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Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.
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 SMEs battle to match and allocate payments month-on-month with stretched and finite finance resource, whilst simultaneously trying to grow their business.
With inbound payment coming in multiple formats, with ever changing customer demands, the process to extract, match and allocate data is complex. Cash allocation, 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, create unnecessary debt management costs and cripple 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 solution that offers real value quickly.
Using manual processes, emails or mail is arduous, time consuming and inefficient.
Manual input and processes risk high levels of error, and unwarranted debt collection.
Slow or inaccurate allocation increases clearing or suspense accounts and restricts cashflow.
Slow allocation and unwarranted debt collection causes customer issues.
HR cost and effort in peak periods.
Multiple systems can make it difficult to access critical information, increasing risk.
Free up cash and resource with a highly automated, accurate and fast way to allocate payments on the same day.
We have transformed the allocation of payments for multiple large corporates and high growth SMEs, to improve cashflow, reduce costs and improve customer 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 manual methods.
Our subsequent payment-matching rules and in-built learning capabilities provide faster matching and continual improvement over time, delivering incredible accuracy. This intelligent 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 per cent 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 and quicker.
Automatically captures data and matches bank data against validation files.
Where non matches occur that cannot be resolved locally, requests are routed via email notifications and escalation rules.
Intelligent in-built learning capabilities, using information from multiple data sources.
Captures, extracts and matches remittance data in both paper and electronic formats.
95% payments allocated on the same day.
Less mistakes and exceptions, with built-in ‘learning’ for continual improvement.
Significant cost saving versus your current in-house costs.
Significant reduction of time to allocate.
Improved customer journey and satisfaction.
Easy access to visibility of true outstanding debt
Accommodates any level of payments with no need to recruit or plan.
Specialised cheque processing and lockbox, with complex exception handling, look-ups and return management.
Mailroom management and digitisation of all inbound customer communication for onward distribution, upload to online portals or relevant processing duties.
High volume banking and thanking activities and Gift Aid digitisation.
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.
Lowton Way, Hellaby, Rotherham,
South Yorkshire, S66 8RY
Telephone: +44 (0) 1709 448000
Email: info@parseq.com
Registered in England and Wales Company No. 05815806