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A design example of an eBook by YMKM. The client is Clearingworks; design done on behalf of FullQuota.

A design example of an eBook by YMKM. The client is Clearingworks; design done on behalf of FullQuota.

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Clearingworks ebook example Clearingworks ebook example Presentation Transcript

  • Payment Processing. Delivered. e B O O K # 1 5 Simple Steps to Streamline Your Payment ProcessingLearn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved.
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 Navigating the rapidly evolving world of payments can be a costly journey. Each day brings a proliferation of Step 1: Convert As Many new payment channels, clearing Payments as Possible mechanisms, regulatory mandates, from Paper to and cost pressures. It’s enough to Electronic make an accounting operations manager’s head Step 2: Consolidate Payment spin. What’s worse is that with all the noise in Systems the market, there’s a good chance that you’re Step 3: Aggregate Deposit paying too much to process your payments. Channels Step 4: ake the Middle Man T Out of Card Payments With 10 years of experience in block a few times. To help you out, the payment processing industry we’ve combined our knowledge to Step 5: Implement Analytics and 8 million payments processed provide five steps to streamline your and Reporting to Make each day for multiple customers, payment processing, which will help Better Decisions including American Express and the you become more efficient and save US Treasury, we’ve been around the you money. Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 2
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 1 Convert As Many Payments as Possible from Paper to Electronic Processing paper checks is expensive; it We suggest you consider the following: Use Automated Clearing House requires expensive machines or people to (ACH) Payments Wherever You open the envelopes, endorse the check, Take Advantage of Check 21 Can – Work with your partners and even courier the check to the bank and fix all Standards – Checks can be your key customers to establish a process the problems inherent with such converted to images at a centralized mail- for paying by ACH. By standardizing the a process. receiving location or any remote location. remittance information, both you and your Banks are required to take image deposits customer will save time and money. Electronic payments are far better than as long as they conform to the checks; they’re faster, cheaper and more published standards. Involve Your Whole Company – accurate. This reduces costs, errors and You want as many customers as processing time. Unfortunately, while Take Advantage of Check possible to use electronic payments, so electronic payments now account for Conversion to ACH – Convert get the right people involved to make almost 70 percent of all consumer bill your checks to ACH payments under the that happen. Marketing is not limited payments, research1 shows an eye- guidelines of the National Automated to a single department; keep all of popping 91 percent of business-to- Clearing House Association (NACHA); your customer service, tellers and field business invoice dollars are still paid with nothing is faster or more efficient. NACHA representatives involved in each new old fashioned paper checks. is even dropping the requirements to electronic payment program or incentive. offer opt-outs to customers. This means To put it simply: You’re going to continue starting in September 2011, conversion to to be paid by check and you need to know ACH will be even easier. how to deal with the situation as efficiently The Bottom Line as possible. With customers continuing to pay by paper check, you must take advantage of today’s technology to streamline your payment processing! 1 IAPP Annual AP Automation Study, 2009 Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 3
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 Payment Systems 2 Consolidate Payment Systems Consolidation in Action Have you ever counted the number of Here’s how to consolidate: Consider the case of a major credit systems, processes, people, vendors and card issuer that implemented an departments required to support your Involve all the stakeholders from enterprise payments hub three current payment processing? If not, take a your various payment systems. By years ago. Today, the enterprise minute and count; you might be surprised. involving them early, your consolidation payments hub receives all of the process can avoid pitfalls that can occur issuer’s arranged payments, web Traditionally, most organizations have without their “front line” point of view. payments, mobile payments, wires separate systems and departments for and even lockbox and over-the- credit card processing, check processing, Look for a solution based on open counter payments. This approach walk-in payments, web payments as well standards. Your system needs to has helped the company maintain as lockbox, Internet and mobile payments. fulfill your requirements today and be its brand image by providing a Businesses usually have a different flexible enough to adapt for tomorrow. consistent customer experience, payment application and vendor for each regardless of payment channel. Audit payment type, with a separate contract Look for a solution that requirements were greatly reduced by and fee structure. It can be complicated addresses privacy, security and using a single point of management and crazy. fraud detection. The best payment for all payments, including protection system in the world is no good if it of private information and fraud Modern technology can simplify this. can’t protect sensitive information or detection. Plus, the company’s It allows you to reduce the number of identify potentially fraudulent behavior. treasury and accounting teams now vendors, contracts, departments and fees Security should be strong, yet simple to have a single flow of receivables data between your customers and your understand and manage. across all payment channels. bank account. Moving to a consolidated payment The Bottom Line environment enabled the issuer This isn’t basic cable! Pay only for to eliminate 22 separate payment the channels you want, from as few systems, resulting in a $145 million vendors as possible. savings over the first three-years. Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 4
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 3 Aggregate Deposit Channels You need to reduce costs and get payments into your account as quickly as Seeing Channel possible. One often-overlooked solution Aggregation in Action is to optimize payments clearing by aggregating deposit channels. One government entity consolidated and any payments that are eligible to all check and electronic check be converted to ACH are converted The fewer channels you have for getting payments received by all of its under the ARC, BOC or POP rules. By your money through the process and 5,000+ agencies. Although the using ACH and Check 21 together, into your bank account, the easier it is payments are received through the entity has eliminated all paper to negotiate better rates with your bank. multiple channels — mail, websites, deposits and Pass 2 encoding and When all your deposit channels are walk-in, etc. from all parts of the moved entirely to electronic deposits. electronic, you are then free to choose United States — they process the This means reduced labor, hardware, whichever bank gives you the best terms, payments through a single payment supplies and transportation costs, regardless of their physical location. platform. This platform balances simplified interfaces between its Of course, converting all deposits to the transactions and prepares the legacy remittance system and its electronic format is the best way to take payments for deposit and clearing. mail opening device and streamlined advantage of this. Electronic Check 21 files are prepared administrative returns handling. Depending on your volume and payment types, it may make sense to have just a few, or maybe even a single deposit from all your payment channels. Just remember, the fewer, larger channels, the better. The Bottom Line Don’t waste time or money getting You can have the freedom to adjust your your money into your bank account! banking relationships as your business evolves; you just can’t do that in a fragmented deposit environment. Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 5
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 4 Take the Middle Man Out of Card Payments Consumers and businesses view card A key part of your payment strategy, payments as a necessary part of doing especially for utilities, should be to The Bottom Line business. This will only increase in 2014 eliminate those third party providers and Offer your customers a truly when the federal government begins offer your customers true flexibility in convenient way to pay by card distributing entitlement benefits with accepting card payments through your without the convenience fee. But EBT cards. Considering this increase, it’s website, walk-in locations, and over the don’t complicate your life or waste imperative that you offer your customers phone without the extra fees. money with a third party vendor. the ability to pay by card. The good news is that regulators are warming up to the idea of utilities and other traditionally paper-based billers accepting online card payments. Recent legislation (the Dodd-Frank act and Durbin amendment) seeks to increase competition and drive down historically burdensome interchange fees. Currently, many utilities rely on third-party processors to take any card payments because they are unable to absorb the cost. This forces consumers to pay an additional “convenience” fee to use their card. This is a huge waste of money and hassle for everyone except the third party vendor. Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 6
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 5 Implement Analytics and Reporting to Make Better Decisions There’s no room for guessing; you need Consider how valuable it would be if, at With integrated payment analytics and real-time, accurate information about your any point during the day, you could tell archiving, you should also be able to payment processing so you can make your treasurer: tell at a moment’s notice how today’s the best decisions for your organization. numbers compare to yesterday, the same Key decisions depend on your ability to The number and value of day last week, last month, last year, or any accurately monitor, measure, and predict payments received so far other date you wish. operational needs and payment trends. Most organizations try to bridge legacy Expected availability from Analyzing payment information also yields payment silos, only to leave the bank better insight into customer behaviors themselves wanting. and preferences, which can shape new Returns that were received marketing campaigns and product decisions. Viewing long-term trends will allow you to quickly adapt to market changes while improving your forecasting models. The good news is that recent advances in technology make all these capabilities possible today. The Bottom Line Come out of the dark! Leverage clear, easy-to-use and graphically rich analytics and reporting to manage all your information long-term and in real-time. Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 7
  • Visit Clearingworks at Clearingworks.comINSIGHT FOR PAYMENT PROCESSING PROFESSIONAL S eBOOK #1 How Clearingworks® Can Help We’ve outlined five steps for streamlining processing costs, while simplifying an savings. Or you can always call one of our your payments processing based on increasingly complex payment payment processing specialists at (888) lessons learned by years of payment processing landscape. 254-8821 or by e-mail at processing improvements for some of service@clearingworks.com. the country’s top businesses, utilities With more than 8 million payments and government agencies. Plus, we’ve processed each day by many household In future eBooks, we’ll go into more detail shared tips and key criteria to consider names, Clearingworks brings the power on each of these steps, so stay tuned. when looking into each of these areas. Of of a proven, enterprise-class payment course, the best way to streamline your processing service and robust payment payment processing is to follow each of analytics in one simple solution for these steps all with a single one simple price. And you’ll be up and end-to-end solution. running in 30 days or less. Guaranteed! Clearingworks streamlines all your Next Steps payment processing into a single, easy- to-use, integrated platform, improving See how much your organization could your productivity and your bottom line. save with our complimentary savings We typically save customers as much as analyzer at www.clearingworks.com. It’s 60 percent off their previous payment a free, no obligation way to quantify your About Clearingworks Clearingworks is an on-demand payment processing service with enterprise-class payment, deposit, and returns processing and powerful payment analytics tools. We process more than 2 billion payments each year for small, medium, and Fortune 50 companies. Clearingworks.com Learn more at www.Clearingworks.com © Copyright 2011, Clearingworks. All Rights Reserved. 8