Direct Insite's PAYBOX™ solution is an innovative Reverse Lockbox platform for corporations and banks.
Studies show that nearly 60 percent of corporations are dissatisfied with their receivables and payments processes.
PAYBOX™ addresses these challenges by combining:
- Invoice presentment: enabling billers to post invoices to a secure website. Payers then access their invoices via a password-protected mailbox.
- Online approvals and adjustments: the platform replicates a payer’s workflow to allow for online review, adjustment and approval of invoices. Billers receive real-time updates on adjusted invoices for faster resolution.
- Electronic payments: the platform enables payers to control the amount they pay, the payment type, and the settlement date. Combining invoice presentment and approval and payment in a single platform can drive p-card and ACH and utilization.
- Receivables integration: the platform provides a remittance file for reconciliation and posting and can integrate with any legacy ERP or accounting system. Direct Insite’s PAYBOX™ also co-exists with legacy lockbox and treasury systems to provide an important building block for an integrated receivables strategy.
- Dynamic discounting and supply chain financing: PAYBOX™ facilitates discount offers and financing.
Direct Insite complements its PAYBOX™ solution with a best-in-class AP e-invoicing solution.
PAYBOX™ helps banks extend the value of their lockbox services through:
- Stronger customer relationships
- New treasury revenue streams
- Increased card volumes and higher revenues from interchange fees
- Opportunities for lucrative supply chain financing
PAYBOX™ delivers the benefits that corporate AR professionals are desperate for:
- Significant improvement in Days Sales Outstanding (DSO)
- More than 90 percent reduction in invoice presentment and collection costs
- Straight-through receivables posting rates of more than 80 percent
Use Direct Insite’s ‘Reverse Thinking’ to improve your receivables processes!
E-mail email@example.com to arrange a private demonstration.
For more information about PAYBOX™, click here.