Parks & Sons Achieves 80% Reduction in Payment Processing Time by Moving Receivables to the Cloud
Omaha, Neb. (PRWEB) May 19, 2015 -- Financial Transmission Network Inc. (FTNI), a leading provider of integrated payment processing solutions, and Parks & Sons of Sun City, an established waste management firm celebrating 50 years serving Sun City, AZ, and the greater Phoenix valley, today announced the successful implementation of ETran, FTNI’s integrated receivables processing solution.
In business for over 50 years, Parks & Sons serves more than 120,000 customers and averages 2,000 remittances a day. FTNI’s enhanced remote deposit capture (RDC) module provides the company unprecedented speed, flexibility and reliability in its check and remittance processing efforts. As part of FTNI’s ETran integrated receivables hub, the ETran RDC module delivers the ability to scan checks and remittance advices while seamlessly associating and storing all account and payment information in a PCI-compliant, secure, central location.
“In the past couple years we’ve worked on getting back to the basics, focusing on profitable efficiencies and preparing ourselves for another growth trend we’re entering,” said Shawn Parks, Business Manager at Parks & Sons. “A great example is our payment processing time. During our busiest invoicing cycles, ETran’s full automation reduced our payment processing time by 80% and significantly streamlined our auditing processes.”
Parks & Sons’ receivables clerks work with three separate items – coupons, checks and envelopes – for each remittance received. Previously, in addition to manually scanning and entering data associated with each coupon and payment, clerks also had to manually export batch files for input into the company’s back office AR system. With ETran now in place, the entire process is automated. Upon each coupon and check being scanned, data is automatically entered and associated with the appropriate customer account within the system. Time consuming, error-prone, manual data entry related to items such as change of address information, is now captured during the scanning process and posting files are automatically generated and uploaded into the company’s back office accounting system, facilitating true straight through processing and further streamlining legacy processes.
“ETran transformed our receivables processes and brought efficiencies to us we never expected. We no longer do any front-end auditing of our mailed in payments,” commented Parks. “Before, we had to audit 100% of our payments to find maybe 5% with changes or problems. Now we audit 0% on the front end and let ETran’s automation flag any issues. Due to that automation, we only need to audit that 5% with issues. The decrease in our time to process has been phenomenal.”
ETran also helped enrich the customer service experience at Parks & Sons. Accelerating payment processing timeframes significantly reduced inbound customer inquiries to the company’s call center related to payment status questions, saving time and money while allowing customer service staff to focus on more time-sensitive customer needs. For calls that do still involve payment questions, the company’s service staff now has a user-friendly, single interface to view all pending and processed payments in real-time, enabling them to quickly provide accurate information while answering customer questions or researching issues.
“From using enhanced RDC capabilities to significantly reduce the turnaround time to process check and remittance information, to leveraging a direct integration with their back office accounting system to enable straight through processing, Parks & Sons is a great example of the benefits companies can realize by moving their receivables to the cloud,” said Kurt Matis, president and CEO, FTNI. “We’re proud that Parks & Sons chose FTNI as a key partner in their decision to move their receivables processes and technology to the cloud and look forward to continuing to grow this successful relationship.”
“Working in the cloud with applications like ETran, we can go wherever we need to and we’re always ready to go,” said Shawn Parks, Business Manager at Parks & Sons. “Selecting FTNI as a strategic partner to get receivables into the cloud was an easy decision once we saw the value ETran could bring our company.”
FTNI at Waste Expo 2015
FTNI will be onsite exhibiting at Waste Expo 2015 at the Las Vegas Convention Center, June 2-4 in Las Vegas, NV. Visit FTNI in booth 4220 to learn more about this and other successful implementations of the ETran integrated receivables hub. To request an onsite meeting at the event, please email SimplifyAR(at)ftni(dot)com.
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About Parks & Sons of Sun City, Inc. (Parks & Sons)
Family-owned and locally-operated, Parks & Sons of Sun City, Ariz. was founded in 1964 by Ray Parks. The company provides residential, commercial and industrial refuse collection services to residents and businesses throughout the West Valley. In 1991, Parks & Sons, working with other organizations, started curbside recycling to divert paper (i.e. newspapers, junk mail, magazines and phonebooks) from the landfill. In 2009, Parks & Sons expanded recycling and implemented a state-of-the art, single-stream recycling program for commercial and residential customers. Paper, plastics, glass, aluminum/tin, and cardboard are all collected and reproduced into consumer goods. Parks & Sons’ leadership in the industry developed programs with great success that continues today. Visit parksandsons.com for more information.
About FTNI
Financial Transmission Network, Inc. (FTNI) accelerates the way businesses accept, process, post and manage payments. Processing millions of transactions monthly, FTNI’s integrated receivables processing solution, ETran, accepts any payment method, via any payment channel—on a single, secure, cloud-based platform. FTNI’s ETran Mobile application is built upon the core ETran platform and is available on both Android and iOS, and can be delivered as either a fully-hosted, stand-along application or via SDKs for integration into existing mobile applications. Founded in 2007, FTNI serves more than 16,000 corporate users from leading organizations such as the American Red Cross, DirectBuy, Five Star Senior Living, Golden Living, Mutual of Omaha, Penn Mutual, Physicians Mutual Insurance, Proxibid, RealPage, Shamrock Foods, The McClatchy Company and many more. For more information, visit http://www.ftni.com.
Zac Robinson, Financial Transmission Network Inc., http://www.ftni.com, +1 (402) 933-8258, [email protected]
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