Are you ready? U.S. Dataworks is completing preparations for this year’s NACHA Payments Conference on April 28, 2018 in San Diego, CA. At this year’s conference we will be showcasing our Clearingworks - Integrated Receivables Solution.
Integrated Receivables has received increased attention recently, and businesses are looking for a solution - and looking for their primary financial institution to provide it. Banks are at risk of losing their best, most profitable business customers to a competitor institution who offers an integrated receivables solution. According to a January Aite Group Study, 73% of businesses are willing to switch banks to have this service. Wow! That elevates Integrated Receivables to the top of your priority list.
Why is Integrated Receivables the topic for Aite and Celent to produce recent studies highlighting its importance? Quite simply, businesses must post accounts receivable accurately to record the revenue from ongoing operations. Back in the day, that was mostly check and coupon, so the payment info and the remittance info traveled together. But today, more electronic payments are being made and often, the remittance travels separately (if at all). That means the A/R clerk at a company may have to get payment information from their online banking portal, then access email to get remittance information. Ultimately, they must go to yet a third system to post the payment, manually, to accounts receivable. All of this takes time and is increasingly expensive for your business customers.
Our Integrated Receivables is the solution your bank needs to become a strategic partner for those business customers. Think of integrated receivables like a pair of socks, you don’t really give them much thought, but you always wear them; they’re a critical part of your outfit, but no one ever sees them. But where would you be without them? You’d most likely end up with sore feet and blisters. Or stinky shoes. But you have probably noticed that more folks (mostly men) now wear sporty socks, making this below the knee undergarment a fashion forward statement.
Integrated Receivables is like those fancy socks. It serves a mission-critical function for businesses but it is now getting the notice it justly deserves. What you don’t need is to be caught off guard by having your key business customers asking for this and you are not ready to deliver. Your current business customers need to utilize a system you provide, not moving their account. And imagine how having a robust Integrated Receivables solution would assist your business development team as they use it to get meetings with the very companies that you desire to have as customers.
U.S. Dataworks has helped more than 80 banks transition from traditional treasury services to the Clearingworks - Integrated Receivables solution. Our team of experts will be on hand at NACHA Payments (Booth 1004) to share key insights on the process and relay first hand experience on why banks must lead with Integrated Receivables as a key differentiator.
In the end, Integrated Receivables makes receivable payments simple for business customers and transforms their relationship with their bank from tactical payments processing to a valued strategic partner...a partner worth fighting to keep.
Visitors to our booth will also be registered to win a water resistant Bose bluetooth speaker, making it easy to enjoy your favorite tunes anywhere.