The automation of recurring, invoice-driven, electronic payments, is yet another way AR departments can create new efficiencies, accelerate cash flow, and decrease DSO. -- Chris Thompson, COO, FTNI
OMAHA, Neb. (PRWEB) November 30, 2017
Financial Transmission Network, Inc. (FTNI), a provider of industry-leading integrated receivables solutions, today announced the general availability of several new enhancements to its ETran AutoPay features which automate the traditionally manual, time-consuming and error-prone processes surrounding the initiation, invoice association, and back-office cash application of invoice-driven, one-time or recurring ACH and credit card remittance transactions.
A key feature within ETran’s EPay module and associated EIPP solutions, these new AutoPay enhancements include configurable payment parameters on a customer-by-customer basis, as well as the ability to send proactive payment reminders detailing invoices to be paid and upcoming payment draft dates.
AutoPay users can now configure payment rules and timeframes within clicks according to each customer’s unique payment terms. Recurring payments can be set-up to pay open invoices on a daily, weekly, monthly, or bimonthly basis. Users can further tailor payment timing by selecting a specific day of the week for payments to be initiated. In the event that multiple invoices need to be paid outside of a customer’s normal recurring payment schedule, business rules can also be configured to initiate payment(s) for invoices with due dates within a specific time period. Finally, users also gain the ability to customize the timing of notification emails to be sent prior to payments being drafted. These reminder emails include information such as the number of invoices to be paid, invoice dates and due dates, and payment amount for each invoice. Following payment, email receipts can also be configured and automatically delivered.
Proven to reduce payment processing time by up to 80%, and decrease DSO by more than four days in some instances, ETran has helped leading companies across numerous industries achieve true straight-through processing to consolidate, automate and streamline the entire accounts receivables (AR) lifecycle—from invoice presentment, payment initiation and acceptance, to remittance matching and back-office cash application and posting—all on a single platform. All payment information and data is processed and stored on ETran’s fully compliant—PCI, HIPAA, SSAE 16 and more—cloud-based platform.
“Our latest enhancements to ETran’s AutoPay features reflect our ongoing commitment to helping our customers consolidate and streamline AR operations on a single platform,” said Chris Thompson, Chief Operating Officer at FTNI. “The automation of recurring, invoice-driven, electronic payments, is yet another way AR departments can create new efficiencies, accelerate cash flow, and decrease DSO.”
Unlike legacy, disparate, and dashboard-driven receivables systems of the past, ETran’s highly-configurable, modular design delivers truly integrated receivables processing solutions including advanced Remote Deposit Capture (RDC), lockbox processing solutions, online payments, single and recurring ACH & credit card payments, mobile payments (mobile RDC, ACH & CC), and robust EIPP options – all on a seamlessly integrated, Software-as-a-Service (SaaS) platform. Featuring flexible ‘plug-n-play’ capabilities, ETran works with existing banking and merchant processor relationships and supports efficient integration (batch or real-time) with any back-office accounting/ERP system.
Financial Transmission Network, Inc. (FTNI) accelerates the way businesses accept, process, post and manage payments. Processing millions of transactions monthly, FTNI’s integrated receivables platform, ETran, accepts any payment method, via any payment channel — on a single, secure, cloud-based platform. ETran’s easy-to-deploy, modular design seamlessly integrates current business processes, bank and processor relationships, and back-office accounting software to deliver increased efficiencies and cost savings as a result of true straight through processing. Founded in 2007, FTNI serves more than 20,000 corporate users from leading organizations spanning numerous industries including Banking and Financial Services, Distribution, Insurance, Nonprofit, Property Management, Utilities, and more. For more information, visit http://www.ftni.com.