Advanced Payment Management

Advanced Payment Management is about digitization and automation of payments received, by auto-applying and auto-reconciling payments through multiple channels to achieve a drastic reduction in payment processing costs, improved quality of cash numbers and a reduction in Days Sales Outstanding.

Consolidate Multiple Payment Channels

Digitization of Paper Checks

Advanced Payment Management is about digitization and automation of payments received, by auto-applying and auto-reconciling payments through multiple channels to achieve a drastic reduction in payment processing costs, improved quality of cash numbers and a reduction in Days Sales Outstanding.

EFT/ACH Processing

coAction interfaces with a variety of banks and industry formats to automate income ACH/EFT transactions and automate payment application.

Credit Card Processing

coAction integrates with multiple major credit card gateways to perform secure card processing actions, whereby the entire process of accepting a card payment, its authorization and payment application is one seamless process, eliminating errors and duplication of work. coAction support level 2 and level 3 credit card processing for superior security of business payments.

Link with Lockbox

If your company uses a lock box, coAction links to your lockbox and pulls payments for automatic application, including the associated check and remittance images from the bank lockbox

Electronic links with Banks

coAction integrates with multiple banks for secure payment processing where accepting an online payment, authorization and payment application is one seamless process, eliminating errors and duplication of work. coAction supports multiple standard banking formats including ACH, EDI, SWIFT, EFT, XML and other custom formats. All communication and storage of sensitive information is completely secure and PCI-DSS compliant.

Collaboration with AR teams

All collaboration for payment matching, remittance resolution, payment application, reporting, etc. needed between AR and Cash teams is accomplished within the platform; eliminating redundant communications, emails, and Excel sheets while retaining segregation of roles and responsibilities with complete auditing.

Rules-based payment matching

The coAction platform provides a rules-based matching engine with algorithms to match balances based on Last-In-First-Out (LIFO), balance aging, and other advanced probability-based matching based on rules. Users can define tolerances and rules to achieve high rates of advanced automated matching.

Split Checks / Consolidated Billing

coAction supports the splitting of a single check across multiple accounts, applying a check to a parent account or the ad-hoc grouping of invoices across a group of accounts to achieve seamless and error free processing of payments for complex business scenarios making it easy for end users to achieve complex application tasks.

Discount Terms / Write Offs / Deductions

coAction supports the ability to apply discounts based on discount terms as well as user overrides based on role permissions. Write off balances based on specified tolerances, reducing errors and eliminate lingering low balance short/over payments. The system has controls in place on when, if, and how much of a discount or write off can be applied by whom. Unauthorized deductions and debits can be tracked and accounted for.

Batching Controls

Batch payments based on rules to make reconciliation and reporting easier. Checks and payments can be matched to bank deposits and other arbitrary criteria to meet batching requirements.

Bank Reconciliation

coAction supports matching of payments automatically with bank statements, providing automated daily reconciliation. Advanced matching algorithms and exception management assist quick resolution of mismatched balances.

Customer Portal - Payments

coAction Payments Management is integrated with coAction Customer Portal to allow customers to make online payments through an ACH/EFT, credit card or other online gateway such as PayPal. This process not only reduces DSO but reduces errors, duplication of work and processing costs.

ERP Integration

coAction integrates with all major ERP systems; generating the appropriate transactional or batched messages for payments to be sent and accounted for by the ERP or legacy system. coAction reconciles all transactions sent to the ERP system to ensure no discrepancy between the ERP and coAction, leading to a hassle free and worry free interface.

Benefits

The adoption of the coAction platform is a complete transformation and digitization of your payments processing resulting in dramatic impact on the following:

REDUCED UNAPPLIED CASH
TIMELY STATEMENTS
REDUCTION IN PROCESSING COST
IMPROVE THE HIT RATE OF CASH APPLICATION.
INCREASE PRODUCTIVITY AND MINIMIZE MANUAL CASH APPLICATION PROCESSING.
LOWER YOUR DAYS SALES OUTSTANDING (DSO)
EXPEDITE IDENTIFICATION OF DEDUCTIONS.
CAPTURE AND TRACK SHORT-PAY TRENDS AND PROCESSES
COMPLETE DIGITIZATION AND ELIMINATION OF PAPER
INTEGRATED FINANCIAL CRM