Every organization has their own processing policies that dictate how they handle their remittances to determine the flow of their payment handling process. Specifically, each industry has specific policies that may affect how payments are handled. Policies determine whether you can accept them, reject them, flag them, etc.
Examples of Special Processing Rules:
Late Payment Handling (Grace Periods)
Accept Late Payments BUT add a Late Payment Fee
Accept payments that are NO MORE than 2 Days Past Due Date
If you process as much as 600 payments a day to 60,000+ payments a day, you would need to improve payment and some sort of automated system to optimize and speed of the deposit of your check payments whether you are processing payments, donations, etc.
An optimal remittance operation will create an environment that… Improves payment handling by:
Optimizing Operator Labor and reducing operator error
Automate the reading and processing of payments
Improve speed and accuracy by utilizing high image quality camera equipped transports and character recognition software
Speed up deposit time and end of day processing/prep
Deposit checks easily electronically (Check 21/ACH) or traditionally
I guess it depends who you’re asking, but in the Remittance Processing world it plays a critical role in the optimization of your overall processing operation. The check scanner you run should have a high quality camera that creates optical resolution images of 300 DPI (dots per inch). Various transports have different features and tools that allow an improved read & image capture of the overall document, scanline, MICR line etc.
Most financial document scanners on the market today produced by manufacturers such as Opex, Canon, NCR, Burroughs, etc. incorporate quality imaging capability in their products.
So why is this important?
The quality of the images drives your remittance solution platform and ensures you meet various banking financial institutions Check 21 clearing requirements.
If your agency is processing payments, it is likely that you considered deciding to outsource your payment processing operations. Outsourcing may be a viable option for some agencies that need support in operational efficacy. Having a third-party provider handle your remittance can increase your bottom line.