Challenge
A large not-for-profit animal welfare organization based in Boston was in desperate need of a more updated, efficient and cost-effective remittance processing solution. Handling thousands of payments in the form of checks, cash, and credit cards was a daunting task. It relied largely on manual intervention and legacy equipment. The company realized that their traditional, remittance processing system was no longer sustainable. Workers were required to sift through donations, scan checks, and manually process cash and credit card payments. This was both costly and cumbersome, consuming valuable resources that could be more efficiently utilized in other areas. Any exceptions had to be manually handled, usually involving additional reviews and re-scans. The organization could also benefit from more reliable marketing data for effective and targeted campaigns aimed at soliciting sponsorships. There was no efficient way of collecting and integrating customer profiles into their existing CRM system.
- System inefficiencies slowed worker productivity when scanning checks and processing payments.
- Exceptions were handled manually, resulting in errors and rescans.
- No streamlined way to capture and integrate marketing data into a CRM system.
- Entire process, from payment receipt to deposit, took 4-5 days.
- Antiquated equipment caused inefficiencies and delays.
Solution
As the number one remittance provider, Exela was uniquely positioned to take over and improve the organization’s operations. Utilizing high-speed intelligent scanning and data capture technology, a large portion of the workflow was automated. By digitizing data capture and payment processing activities, and creating a more streamlined approach, fewer workers were required; human error minimized, and deposits expedited. As an additional advantage, the platform supported multiple forms of payments, including check, cash, and credit card.
Exela managed all aspects of the organization’s sponsorship payment operations. The solution began with mail pick up at the local post office; followed by opening, preparing sorting and batching. Next came image and data capture, utilizing advanced intelligent scanning equipment and Optical Character Recognition (OCR) technology. Images were then delivered to the client via an FTP server. Payments are automatically batched; data corrected and completed, and business rules implemented. Exceptions review and reconciliation takes place via a secure, online portal. Deposits are then prepared, along with with ICL and Accounts Receivable (AR) files, and dispatched to the bank. Exela also provided a donation repository archive, so the organization could view images and host their Gift Aid images for HMRC returns.
To assist the organization with its marketing campaigns, Exela extracted pertinent data from sponsor correspondence to import into its marketing tool. Sponsor data was then uploaded into its customer relationship management (CRM) system. Any opt out customers are identified and flagged, enabling the organization to update customer profiles accordingly.
Benefits
- Decreased payment processing time from 4-5 days to 48 hours
- Sponsorship data captured from correspondence to inform and enhance future marketing campaigns
- Significant cost savings by automating traditionally manual processes and replacing outdated legacy systems
- Greater adherence to regulatory and data security requirements; comprehensive security control framework and oversight
- Reduction and/or reallocation of labor resources
- Automated exceptions for faster reconciliation and approval
