Most professionals in the accounts receivable department can feel like they’re drowning in work. Invoices continually go unpaid and the work to try and get those delinquent customers to pay continues to add up. Since a business never stops selling, this cycle of work for the accounts receivable department will continue to pile up, unless tactics change. One way to reduce the amount of work is by implementing an online bill pay system.
Online bill pay offers businesses and accounts receivable:
PCI Compliance
PCI compliant means the online bill pay system adheres to (and helps you to adhere to) the standards set forth by the Payment Card Industry, including how the information is stored and how it is shared with banks, processors and gateways. Credit card information is never stored in Lockstep Collect. Rather, the customer portal is integrated with merchant providers who store customer credit card information in an encrypted vault. Transactions are processed within the merchant provider’s system and a confirmation is passed back to Lockstep Collect and stored as a pending payment until it has been recognized within the ERP system.
Customer Self Service
With checks and credit card payments over the phone, information has to be keyed in by the collections representative. When you’re using online bill pay, customers are able to pay the invoice completely on their own. Once they receive an email, they simply click a link and enter in their payment information on their own. That’s one step of work towards getting paid that you can completely eliminate.
Payment Processors
Sage Payments
Online payments can be processed with Sage Payments, the leading payment option available for Sage ERP customers including those using Sage 50 US, Sage 100, Sage 300, Sage 500, Sage X3, and other Sage business applications.
Solupay
The founders of Solupay Processing Systems (SPS) have been in the national and mid-market credit card processing business since 1994. Solupay has demonstrated that strong revenue growth can be achieved by retaining 97% of their client base. This model has proven quite effective over the last six years as Solupay now exceeds over $2 billion in annual payment processing volume. Solupay represents all major credit card payment gateways providing additional services including automated clearing house (ACH), check processing, chargeback management, and more.
