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Receiving Payments

Receiving Payments

We dovetail seamlessly in to your accounts operations to improve your accounts receivable processes.

 

Click on the tabs below to read more about our award winning services, which include Cheque Lockbox, incorporating both UK and International Lockbox, Fines Processing, automated Direct Debits, Charitable Donations, and Payments Allocations incorporating BACS Matching.

We have an extensive history and pedigree in delivering UK and International Lockbox services to leading banks and financial institutions with many clients benefitting from our service for in excess of 15 years.

The lockbox service consists of the receipt of cheques and remittances, opening, validating, scanning and outputting data to the client, whilst any associated cheques are then couriered to clearing for overnight processing.

A key element of the service is the ability to handle retail (cheque & standard BGC, also known as Standard Lockbox) and wholesale (cheque and non-standard remittance, also known as Non-Standard Lockbox).

Parseq has invested in the development of a fully integrated International Lockbox Managed Service, which allows customers to have payments received, reconciled and banked in any participating country and receive consolidated reporting by region and at overall company level.

Benefits of Parseq’s Lockbox Service are:

For you:

\ Create a proven Lockbox service which delivers value to your corporate customer base, assisting with winning new corporate customers and retaining existing customers who have developed this need.

\ Generate an incremental revenue stream for LBG. Our experience of typical transaction based services suggests that the bank can generate a 50-100% margin with minimal ongoing service costs.

\ Creates a service for client retention. By implementing the Lockbox, you will be given access to a white-labelled instance of Parseq’s image repository containing images of all cheques and remittances processed.

\ Creates a platform aligned to the strategic direction of LBG within the UK which also forms the basis for a pan European offering.

Benefits of Parseq’s Lockbox Service are:

For your customers:

\ Centralisation of all receivables for their business. Typically our clients benefit from reduced account receivables costs of up to 35% by using a Lockbox service. This figure can be greatly increased where the corporate is based over many sites.

\ Scalable processing capability. The ability for high or low peaks to be absorbed without impacting on day to day activities of the organisation, saving costs associated with temporary staff and overtime.

\ Guaranteed service levels. All cheques received Day1 are processed Day1, improving cash flow and ensuring cleared funds are available at the earliest possible point.

\ Consolidated Management Information. You will receive consistent and accurate management information detailing your receipts. This provides significant benefit to multi-site organisations where cash flow information is key to the operation of your business.

\ Leverage the experience and knowledge of Parseq for handling infrequently encountered exceptions and anomalies, allowing complex exceptions to be handled as routine transactions.

Parseq work with a number of international partners to deliver mail opening, scanning and banking services outside the UK. These partners have been selected based upon their capability within each country and their footprint across the world. Prior to selection, rigorous supplier audits were undertaken to ensure that the necessary standards were met. A regular review process is embedded through our third party supplier management process, ensuring the highest standards are maintained at all times.

Our Direct Debit Management Service delivers an automated Direct Debit setup, collection and management solution, underpinned by full compliance to AUDDIS regulations and Direct Debit rules, delivered by a highly commended BACS accredited bureau.

We can provide for you a paperless customer setup option, reducing the timescale for when the first collection can be made. You can create a range of payment plans with variable collection dates and features such as different first / last payments.

The system is swept daily to identify any new instruction and any payments due for collection. These instructions are automatically captured and sent to BACS.

All payments are submitted to BACS using Parseq’s BACS Accredited Bureau Service. Our submission software submits encrypted data over a secure connection directly to BACS.

Simultaneous Debits/Credits are processed on the agreed date ensuring Direct Debits are collected accurately and on time.

Our experienced payment processing team provides full support in the event that a Direct Debit cannot be collected. This includes full customer contact and representing the direct debit.

 

Benefits at a glance:

\ Automate your Direct Debit processes saving time and money. Typically the introduction of Paperless Direct Debits via the AUDDIS service saves in excess of 50% of your setup costs and allows earlier collections of your customers’ funds.

\ Take advantage of our validation routines upon customer setup ensuring the information collected is accurate and the debits can be processed.

\ Comply with all necessary Direct Debit rules ensuring collections are made as early as possible and indemnity claims are avoided.

\ Automate the production and despatch of all scheme letters which can be customised to your individual requirements.

We improve donation management using streamlined methods of processing and reporting on incoming donations and Gift Aid.

Donations can be received and processed by cheque, postal order, cash, credit and debit card also regular Direct Debit.

Specialist services for the not for profit sector include:

\ Gift Aid processing and reporting
\ CAF cards
\ CAF vouchers
\ White mail donations
\ Raffle processing

Our BACS Matching service is based on a strong technology platform supported by a range of flexible business rules, allowing us to cater for an extensive range of matching criteria.

A consistent challenge for customers who receive a high number of electronic payments is identifying the payment to the sales ledger and making the appropriate payment allocation.

We have a proven legacy, extending over 7 years, in delivering BACS matching services to a range of major corporate customers. Our system has been designed to receive bank statement files and remittance advice information and match transactions based on specific client rules.

Our approach offers the greatest degree of flexibility, providing a solution with the broadest customer reach and appeal. Once deployed and configured, our solution becomes an integral element of your account receivable process, supporting the longevity of the relationship between you and your customer.

Our technology engine is under constant refinement to build in intelligent routines designed to automatically match Remittances to Payments and eliminate time consuming and costly manual processes. This has enabled us to drive up the percentage of automatic matches (with no human interaction) from a starting point of 50% with most customers to over 80%.

Working with the leading parking service and enforcement providers, we deliver fines processing services allowing local authorities to collect fines quickly and efficiently. All services are delivered in a PCI compliant environment and infrastructure.

The scope of our services cover:

\ Mail receipt, opening & scanning.

\ Validation and banking of payments received.

\ Parking disputes

\ Freedom of information requests

\ Parking pocket book scanning

\ Document imaging and archive

\ Processing Management Information & Reporting

To find out how we might help or for a copy of our brochure please contact us, we’d love to hear from you.