Spend Less Time Matching Checks with Open Invoices
Published 2/2/23
Online Bank Direct (OBD) is InvoiceCloud’s solution to support payments being made by customers through their bank.
Today you 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 eliminate that manual work.
Benefits
- Saves time and frustration by reducing manual processing with auto-match
- Significantly reduces bank-issued paper checks, and payments are electronically deposited
- Simplifies reconciliation and reports for all transactions are easily exported
How does it work?
- Payments are automatically received by InvoiceCloud and presented in the Biller Portal
- Payments are auto-matched to their corresponding invoice by the InvoiceCloud system
- If there is an unmatched payment, the intelligent algorithm recommends where to apply it so your staff can quickly complete the matching process
- Payments that are manually matched will be remembered and automatically matched going forward
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