bottomline.com Water Purification Vendor (WPV) Achieves Faster Cash Application after Joining Paymode-X OVERCOMING AN INEFFICIENT AR PROCESS WPV’s accounts receivable (AR) department is responsible for applying payments from customers for their water cooler rentals. Monthly billing for these rentals translates into about 90% of the company’s revenue being recurring payments. Before joning Paymode-X WPV received a mix of 70% check, 20% ACH and 10% card payments from its customers. With the majority of these payments coming in without adequate remittance details, applying payments manually can be time-consuming and error prone as employees must match a payment up to the correct account, invoice number and billing cycle. Check-based payments require WPV to go to the bank to make dep

Join for free to read