Benifits of Electronic Automation

Electronic automation of invoice and payment processes provides significant value beyond the reduction or elimination of inefficiencies. Elimination of data entry errors, automatic matching, self-service vendor dispute resolution, faster payment with associated vendor discounts, improved vendor relationships and reduced working capital requirements are all facilitated with a Harbor Payments AR or AP solution. Invoice Harbor’s integration with existing AR and AP systems, and it’s modular, flexible architecture allow you to implement the specific functionality your current processes require to improve efficiency and realize rapid ROI.

Some of the benefits of an Invoice Harbor solution include:

Rapid Custom Deployment

Invoice Harbor solution set and all Harbor Payments products are based on a modular, flexible, three-tier architecture with integration into all major back-end AR and AP systems. The result is rapid custom implementation of only the functionality required to streamline your processes, with tight integration into your existing systems. With Invoice Harbor the final solution set is completely customized to meet your organizations specific needs, while interfacing directly with your established systems and processes where needed. Additional functionality may be added at any time with nearly zero impact to your existing systems.

• Purchase and install only the functionality that delivers your organization maximum ROI
• Realize ROI faster with rapid implementation and minimum impact to existing process flow
• Seamless transfer of data with your installed systems
• Add functionality on an as needed basis with full integration and near zero production impact
• Bank neutral electronic payment and receipt tools allow your organization to maintain and manage your current and future banking relationships with single or multiple organizations concurrently

Reduced Payables and Receivables Processing Costs

Invoice Harbor provides modular functionality that automates and streamlines the full lifecycle of the AR and AP processes through a single, consolidated work flow that maintains consistent processing independent of the method of invoice receipt, delivery and presentation, or method of payment receipt or delivery. Some of the automated functionality available through Invoice Harbor includes:

• Outsourced capture and conversion of paper based invoices to a single consistent data format eliminates the need to retain resources for both traditional and electronic receipt methods
• Automated receipt and conversion of electronic invoice data to the same consistent format provides and consistent central process flow and data source for all AR or AP processes
• Automated 2,3 and 4-way matching of all incoming invoice data
• Automated discrepancy notification to assigned representatives
• Online, self service dispute resolution with line item control and complete audit trails
• Automated routing of matched or resolved invoices to designated representatives for payment authorization
• Full routing control for consecutive authorization requirements
• Automated routing of authorized payments to internal and external disbursement processes including traditional print (in-house local or remote, or batched outsource delivery to local and remote print facilities) and electronic methods
• Automatic vendor notification of payment authorization and disbursement
• Automated definable spend limit controls and alerts by individual invoice, time period, trading partner, department and additional parameters
• Automatic routing and execution of AR invoice data through vendor preferred invoice delivery method: print, email, EDI, Web, FTP and more
• Automated receipt, acceptance and notification of multiple payment formats including: Email, Web, IVR, and paper by Swift, ACH, Debit, check, credit card and wire
• Central interface providing summary overview data relevant to the individual users responsibilities with sort-able, filterable action lists and histories with single click drill down to view and control of detail

Reduced Fraud and Increased Security

Harbor Payments has a history of payment process security development with four security related patents. Invoice Harbor provides modular tools and processes that reduce fraud and improve security for all levels of payment processing.

• Automated management-defined authorization routing
• Risk limits increase security by holding origination of high dollar payments or abnormal payment quantity
• Positive Pay, Positive Payee, electronic reconciliation and same day access to check images
• Four patents related to secure browser-printer communication
• Secure Encrypted Storage – signatures and MICR
• Customized management printing process authorization allows control over internal local and remote check printing

Reduced Payment Costs and Improved Cash Flow Control

Harbor Payments Payments solutions provide tools to precisely schedule, track and limit disbursements, provide rapid reporting on receivables, and reduce cost of distribution. Improved forecasting capabilities coupled with faster receivables and tight spend limit controls allow for tighter control over the funds required to cover AR. Some of the ways a Harbor Payments solution can reduce payment cost and improve cash flow control include:

• Precise payment scheduling and warehousing of authorized payments for later payment date increases cash control
• Batch wire capabilities to reduce banking fees
• Preprocessor validation of payee information reduces origination costs
• In-house remote check printing capabilities reduce distribution costs and improve payment scheduling
• Outsourced check print/mail fulfillment reduces per item distribution costs
• Extensive data dissection and reporting allows for in-depth spend analysis and control
• Comprehensive Positive Pay checks for data entry errors which cause 90% of exceptions
• Strategic check clearing points improve float management
• Automated spend limit controls, alerts and reporting improve cash flow control
• Faster, automated receivables payment processing
• Revenue generation capabilities through Fund-on-issue program
• Real-time Internet access to stops and voids improves efficiency
• Age of payment data tracking addresses escheatment issues and reduces administrative burden
• Expensive stops can be avoided by setting minimum value of stopped payment, then automatically deferring to payment voids