Automate Payment Processing with OpCon
Discover how automating payment processing can reduce costs, save time, and mitigate risks for your business.
For many of those working in financial institutions, much of the workday is spent processing payments. From remote deposit capture and Check 21 to P2P payments and ACH processing, payment processing procedures are essential daily fixtures, but they remain relatively messy and manual operations—making payment processing one of the most impactful opportunities for automation with OpCon.
By investing in an automation solution for your payment processing procedures, you’ll not only save your employees a lot of time—you’ll also reduce costs and mitigate significant risks for your organization. As a result, you’ll be a more efficient, secure, and trustworthy business, which will enable you to grow and adapt as your member and customer demands continue to intensify and evolve.
Types of payment processing you can automate with OpConWhen it comes to automating different types of payment processing, many OpCon clients start with ACH. Since this process needs to run several times per day, you can start saving your employees a lot of time very quickly. For example, since automating their ACH process, Robins Financial Credit Union’s five support technicians can arrive 30 minutes later each day and leave 30 minutes earlier—ultimately saving the organization 1,250 staff hours per year. In addition to ACH, you can also automate your procedures for check processing, wire transfers, and EFT.
Another great candidate for automation with OpCon is accounts payable. This is a highly manual, time-consuming, and paper-based operation that requires many steps. From invoice receipt to approval to executing the payment, the entire cycle is a lengthy process, making it very susceptible to manual errors. Plus, the average cost of manually processing an invoice in most organizations is anywhere from $10 to $30. So, depending on the size of your organization, automating invoice processing alone could save you a significant amount of money, up to several thousand dollars each month.
You can also use OpCon to automate fraud claim and investigation processes related to ingoing and outgoing payments. Whether your members and customers start a fraud claim by filling out an online form or coming into a branch to make a claim that’s escalated to your fraud protection department, you can automate the entirety of this process, so these matters can be resolved as quickly as possible. For your members and customers who’ve experienced confirmed cases of fraud, this efficiency can inspire trust in and loyalty to your business.
The risks of not automating payment processing
Imagine you have to fill in for one of your colleagues while they’re away on vacation, and you discover they keep a very messy desk or digital file system. While they may understand their chaotic, disorganized system, you would probably have a hard time finding what you needed to carry out their job functions. The same is true when one person still manages your business’ payment processing manually.
When one person is solely responsible for payment processing, they usually don’t have meaningful documentation on those processes because they’ve memorized them. That means when that person’s on vacation or if they leave the company, they’ll take all of that critical knowledge with them. By automating your payment processing procedures, you’ll have all that memorized knowledge stored within your automation solution for safekeeping.
You’ll also get the opportunity to visually see all of the steps involved in those processes as the person who’s been responsible for manually managing them helps transition those steps to your automation platform. You’ll be able to document your procedures thoroughly, which will simplify the troubleshooting process whenever it’s needed. So, if something goes awry at any point, you’ll be able to see where exactly in the process that happened instead of having to troubleshoot that without documentation or seek out several different people to find the snag.
Save time and prevent errors by automating payment processing
For your members and customers, as well as your employees, payment processing is a business-critical operation. Every procedure needs to run smoothly, efficiently, and accurately. If you’re still manually processing payments, you’re spending a lot of time and money unnecessarily and opening up those procedures to the risk of human error, which can have significant consequences for your business.
By automating these processes with a solution like OpCon, you can get that time back, save on those costs, and protect your business from those risks. You can then refocus your resources on innovative work that’s been getting pushed to the back burner, which will allow you to elevate your member and customer experience, so you can maintain your competitive edge as a business.