By Nodus 12 February 2020
Let’s face it. Everyone wants to get paid on time. But in order for that to happen, merchants have to ensure that their payment collection process is set up to encourage timely, accurate payments from their customers. And once a payment is made, accounting departments may still face even more work to accurately apply the payment and complete their reconciliation so that they can finally recognize their collected revenue.
Introducing PayFabric Receivables, Nodus’ hosted receivables management solution, designed to help merchants manage their AR and reduce their collection efforts, all in a matter of minutes.
With PayFabric Receivables, merchants can…
- Send out automatic invoice notifications to customers
- Process credit card and eCheck transactions
- Set up automatic payment reminders and confirmation receipts
- Give customers 24/7 access to their online account, where they can view payment history, reprint invoices, and process payments
PayFabric Receivables can reduce billing expenses by cutting out paper invoicing, physical checks, and other manual labor. Bank of America estimates that a single business check can cost anywhere from $4 to $20 once the time and cost of invoice creation, mailing, collecting, and reconciling the check are all accounted for. PayFabric Receivables can automate invoice delivery, payment processing, and reconciliation, thus reducing the cost associated to AR collection.
Merchants can also lessen the scope of PCI compliance by encouraging customers to enter and process their own payment information within the portal. And whenever the payment is processed, the sensitive payment information is all securely stored on Nodus’ PCI-validated cloud, PayFabric.
The benefits are passed down to the customer as well, providing them the convenience and flexibility of a self-service payment portal.
PayFabric Receivables is bi-directionally integrated with Microsoft Dynamics GP and Microsoft Dynamics 365 Business Central. Merchants can take advantage of real-time reporting and automatic payment application directly into their Microsoft Dynamics ERP. For integration into other accounting systems, merchants can utilize PayFabric Receivables’ easy-to-use Data Import tool or integrate directly to the PayFabric Receivables API.
The newest feature of PayFabric Receivables is the ability to set up customers for automatic recurring payments. Customers can log in to add their payment information and start having their bills paid automatically.
View our short video to see just how easy it is to use PayFabric Receivables: https://www.youtube.com/watch?v=d5MTfPw78tA
Want to learn more? Schedule a demo with our team today: https://www.nodus.com/schedule-demo/