Ultimately, an innovative “Integrated Electronic Payment Solution” (IEPS) plays a critical and integral role in comprehensive procurement management processes. SCI's patent pending IEPS allows merchants' and consumers' virtual wallet accounts to be accessed and used in real time. These virtual wallet accounts allow customers to deposit, withdraw, and transfer funds to any entity, regardless of size (individual or corporation), that employs SCI's IEPS solution. This solution allows any merchant or member to send and receive online payments securely, conveniently, and cost effectively. This unique payment engine has propelled Oceansoft to exist on the cutting edge of Procure2Pay segmentation as our core competitive advantage to achieve efficiency for corporate billing and payment services.
Electronic payment is uniquely serving:
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To facilitate Billing and Accounting Departments to reduce monthly cash collection shortfalls, bad debt write-offs and days' sales outstanding percentages. Outsourcing this function can help companies balance their credit and collections management, streamline receipt processing, improve cash flow and reduce transaction costs. Integrated billing automation and electronic payment enrichment to shorten the receivable cycle (through the usage of IEPS or an electronic wallet) is economical, convenient, and effective. It serves as the most cost-effective method of bill collection for merchants and billers.
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To improve cash flow management - The critical success factors for a better accounts receivable process are shorter purchase-to-pay cycles, accurate invoice processing and lower transaction costs. IEPS, combined with procurement processing, is the most cost-effective automation method for traditional corporate accounts payable operations. Outsourcing this function not only helps companies improve operating margins, but also frees valuable service and personnel capital to allow greater focus on effective vendor management.
- To reduce fee structure on payment transactions - This service leverages Automated Clearing House (ACH) standards and transaction payment mechanisms to settle funds movement among financial institutions for consumers, merchants, government, and business entities. From receiving requests, issuing invoices, maintaining databases, collecting debts, raising credit notes to reconciliation, Oceansoft works with enterprises to help them manage their credit and collections issues efficiently.
