Here at Nacha Elevation Consulting, we’re ready to help you navigate the challenges associated with receiving and applying remittance data from electronic payments. Our team can help you develop the strategies and processes you’ll need to fully capitalize on faster payments. That’s why when we read Ernie Martin at ReceivableSavvy’s list of five challenges companies face when dealing with remittance data from electronic payments, we knew we had to share!
We’ve summarized his main points here, but you should definitely head over to ReceivableSavvy to read the entire piece.
- No one likes change. Change presents a new challenge for many organizations and developing the proper procedures for new methods of receiving and handling remittance data can certainly be an obstacle.
- Remittance data is delivered in different formats. Having a wide array of channels and formats has been a source of frustration for many organizations handling remittance data and getting all of your customers on the same page can seem overwhelming.
- Remittance data is delivered separately from the payment. When data is separated from the payment itself, suppliers may have to spend more time, effort and resources to retrieve and apply the data.
- Additional time and effort is needed to handle remittance data. Electronic payments are a faster, more efficient payment option but when remittance data is formatted inconsistently it requires the accounts receivable team to spend more time and effort to identify and correctly apply the data.
- Inefficient handling of remittance data increases cost. Organizations must streamline the process by which they receive and apply remittance data from ACH payments to ensure they are as efficient and cost effective as possible in the short and long term.
The Fix: Include remittance data with ACH payments
Fortunately, there is one change businesses can make to overcome these challenges: have customers submit standardized remittance data with their ACH payments, and that’s where Nacha Elevation Consulting can help.