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What would you say is the average cost of manually processing an invoice? According to the research firm ‘Sterling Commerce’, the average cost of manually processing an invoice is between $12 and $30. Other firms narrow this gap to between $12.90 and $15. Some say it as high as $40.
Additionally, Sterling Commerce also states that fully automated invoices cost approximately $3.50 to process.
While saving money and reducing labor costs are great reasons to consider Orchid’s EFT Processing module, below are a few more reasons to choose this module to automate and streamline your cash payment processing and/or customer receipts.
- Safeguard your cash transactions (by eliminating the risk of check fraud).
- Avoid postage costs and delays.
- Easily make electronic payments by choosing from over 500 bank file formats of financial institutions around the world.
- Improve customer and vendor relationships because they know when to expect transactions to be automatically deposited or withdrawn from your account.
- Encrypt your customer and vendor bank details.
- Create EFT files which clear through ACH, standard EFT, and other cash management formats so you can streamline cash payment and cash receipt processing.
- Utilize email as a notification method so that you can send out your email payment remittances and direct debit notices via an SMTP to your appropriate contact (vendor or customer).
- Configure your system to track through audit trails – Every time an audit trail is created a unique EFT # will be assigned to that transaction. Additionally, a date and time stamp for when the file is created, the number of transactions within the file, and where the file is stored along with a dollar value of transactions in the file will also be logged.
- Get additional file formats (generated by Orchid) to meet your needs at no additional charge, just send Orchid a copy of your bank specifications for EFT processing.*
Within Sage 300, EFT processing works for both payments and receipts within one module for one price. This module is currently used by over 5000 businesses worldwide. To get a detailed overview of Orchid’s EFT Processing, please download the EFT Processing brochure from Orchid Systems.
Watch a demo of Orchid’s EFT Processing for Sage 300 AP/AR modules.
Watch a demo of Orchid’s EFT Processing for Sage 300 Payroll modules.
To discuss pricing or to review how Orchid’s EFT Processing module can be used to automate your business process, contact Front Line Systems today.
* Must be an active Sage 300 customer.
About Front Line Systems
Front Line Systems is a business technology consulting firm, with headquarters in Minneapolis, Minnesota. We are dedicated to helping businesses solve their accounting, manufacturing, and warehouse concerns. We believe that your business has an amazing capacity for innovation and growth and that technology can help get you there. We provide manufacturing software, ERP Software, warehouse management software, and other business technology solutions in Minnesota, Wisconsin, Virginia, DC, and Maryland, and serve clients across the US.