Customer Payment Application

No, Axim never receives funds directly. We post payments on your behalf to close out invoices in your accounting system, but all funds go directly to you.

A lockbox service is a payment collection method where payments are sent to a secure, centralized location, typically through your financial institution. This allows for faster and more secure payment application. We recommend it because it streamlines payment application and enhances security. Basically, the payment goes to the location and is automatically and immediately deposited into your account without manual processing from your team. While we do not offer lockbox services, we can help you with the set up process (through your financial institution) and then tie the lockbox service into our system to monitor and apply your incoming payments.

Yes, our team is skilled at identifying and correctly applying payments to accounts and invoices, even when the incoming payments lack detailed information. We will do the necessary research to collect any missing information and apply the payments correctly.

Unlike some companies that may apply payments to the oldest invoice by default, we meticulously match payment remittances with the corresponding invoices to ensure your books align with your customers' records, thereby avoiding future accounting discrepancies.

Currently, the process generally still requires manual intervention for accuracy and verification. We integrate with your lockbox service to efficiently manage this process. There are certain cases where an application can be fully automated, if the client and customer have the required technologies in place; but even in those cases, there will be some manual oversight required for exceptions and checks to confirm accuracy.

By ensuring timely and accurate payment posting, we help you maintain a healthy cash flow and prevent delays in reflecting payments in your bank accounts. Putting a lockbox in place also ensures deposits are made immediately when the check shows up without your team having to scan checks or take time to go to the bank.

Payment reconciliation is the process of matching incoming customer payments to the correct invoices and accounts in your system. Our customer payment application experts specialize in accurately applying payments even when payment details are incomplete or unclear, keeping your records aligned with your customers’ books. We handle payment reconciliation daily to ensure your financial reports are always current and you don’t waste time following up on accounts that have already paid. This is especially critical when working with lockbox services to monitor incoming remittances.

With customer payments outsourcing, electronic payments and remittances are monitored and processed through integration with your lockbox service or payment gateway. We track ACH transfers, wire payments, credit card transactions, and electronic remittance advice to ensure every payment is captured and applied correctly. Our team directly ties into your lockbox service to monitor incoming payments seamlessly and apply them in a timely manner, helping you avoid unnecessary follow-ups with customers. Electronic customer payment management reduces processing time and improves cash flow by eliminating delays associated with manual check handling.

Outsourced AR management reduces payment discrepancies through meticulous attention to detail and systematic verification processes. Our payment application experts cross-reference payment amounts with invoice details, investigate short pays and partial payments, and work with customers to resolve any discrepancies or disputes quickly. We maintain detailed documentation and notes in our system for every payment received, which helps prevent mismatches and ensures accurate financial records. By catching and resolving issues early, we help you avoid the compounding problems that come from inaccurate payment application.

Through outsourced AR management services, you get comprehensive reporting on all customer payment activity and trends. Our Axcelerate AR system provides 24/7 access to real-time payment status, aging reports, and detailed notes on every transaction. You’ll see key AR metrics like average days to pay (ADP), payment patterns by customer, and trends in payment methods to help you make informed business decisions. We provide monthly and quarterly reports that track payment performance, highlight any red flags, and show improvements in your receivables over time, giving you complete transparency into your cash flow.