Taking the Hassle Out of Receiving Online Bank Paper Checks
Bill pay options through online banking sites may be convenient for consumers, but not so much for the organizations that receive paper checks as a result. Going through stacks of checks from banks to pair with open invoices can be a dreaded and time consuming task. What if there was a way to significantly simplify the process and get payments faster?
Invoice Cloud’s Online Bank Direct service eliminates paper checks from online banking sites by turning them into electronic files. Instead of receiving a paper check from the bank, an electronic check will automatically be uploaded in your biller portal and go through a matching process to link the payment to the correct invoice. If an obvious match is not found, several options may be displayed or clients can perform a search to identify the invoice that the payment belongs to. The check can be returned, if needed, with one click.
Online Bank Direct takes the hassle out of receiving payments from online banking sites and greatly reduces the manual effort of matching customer names and amounts with open invoices. Time savings is another key benefit.
Deb Piva, Town Collector in Dartmouth, MA said, “The time required to research and process paper checks was reduced from 3 hours to 10 minutes with OBD.”
Here’s a quick look at how Online Bank Direct works:
- A customer goes to their personal banking website, such as Bank of America, and submits a payment.
- The online bank payment is automatically uploaded to the client’s biller portal and matched against open invoices.
- Client reviews the pending payment files and finalizes payments with one click.
- The customer, if a registered user, will receive an email confirming that his/her online bank payment was received.
- Client can access reports for processed payments, reconciliation, deposits and more in the Online Bank Direct section of the biller portal.
Ready to find out more? Contact sales at [email protected].