Overview
Cash Application is the single most important step in managing customer payment exceptions. Early detection, accurate identification, effective coding, dynamic dissemination to the appropriate owner and continuous tracking are key to increasing recovery rates and reducing time to resolution.
Cash Application accuracy and turnaround directly impact customer satisfaction, Days Sales Outstanding, collector productivity, and financial reporting integrity. The maturity of upstream processes (Customer Management, Contract Management, Order Management, Shipping and Distribution) dictates the magnitude of collection issues and deduction volumes. It is the efficiency of your Cash Application process that determines how quickly you resolve exceptions and the rate at which you convert invalid customer exceptions into cash.
Outsourcing Cash Application to Creditek will improve cash flow by reducing the time and effort in processing cash and efficiently managing deductions. Our integrated approach combines low-cost service centers with proven technology to enable higher auto cash rates and automation of the Deduction Management process.
The keys to Creditek’s success in Cash Application management are:
- Technologies that drastically improve: auto-matching; issue detection; document imaging; indexing, distribution and tracking; and debit and credit memo workflow.
- Frequent and detailed reporting and analysis.
- Customer focus that allows performance based pricing.
Overview |
Technology Investment |
Operational Savings |
Customer Service Approach |
Early Issue Identification |
Reporting & Analysis |
