Delivery
- Payment Opening and Sorting
- Document Scanning
- Document Classification
- CAR/LAR/OCR/MICR/Text/Barcode Capture
- CHADD (i.e. Change of Address) and handwriting detection
- Operator functions
- Exception Management
- Archive & Research
- System Auditing
Preliminary questions to see how your system is serving you:
- Do you outsource your work today? If so, do you process exceptions in house and do you have any other work that is not being processed by the outsourcer?
- What is the ratio of manual and automated work?
- How much stress is associated with the current operation?
- Do you process all your transactions in one day or do you have carry over?
- Is your mail delivered by the PO what time is it delivered?
- If picked up courier or your company how time per day and at what times?
- How satisfied are you with your current supplier?
- Would you like your operation to be improved?
- When is the last time your system was updated?
- How long have you operated your system?
The Impact of Streamlining Lockbox & Remittance Processing with PayData
- Eliminate Workarounds and reduce process time by as much as 70%
- Increased quality of operations by providing high quality images, intuitive user interface, increased CAR/LAR read rate, simplified workflow, etc.
- Reduce processing costs by as much as 200% – ROI realized quickly
- Eliminates stress and improves work environment and employee satisfaction
- A secure investment; PayData is refreshed as technology and requirements change
- Standard (non-custom) software implementation allows for easy implementation, workflow flexibility and risk mitigation.
- Renovo’s unique layer of encryption provides total security throughout the system
- Auditing requirements become easy to manage with built in activity reports for all operator and system functions.
- Standard software reduces risks; as features implemented for any customer becomes standard for all customers. Regulation driven/other changes are responded to quickly with a standard update to all customers.