Customer Payment Processing

Streamlining your financial operations from invoice to payment posting

At Axim, we focus on simplifying and enhancing your payment application and posting. We understand the crucial role of effective payment management in maintaining healthy cash flow and accurate financial records. Our outsourced accounts receivable team takes this essential but time-consuming task off your hands so you can focus on your core business.

Our Approach to Customer Payments

Seamless Tech Integration

We post incoming payments directly to your accounting system, ensuring your invoices are promptly closed out and your financial records remain up to date.
Payment Application Experts

Our team specializes in accurately applying payments to the correct accounts and invoices, even when payment details are incomplete or unclear—keeping your records aligned with your customers’ books.
Timely Payment Application

We ensure prompt payment application, helping you avoid unnecessary follow-ups with customers and ensuring your financial reports are always current.

Lockbox Service Integration

Most of our clients prefer using a lockbox service through their financial institution for receiving payments, which we highly recommend for its efficiency and security. While we do not provide this service, we’re knowledgeable about the process and we can help you with setup, then directly tie into your lockbox service to monitor and apply incoming payments seamlessly and timely.

Customized Payment Solutions

Every business has unique needs, and we work closely with you to identify the most effective and straightforward method to handle your customer payments. We bring our expertise in outsourced accounts receivable management to apply best practices to your processes and help augment your in-house finance team.

Frequently Asked Questions (FAQs)

Does Axim receive and handle our payments directly?

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.

What is a lockbox service, and why do you recommend it?

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.

Can Axim handle payments that come in without detailed information?

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.

How does Axim ensure accuracy in payment posting?

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.

Can the payment posting process be automated?

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.

How does Axim's service impact our cash flow?

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.

Experience the difference of reliable customer payment application.

At Axim, we’re your partner in financial management. Let us handle the complexities of customer payments, so you can focus on what you do best—growing your business. Contact us to learn more about how we can tailor our services to meet your specific needs.

Call (661)254-3007 to learn more.

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