The C/LECT ® Cash Preprocessor (CCP) automates cash application. The CCP processes cash and remittance data automatically for any size dollar and transaction volume company on all Accounts Receivable Systems and platforms. The CCP is installed on your computer, sized to your environment and tailored to your exact business specifications.
The CCP is a modular system which has many unique options that best suit your environment. The modules include customized rules for processing Lockbox payments, EDI / EFT payments; data keyed or scanned remittance documents; credit and debit card payments; and proprietary payment applications. The CCP can also identify and apply cash using algorithm and statement balance processing.C/LECT ® also has a unique Billing Period module, developed for customers when no remittance detail is provided and the payments are based on specific billing periods.
The CCP can process cash and remittance data received in any format.
The CCP is tailored to mimic your manual application process, including all subjective nuances. This includes: cash separation by enterprise, currency and account type; detail item matching based on partial invoice number or other referenced data (ERS); identification of deductions based on customer specific information; adjustments based on system, business and customer practices with decision tables at either the item or check level; and splitting of the cash and remittance data to multiple accounts or systems.
The CCP will meet your exact requirements.
• Apply payments using Algorithms that need only the MICR and check amount
• Handle discount deductions automatically
The C/LECT ® Cash Preprocessor (CCP) currently processes over Eighty-Five Billion Dollars of Cash and Remittance Details per year. It has an operational base of more than 50 companies, many among the Fortune 1000.
C/LECT ® Consulting provides an on-site random sample of your customers’ payment habits and how they are handled by your A/R system. A summary and statistical analysis is provided based on the sample findings, which lead to the recommended configuration of CCP modules and rules. By analyzing your environment, we can best prescribe the CCP options, expected hit rate improvement and detail of your potential cost savings.
The C/LECT ® Cash Preprocessor can run on any platform and feed any A/R system that process batch payments with adjustments. In addition to EDI 820 processing, normal lockbox, specialized lockbox, remittance scanning, EDI 823 and proprietary payments can be processed by the CCP. As with all C/LECT ® Solutions, it is customized to your exact specifications.