With nearly 40 years of experience serving clients across industries, including government, utilities, insurance, telecom, healthcare, and financial institutions, we know the value of a remittance processing service. That’s why, at FirsTech, we offer a robust remittance processing service developed to help businesses of all sizes manage their incoming payments with confidence. We work with clients who prefer a more traditional approach to payment submissions and have built a robust process to service their needs including an easy-to-navigate dashboard that enables you to focus less on processing payments and more on running your business.
However, we know it’s hard to determine if a remittance processing service is right for your business without knowing the full picture. You might have questions like:
- What do I need to know about remittance processing?
- How can remittance processing impact my business and my team?
- Will adding remittance processing benefit my customers?
We’ve prepared this guide to help you understand the remittance processing services FirsTech offers and how a remittance processing service could benefit you, your business and your customers. To learn even more, our team would be happy to discuss your unique business and how FirsTech can help.
What is Remittance Processing?
Quite simply, “Remittance” is defined as a sum of money sent, especially by mail, in payment for goods or services. Practically speaking in terms of your business, this is payments, typically sent in the form of a check, e-check or ACH transfer to your business. Whether money from vendors or clients, regular billables or anything in between, remittances are the incoming payments that keep your business running. In your day-to-day, you and your team likely manage all kinds of payments like these. No matter the size or type of business, it’s important to have a system that can help manage it all.
Remittance processing services are these systems. These services handle your incoming receivables and are able to help simplify your workflow giving you reliable reporting and efficient access to your incoming deposits no matter the size of your business or the volume of your incoming payments.
At FirsTech, incoming check receivables are sent directly to a unique post office box used solely to collect payments. From there, our specialists retrieve, open, and promptly deposit the checks into your business account. In addition, we offer the latest in retail and wholesale lockbox payments, so that we can handle remittance payments of all sizes and complexity. Our service is designed to give you the tools you need to streamline the entire process, increasing productivity and saving valuable time.
What a Remittance Processing Partner Offers
Beyond finding a remittance processing solution that works for your business, it’s important to find a partner that has the experience to provide you with the support that you need. With nearly four decades of experience, FirsTech’s exception processing can effectively manage any issues that might arise while also ensuring any exceptions are on file for recurring issues to improve efficiency with each payment cycle and avoid returning payments back to the originating financial institution. In addition, if you’re handling payments at a variety of locations, a remittance processing service can help you handle all these payments seamlessly. Dealing with deposits from multiple locations and accounts can create complicated audit and reporting processes, so partnering with a remittance processing partner can alleviate that responsibility from you and your team and make sure the whole process goes smoothly.
With FirsTech’s e-box solution your business will enjoy the efficiencies of combining payments from multiple locations into one central account, while streamlining your finances and increasing your cash pool for investments. You can also expand your resources with our robust online reporting options, including source, date and dollar amount of each deposit, while also identifying deposits from each location—all at an agreed upon time each processing day.
Additionally, you can have digital access to all of your remittance payments by taking advantage of our Remote Image Archival System. With this service, you can quickly respond to customer inquiries by researching payment activity and viewing clear stub images online in seconds. All images are stored online for up to 12 months prior to being archived for an agreed upon period.
With these robust services and nearly four decades of experience handling remittance for businesses in a variety of industries, partnering with FirsTech can help reduce your days sale outstanding (DSO), improve your customer support capabilities, and reduce the staff time needed to process your incoming receivables.
Why Get Remittance Processing?
Remittance processing can provide a lot of benefits for businesses, including:
- Lower processing costs– Reduce overhead costs associated with your team manually managing the remittance process
- Reduce DSO– With a smart system that effeciently manages exceptions and a team dedicated to remittance processing your business will reduce the days sale outstanding in your accounts
- Elevate your customer experience- With digital reporting and scanned documents you will easily be able to support any inquiries or concerns from a customer without having to dig through deposits and make multiple phone calls to your financial institution and theirs
- Confidence, Accuracy, Efficiency– With a remittance processing service like FirsTech you are able to focus on strategic decisions for your business with confidence knowing your accounts are accurate and your systems efficient.
At FirsTech, our mission is to provide our customers with innovative systems, processes, and services of the highest quality in the customer payment processing industry. We are passionate about providing these benefits and more to our remittance processing clients. You can confidently partner with FirsTech on your remittance processing services to gain effeciencies and help you scale for growth.
Ready to Get Started with Remittance Processing?
Does remittance processing services from FirsTech sound like something that might benefit your business?
If you have questions specific to your business or you’re interested in exploring remittance processing services further, we’d be happy to help. For decades, FirsTech has served as a result-focused partner to our clients excelling in the rapid collection of payments through a robust set of service offerings. With the most comprehensive capabilities suite specifically designed to satisfy the core hierarchy of business needs, FirsTech is the payment industry’s Partner for Business Success. Contact us or request a demo and our team can be sure to walk you through each of our services.
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