Receivable Consultants International was most impressed by TermSync’s bundled email reminders option. Instead of buying power, it’s like collecting power."
Madison, Wis. (PRWEB) April 16, 2012
TermSync, Inc., the accounts receivable automation platform that ensures businesses get paid faster, today announced several significant upgrades now available in TermSync 2.0.
The new version marks a more holistic approach to managing payment terms between vendors and customers. The platform enhancements will help clients gain greater visibility into cash flow through enhanced A/R analytics, customer ratings, automated and aggregated email reminders which allow customers the ability to pay an invoice directly from the reminder. For the first time, TermSync clients can also take real-time snapshots of their payment performance across all customers; not just those utilizing TermSync’s proprietary third party ACH processing platform.
New features in TermSync 2.0 include:
- Automated invoice notifications and payment reminders for all the customers of TermSync clients, and the ability for those customers to pay their vendors electronically directly through TermSync emails, regardless of prior ACH transaction authorization. Payers can choose to pay just that one invoice or sign up for TermSync’s full ACH processing service for future transactions.
“We are excited to work with TermSync. We see a great deal of value in the overall product, but the automated invoice notifications and payment reminders will be a huge help for us,” said Amy Armstrong, CFO of Park Printing Solutions. “Over time we will look to get a majority of our customers signed up on TermSync’s full ACH platform. The automated reminders and ‘pay now’ features allow us to get immediate value even before any customers sign up for the full ACH service.”
- Bundled email invoice notifications and payment reminders that reduce inbox clutter for payers while leveraging the vendor payment power of multiple brands on the TermSync platform. Through this single thread of communication, payers can quickly pay several vendors at once while sharing their ACH information with only TermSync as a trusted third-party, versus providing that information to multiple independent vendors.
“We were most impressed by TermSync’s bundled email reminders option. Instead of buying power, it’s like collecting power,” said Brian Flynn, Founder of Receivable Consultants International. “It will allow our customers to get one easy to understand notification summarizing amounts due from several vendors, rather than email after email and call after call from multiple vendors. And at the same time, it helps raise the profile of our invoice by having it appear with other name brands who routinely command the immediate attention of finance staff. This will be a significant game changer for billers and payers.”
- Payer ratings informed by aggregated reporting on payment performance, which allows TermSync clients to receive updates and analysis not only on how fast they are getting paid from customers but how fast their customers are paying other TermSync clients. This industry-unique feature provides unprecedented insight into when other companies are being slow paid. It offers an early warning signal to TermSync members that they may encounter difficulty in receiving payment on time, or identify trends which may cause a company to amend its existing payment terms.
- Accounts receivable analytics with dashboards that aggregate all accounts receivable and customer data to compare the speed of payment between transactions processed within and outside of TermSync’s third party ACH processing platform. The dashboards eliminate the need to dig for real-time performance metrics or manually integrate multiple reports, and help automate the documentation and reporting process by monitoring more granular audit trails on the timing of payments.
- Automated ERP solution integration, expanding the interoperability of TermSync with virtually any accounting system.
Other recent clients who are now using the new version include SalesNet, Pro-Active Engineering, Inc. and Reinders, Inc.
The TermSync platform creates an automated, online dialog which makes it easier to maintain the existing, agreed upon payment terms and avoid the stress and expense of collection calls. Customers retain complete control and are allowed to delay or dispute a payment if needed simply by entering a reason. This approach has led to over 99 percent of transactions managed by TermSync to be paid on or before the due date, without collection calls. TermSync currently manages over 2,500 payment term relationships with clients and their customers. TermSync 2.0 allows clients to reach more customers even before those customers ever sign up for TermSync’s original ACH third party platform.
“Since our launch, TermSync has had one goal: end slow pay by giving companies more insight and their customers less pain in the payment process,” said Mark Wilson, founder and chief executive officer of TermSync. “Prior to TermSync 2.0, we made a meaningful dent in the outdated payment processes most companies suffer through. TermSync 2.0 allows us to introduce even more tools that not only accelerate payment and optimize insight to better manage cash flow, but do so in a seamless, transparent way that earns high praise from our clients’ customers.”
TermSync, Inc. is an accounts receivable automation platform that ensures businesses get paid faster and receive more visibility from customers without having to make a collection call. Founder Mark Wilson, CPA, experienced firsthand the pains companies go through to get cash in the door while he served in various accounting leadership positions. In creating TermSync, Wilson set out to revolutionize the outdated payment terms process in a manner that is accepted by both businesses and their customers. TermSync is privately held and headquartered Madison, Wisconsin.
mark (at) termsync (dot) com