Digital Payment Processing will automate the data entry of account receivables through the use of a desktop check scanner and software that captures information from payment coupons and checks.
The remittance processing or payment processing solution:
- captures images and data from payment coupons
- captures images and MICR data from the accompanying checks
- electronically interprets the handwritten or printed amounts from the checks
- allows an operator to key-enter any unread amounts and assists in balancing each payment transaction
- prepares a batch file of the payments and corresponding account numbers for upload to the host accounting system
- prepares the electronic deposit file for transmission to the depositing bank
- keeps all check and coupon data and images in its archive for easy retrieval
Benefits of Remittance Processing:
• Reduced processing labor costs
• Elimination of courier expenses between branches or to the Fed
• Elimination of the risk associated with paper item transportation
• Faster clearing for non-local items
• Expedited reconciliation
• Fewer mis-posting errors
• Improved customer-service responsiveness to inquiries
• Ability to offer new, image-based services.
Time is Money…Automate it.
How does it work? The checks and payment coupons are stacked by transaction and fed through the scanner for imaging and information capture. The system uses MICR, CAR/LAR, ICR. OCR, and/or Barcode to recognize data. This data is then used to populate the required fields for the accounting system and to create the electronic deposit. MI Payment Processing can detect check boxes, compare fields, verify presence of data in fields, and invoke actions based on information read. If there is information on the payment coupon, MirrorImage Payment Processing interprets the data and takes action based on the defined requirements.
The transactions are balanced and exported into files formatted for importing into your account receivables system and for electronic depositing to your bank.
If your business uses payment coupons, you can benefit. Whether you are a government agency, utility, insurance, credit card or property management company, medical or dental office, service company or any type of business that hand or batch posts, we can demonstrate an affordable, quick, and easy solution to significantly reduce the time and costs associated with payment processing.
Jaguar Mirror Image Software
Our software solutions include Jaguar Software’s MirrorImage suite of check imaging modules for Check21 image capture and exchange, remote branch image capture, commercial client remote deposit and remittance processing. Jaguar Software is committed to developing and delivering cost-effective check imaging systems for financial institutions of all sizes, and their MirrorImage suite of check imaging solutions is installed in hundreds of financial institutions nation-wide.
Canon and Panini Image Scanners
We offer a variety of check image hardware options designed to ensure system affordability and scalability. As a local Authorized Canon Sales and Service Provider, we sell and provide on-site service for the complete line of Canon check image scanners. We also carry and provide on-site service for the Panini line of affordable, tabletop scanners.
Most important, Bankers Equipment has the expertise to help you determine the right solution for your needs, plus we offer complete installation and support services for our solutions.