AP Payments Via Straight-Through Processing Provides Solution to Staggering Invoice Challenge.
Cost-Effective Process Accurately Expedites and Reconciles Hundreds of Monthly Payments
CENTER CITY LEGAL & REPORTING | PHILADELPHIA, PENNSYLVANIA
If a major U.S. insurance company needs legal or medical documents, chances are they have used the litigation record retrieval and court-reporting services of Philadelphia-based Center City Legal & Reporting (CCLR).
The volume of records produced every month for each insurance company numbers into the thousands. Invoicing those insurance companies for each requested document is time consuming, and receiving and reconciling payments even more so. Each received payment must be matched to its corresponding invoice. When you have thousands of checks and hundreds of clients, the time-consuming process is staggering. Some months, CCLR’s accounting staff works overtime just to manage the workload.
From Thousands of Checks to One Platform
One of CCLR’s clients helped ease some of the burden by paying its invoices with the help of the CommercePayments™ Private Network, a closed-loop, straight-through processing payment experience.
CommercePayments™ Private Network allows businesses to streamline their invoice payment process. In this case, a private, closed-loop network was created exclusively between Commerce Bank and CCLR. This provided the insurance company a low-cost AP solution. CCLR is charged a small percentage of the transaction amount to process the payment.
“It’s a no brainer,” said Sandy Fletcher, collection specialist, CCLR. “The payment fees are minimal compared to how much time we’re saving.”
This particular insurance company now pays all its invoices through the exclusive CommercePayments™ private closed-loop network rather than checks, which in some months totaled as many as 400. Now CCLR is able to research and post those 400 checks in 20 minutes.
“Our organization sees several benefits when our client uses straight-through processing,” said Debbie Stingle, project manager, CCLR. “We have a real-time view of our accounts and we don’t have to worry about missing checks, stopping payments and things like that.”
Value of Straight-Through Processing for Businesses
The CommercePayments™ Private Network is a good option for organizations because it has several advantages, such as:
- Paying a flat rate with no minimum requirements
- Using a virtual terminal with no monthly fees
- Automating payment processing
- Customizing data remittance
- Improving cash flow by expedited payments
If a company’s AP department is issuing a high volume of checks, I would highly recommend they consider CommercePayments™ Private Network from Commerce Bank. It will save them time and help ensure accuracy and reconciliation.
– Sandy Fletcher, Center City Legal & Reporting
CommercePayments™ solutions are provided by Commerce Bank.