Whether it is a deduction, discount, promotional activity, short pay, mis-read or missing information, our algorithms use context based logic to execute A/R matching. The software looks at history, predefined customer tailored business rules and multiple data points to go beyond one-to-one matching capabilities. We reduce the number of exceptions that require manual handling; improving cash application and enabling same-day decisioning.

This unique technology allows OPEN SCAN’s solution to identify both exceptions and deductions at the earliest possible moment in the receivables process when they are easier and cheaper to fix. In most cases, customers also realize a measurable benefit in preventing invalid deductions. We eliminate the downstream drain on time and resources from A/R, credit, collections, sales and customer service, freeing up personnel to spend time on more value added activities.

Will My Hit Rate Accuracy Improve?

Manually keying data is time consuming and introduces the opportunity for errors, reducing the efficiency of the receivables process. OPEN SCAN’s solution reduces unnecessary manual steps improving both hit rate and hit rate accuracy, resulting in fewer misapplied payments and fewer exceptions. Our solution was architected specifically to auto capture, extract, correct, and validate data from challenging receivables forms. Batch level error correction and intelligent receivables matching/validation deliver accurate cash posting to your A/R system and support both ACH and Check 21.

Improved hit rate accuracy and faster application of payments results in better data quality for both the Cash Application and Credit and Collections teams. Credit has more confidence that their information is current and can more easily determine who is up-to-date and who is delinquent. Fewer incorrect calls are made and customer service levels improve.

Is The Solution Going to Work for My Business?

OPEN SCAN software is created with a philosophy of scalability and efficient design. User interfaces are intuitive and require only a few days of formal training to become proficient. Installation of the solution is completed within 60 to 90 days with minimal resource commitment from IT. Interfacing with accounting systems and bank feeds is easy and quick to set up.

Our solution is also highly configurable. Based on the size and specific needs of your organization’s receivables division, we have the software solution that allows you to put receivables processing at the point of greatest efficiency.