Check processing is a tedious task for companies who accept checks as a form of payment. It can take all day to open the mail, post the payments in the A/R system, prepare the bank statements, and then have someone go to the bank. Milner Technologies’ Active Remittance solution automates payment posting and bank deposit preparation using the latest check processing technologies.
A company has no control how customers remit their payments. The customer may or may not enclose your preprinted remittance advice. They may pay multiple items with a single check, or submit multiple checks for a single item. They may just send you a check. It may or may not have their account number on it. Sometimes the name on the check does not match, or even resemble, their account name in your A/R system. These are called Exception Payments, and organizations spend frustrating hours dealing with them every day.