Transcript

You demanded it, we built it!

For years, customers have been asking for an integrated, PCI-certified, universal payment processing solution for the Collector System by Columbia Ultimate, and PaymentVision has delivered.

PaymentVision, with over 20 years of payment expertise, combined with the legacy experience of Cubs Consulting, have joined forces to put together an exciting package for Cubs users, unmatched by anyone in the industry.

Whether by ACH, check, credit card or debit card, entering and managing payments has never been easier, faster, and more secure.

Part 2 of this multi-part series demonstrates just how easy it is to comply with client remittance deadlines and post payments using PaymentVision’s batch control and integrated reporting system.

PaymentVision provides users with the ability to control their batch cutoffs at various organizational levels for all payments types across all payment channels.

Batch types include ACH, check and credit card. Batch cutoff levels include organization (which can be used to create an organization-wide batch), settlement account (which can be used to create a batch for a particular deposit or trust account), and merchant account (which can be used to create a batch for a group of clients or portfolios with a common payment processing profile).Let’s establish an ACH batch cutoff at the merchant account level.

The request will create a batch composed of all pending ACH transactions for the selected merchant account, whose settlement date is equal to or less than the next banking day. While we’re at it, let’s establish an ACH cutoff for our second merchant account. These requests can be timed based on client remittance deadlines.

Once assembled into a batch, ACH transactions can enter a queue to pass through a rules engine. ValidPay rules allow users to establish warning and violation criteria so that transactions can be monitored and risk can be managed. Let’s set up a rule.

This particular rule will warn me if a gross dollar amount collected in a specified number of days exceeds a threshold amount. When a batch passes through ValidPay, a notification email is sent to a pre-designated email address. When set to autopilot mode, ValidPay automatically approves a batch for release into the banking system, provided there aren’t any warnings or violations.

In the event that there’s a warning or violation, the transactions are held until they can be reviewed and approved. A link to the batch review screen is provided in the email. For security, the user is first asked to log into access the screen. Let’s initiate the review.

As you can see, warnings and violations are grouped by a rule. This particular batch has one warning. Warnings must be approved, removed or rejected before advancing. Once a batch is approved, the underlying transactions can no longer be altered, and are released into the banking system overnight.

PaymentVision allows users to retrieve batch reports and transaction details from directly within the Collector System. The integrated reporting system allows accounting users to easily post payments for all payment types. Let’s retrieve a list of our approved batches in PaymentVision.

The system displays summary information for each batch. Users can then retrieve the underlying transactions by selecting one or more batches. Let’s select batch number two.

Three actions can be performed within the transaction list: print, autopost, and write file. A user can also bring up the detail of a particular transaction. Let’s go back to our transaction list and select “P” for print. The system will launch a print menu. Let’s select “hold” which will allow me to review the transaction.

Our report has now been produced. Let’s go back to our batch list and look at the batch detail.

Notice our batch has a printed status and the history has been recorded. Let’s go back again to our batch list.

Let’s select batch number one this time and perform an autopost. The system automatically posts our payments. Let’s take a look at the batch detail.

Notice our batch now has a posted status and the history has been recorded.

As a user of the Collector System, you are eligible for all these enhancements.

Call to set up a 15 minute demonstration to grasp the possibilities, accelerate your receivables, and start saving money today.

PaymentVision… Get plugged in, why settle for less?