TransCentra Multitasks With B2B Payments

Payments service provider TransCentra has revealed a new way to streamline business-to-business payments that come from multiple channels, according to reports. The firm revealed Wednesday (June 17) that it is introducing its new Integrated Receivables process to help businesses get paid faster and manage their finances more accurately.

The new venture relies on TransCentra’s remittance platform that already processes about 2 billion transactions every year, the company said. Through Integrated Receivables, both B2B and B2C firms can introduce automated payment processing coming from multiple sources. The service increases transaction posting without operator intervention, the company added.

“As the number and types of payment channels has grown, the actual payment transaction is often disjointed from the associated accounts receivable posting information,” said TransCentra executive vice president of sales and marketing Todd Shiver. “For example, the check only payment may come into the lockbox or via a wire and be processed for deposit, while the actual posting information is received via a third party at a later time, and through a different channel. Our Integrated Receivables module stores the data received through the various channels and then applies a series of functional modules to reconcile the payment information to the posting information.”

TransCentra added that the new service automates the processing mechanism throughout its entire lifetime, from posting, to clearing, to archiving. The streamlining tactic allows businesses to apply consistent rules across all payment channels, reports said, and to do so in real time.

“The result,” the company said, “is significant reduction in processing costs and an increase in the accuracy and timeliness of posting remittance transactions.”

The tool also provides a consistent flow of high-quality data to companies, reports said, that then can be aggregated into a dashboard view for businesses to gain accurate insight into their cash flow in near real time.

Altogether, the service aims to reduce days sales outstanding (DSO) for companies, helping suppliers and sellers get paid on time. “The consolidated view of receivables creates numerous efficiencies, including better exception management and enhanced information to understand receivable flows and delays,” Shiver said. “The module also helps improve the management of working capital, which has become an area of focus for many organizations given the current marketing conditions.”