Improving Operational Performance With A Comprehensive Integrated Receivables Platform
Integrated Receivables Platform
A comprehensive integrated receivables platform can provide finance executives significant opportunities to manage their order to cash process and improve overall operational performance. By empowering their teams with the right technology solutions, organizations can ensure that their customers have seamless and secure experience when making payments.
Finance executives must prioritize the evaluation process for selecting Softwaresolution for their order-to-cash operations. Below are four important considerations that should be taken into account when selecting an integrated receivables platform for an organization.
1. Regulatory Compliance: Organizations should ensure that any Softwaresolution is compliant with applicable regulations such as PCI-DSS, GDPR, and other applicable laws. Furthermore, the platform should provide features such as two-factor authentication, encryption of data both in transit and rest, and be compatible with multiple payment types including credit cards, debit cards, ACH, and other payment methods.
2. Security: Companies should prioritize the security of the data it istores and processes, both internally and externally. Therefore, it is important to select platform that offers security measures such as multi-factor authentications, encryption of data both in transit and at rest, and access control features to ensure that sensitive data is not exposed.
3. Flexibility: Organizational needs constantly change, and therefore it is important to select platform that offers flexibility. For instance, the platform should be able to adapt to the number of payment methods needed, or the types of integrations required by other applications in the organization.
4. Comprehensive set of features: platform with an extensive feature set will provide the organization with the necessary tools to automate the entire receivables process from start to finish. This includes features such as automated invoice creation, integrated receivables statements, automated payment reconciliation and analytics/reporting, just to name few.
The selection of comprehensive integrated receivables platform requires careful consideration, however the right platform can provide an organization with the framework and insight to improve its order to cash operations and reduce costs. In addition, reliable platform can improve overall customer experience and increase the organizations trustworthiness in the marketplace.
