The upgraded CheckFree offering, built and powered by eBusiness software provider nuBridges, improves the efficiency of electronic bill payment remittances for small and medium-sized merchants by automating processing activities that have historically required at least some manual intervention.
CheckFree’s download remittance service, first introduced in 2005, is currently used by merchants to collectively receive more than 400,000 electronic remittances each month, which equates to more than 4.8 million remittances per year. Upgrades to the existing service were based upon current user feedback, and include enhanced reporting capabilities, the ability to search up to 14 months of payment history and the ability to download payment details in multiple formats.
The download remittance service provides merchants with the ability to receive secure electronic ACH deposits directly into their company’s bank account, and provides comprehensive payment details that make it easy to reconcile payments with customer accounts.
CheckFree claims that merchants that implement the service can benefit from reduced exception management and claim costs as a result of accurate and timely posting of receivables, reduced processing costs and banking fees as a result of fewer paper checks, and increased investment income due to a streamlined cash flow.
