Webinar Recap: Customers Share Online Bank Direct Experiences

Steve Schult
OBD 2

Online Bank Direct (OBD) is InvoiceCloud’s solution to support payments made by customers through their bank. Today you may receive these payments as paper checks in the mail, which requires manual work to open, process, and apply to customer accounts. OBD aims to reduce or completely eliminate that manual work. 

Just recently, InvoiceCloud announced some significant enhancements to its OBD solution, including:

  • An enhanced auto-match algorithm that allows billers to automatically separate payments based on invoice type.
  • Improved back-end processing for earlier access to payments each day.
  • Match-based funding for simplified reconciliation.
  • Consolidated deposits for single OBD transactions.
  • Funding by invoice type to support multiple bank accounts (example: taxes vs utility).

These revolutionary improvements streamline cash application for faster access to funds and save billing organizations countless hours of sorting through paper checks.

On paper, the OBD solution sounds like a valuable, efficiency-driving feature of the InvoiceCloud solution — but how do InvoiceCloud customers actually feel about OBD? What’s it’s like to implement and use InvoiceCloud’s OBD solution on a daily basis?

Well, we asked a few customers to share their real-life experiences using OBD on our recent webinar. Here’s what they had to say about InvoiceCloud’s Online Bank Direct.

 

“Obviously, the lack of mail is a wonderful thing. Less opening envelopes, less papercuts, less paper! We’re trying to go all digital. We have also saved a lot of time with OBD. Bringing in the payments takes just a couple of minutes, tops, so it’s one less thing we have to do manually. With the free time, we’re doing more customer-facing enhancements, like reaching out to customers whose AutoPay has bounced, things to help us keep shutoffs down. Initiatives like that have always been in the queue but we’ve never had time for them before.”

You can hear more about Valerie’s experience with entire InvoiceCloud solution in the district’s case study video.

 

“The recent enhancements have been a life saver. OBD has always been a great system and easy to use, but when those recent enhancements were rolled out, they made a world of difference. We had a good match rate prior to that, but seeing it go to almost 100% afterwards was incredible. There were some days where you’d maybe have 10, 15, 20 payments to review and manually match. That’s gone down to maybe one a week. If it’s something you’re interested in or looking at, don’t hesitate. You won’t regret it. OBD is a great feature of InvoiceCloud. It’s really hands off, you’ll set it up and won’t have to do anything with it, and it’ll save you so much time and effort along the way.”

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“I didn’t need any training. And I’ll be honest with you, when we switched over I was not in my current position. Someone else worked with InvoiceCloud and got the official training and materials. But when I did come over, it only took about 2-3 weeks to fully understand what to do and what OBD does. It used to take us days to go through those stacks of physical checks, but not anymore! With the new adjustments to the system and how they’ve set everything up, I haven’t had to manually match any payments and normally it’s about 10 a day. It’s amazing.”

A huge thank you to Kara from the City of Conway for taking the time to share her OBD experience!

Learn More About OBD

Want to learn more about how Online Bank Direct can streamline your processes and save your team the time these satisfied customers have saved? Schedule some time to speak with our product specialists here.

Steve Schult

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