Digital Back Office Services
Cash Allocation
Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.
Inaccurate or misallocation of payments restricts cashflow and harms service
Many organisations, like telecoms, utilities and financial services who receive large numbers of payments from customers, struggle unnecessarily to run large teams managing cash allocation, without the right technology to support them. Likewise, many high-growth small and medium-sized enterprises (SMEs) battle to match and allocate payments month-on-month with stretched and finite finance resources. This can make things complicated when simultaneously trying to grow their business.
With inbound payments coming in multiple formats, along with ever-changing customer demands, the process to extract, match and allocate data is complex. Cash allocation, which is reliant on manual input and emails, is time consuming and subject to many errors. Misallocation or slow exceptions handling can increase clearing or suspense accounts, creating unnecessary debt management costs and crippling cashflow.
Additionally, brand reputation and customer service is compromised, becoming wrongly focused on missed payments and debt collectors when in fact payment has already been made.
Software that automatically captures data and aids the matching process in-house exists to address this. But the customisation, workflow and integration into systems can be complex and integrity questionable.
Fortunately, Parseq removes the burden of cash allocation and offers a comprehensive, automated cash allocation solution that offers real value quickly.
Key challenges of cash allocation
Time and resource
Using manual processes, emails or mail is arduous, time consuming and inefficient.
Costly mistakes
Manual input and processes risk high levels of error, and unwarranted debt collection.
Cashflow
Slow or inaccurate allocation increases clearing or suspense accounts and restricts cashflow.
Customer experience
Slow allocation and unwarranted debt collection causes customer issues.
No scalability
HR cost and effort in peak periods.
Poor visibility
Multiple systems can make it difficult to access critical information, increasing risk.
Our capabilities
Increase your cashflow and decrease your costs
Free up cash and resources with a highly automated, accurate and efficient way to allocate payments on the same day.
We have transformed payment allocation for multiple large corporations and high growth SMEs, improving cashflow, reducing costs and improving their customer’s experience.
We deploy intelligent technology to scan and automatically capture fields such as the customer name, total value and customer reference number, significantly reducing the time to do this versus traditional manual methods.
Our subsequent payment-matching rules and in-built learning capabilities provide faster matching and continual improvement over time, delivering incredible accuracy. This innovative system uses multiple data sources and analytics from customer behaviour to allocate payments into customer accounts and at invoice level. In addition to the data captured from scanning, these sources include debt books, invoices and previous payment history.
By combining bank data and validation data files with identified remittance criteria, we can match without manual intervention, which only occurs during limited instances of exceptions handling. This manual exceptions handling, means quicker possible resolution and another layer of integrity.
As a minimum, we allocate 95% of payments to customer accounts on day one at a 99.9% accuracy level. We work closely with our clients to identify the right solution for them, helping to boost customer satisfaction while delivering an average saving of 30% compared to in-house costs. For some clients this has translated into their clearing or suspense accounts being reduced by up to 50%, freeing up vital cash.
Whatever your cash allocation or cash management needs, we can help make it easier, safer and quicker.
Automatic match
Automatically captures data and matches bank data against validation files.
Exceptions handling
Where non matches occur that cannot be resolved locally, requests are routed via email notifications and escalation rules.
In-built learning
Intelligent in-built learning capabilities, using information from multiple data sources.
Paper and electronic
Captures, extracts and matches remittance data in both paper and electronic formats.
Same day allocation
95% payments allocated on the same day.
The benefits
99.9% Accuracy
Right first time
Less mistakes and exceptions, with built-in ‘learning’ for continual improvement.
Cost saving
30% Reduction
Significant cost saving versus your current in-house costs.
Speed
95% Same day
Significant reduction of time to allocate.
Satisfaction
Happy customers
Improved customer journey and satisfaction.
Visibility
Debt
Easy access to visibility of true outstanding debt
Volume
Flexible and scalable
Accommodates any level of payments with no need to recruit or plan.
Client testimonial
A very agile professional partner...
Other services you may also be interested in
Cheque Processing
Specialised cheque processing and lockbox, with complex exception handling, look-ups and return management.
Digital Mailroom
Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties.
Charities and Donations
High volume banking and thanking activities and Gift Aid digitisation.
Talk to us about cash allocation and management today
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.
