Maximizing Cash Flow Through Automated Receipts
Automated Receipt
Receiving and accurately processing payments on time is necessary but tedious part of managing business. When manual methods of tracking payments become inefficient, it is time to look for solution that can reduce costs and save time. Automated receipt solutions provide the ability to quickly and securely process payments, delivering increased control, visibility and accuracy in your cash flow.
Step by Step Guide for Automated Receipt Solutions
Phase 1: Set-up and integration
Step 1: Contact your software provider to discuss the setup of automated receipt processing. Your provider should provide detailed guidance and expertise on how to configure the system. During this process, you will provide the details of your payment preference.
Step 2: Once you’ve established your payment preferences, you’ll need to integrate your automated receipt processing system into your current software program. Contact your software provider to ensure the integration is successful.
Step 3: Establish who is authorized to process payments, and assign roles and permissions to ensure you maintain full control of your payment process at all times.
Phase 2: Automated Receipt Processing
Step 1: Load all of the payment details required for your payment process into the automated receipt processing system. This will enable your processor to accept and post payments.
Step 2: Set up payment schedule and define which payment methods are accepted.
Step 3: Select the payment gateway that your business requires and link it to your automated receipt processing system.
Step 4: Once your payment gateway is linked to your system, you can start receiving payments. Your payment gateway will be responsible for securely processing and receiving payments, and posting them to your automated receipt processing system.
Step 5: Set up your payment gateway to send notifications that payments have been received and accepted.
Step 6: Utilize reporting and analytics features that are included in your automated receipt processing system to monitor and control your payments.
Phase 3: Ongoing Maintenance
Step 1: Review and adjust your payment preferences, as needed, over time to ensure you are receiving and effectively processing payments.
Step 2: Regularly monitor the payment gateway and review reports and analytics on consistent basis to ensure timely receipt of payments and accuracy of the system.
Step 3: Keep abreast of updates to the software and payment gateway.
Conclusion
Implementing an automated receipt processing system is an essential step to streamlining your payment processes and optimizing cash flow. The model must be tailored to meet your specific needs and processes, so that your system is set up for success and is secure. Along with providing more efficient payment process, automated receipt processing solutions offer invaluable insight into trends in payment activity, giving you more control and visibility into your cash flow.
