Cashiering
and Payment Processing
Auto-match payments from the National Data Center to your loan portfolio and eliminate manual identification.
By utilizing Epiq’s cashiering solution, organizations can seamlessly handle cashiering transactions tied to Trustee payments. This automated approach helps set up a structured payment mode for multiple account types—including corporate payments—and can even adapt to processes that involve credit debit card usage or other payment methods, such as cash checks.
Integrating a comprehensive payment process allows lenders and servicers to accurately apply payments invoice details to the correct accounts, reducing the chance of human error and supporting revenue management goals.
Get in Touch with Epiq Bankruptcy and get answers to your questions and find out how our offerings can help your business.
How it Works
Adopting hosted payment capabilities allows for a consistent and secure method of collecting and processing different payment modes—whether credit card, debit, or cash checks.
- From initial identification to the final receipt print, the system manages each transaction with robust controls, ensuring field control remains consistent and that the correct department receipt is produced.
- This means that each cashiering transaction, whether for interim deposits or standard trustee disbursements, is integrated into the comprehensive reporting system for added transparency.
Trustee Voucher Payment Matching
AACER’s Cashiering™ solution obtains Trustee payment disbursement details from the National Data Center (NDC) and matches them to your loan portfolio, thus eliminating errors from manual processing, as well as reducing the cost and risk associated with misapplication of Trustee payments.
- This also supports the setup cashiering office approach, ensuring department receipts are accurately tracked and updated. Whether the payment mode involves interim deposits, credit card transactions, or other tender key actions, the solution helps automate cashiering office tasks.
- These services then update your servicing system or third-party application, as well as produce court filings, customer mailings, and internal reports used in remediation projects, portfolio due diligence, and other requirements.
- The system’s ability to track tender details link and generate a printable receipt button allows users to quickly confirm the accuracy of payments processed and seamlessly create receipt records when required.
Automated Matching
AACER dynamically matches the payment vouchers with the corresponding accounts in the customer portfolio and displays both the aggregated Trustee vouchers and payment details in a single view.
- This streamlined cashier payment approach can incorporate field control definition to handle complex requirements, such as split or multiple filers within a single voucher.
- With an integrated link student payments feature, it is possible to manage accounts that may include student payment obligations alongside more traditional accounts.
Expedited Payment Posting
Assist in the identification to quickly and accurately apply payments to correct loans, even when there are multiple filers within the Trustee payment.
- This includes the ability to select charges for individual accounts and generate an efficient workflow, allowing you to create receipt records or print receipt documents at any point during the process.
- By prioritizing timely postings, errors are minimized, the corporate payments department is better informed, and clients can see near-immediate adjustments to their student account or other loan balances.
Eliminate errors from manual payment processing, cost and risk associated with misapplication of Trustee payments
- When payments are misapplied, there is a risk of financial loss and operational burden.
- By incorporating robust field control functionality and tender details, the cashier payment workflow ensures control definition for each transaction, helping to eliminate incorrect postings.
- Additionally, if a filer’s account involves student financials or other special payment requirements, the solution can link student payments or other charges pay processes to ensure the right accounts are credited.
- Organizations can also integrate a credit card authorization process if they choose to accept card payments, supporting both customers and internal corporate payments department objectives.
Get in Touch with Epiq Bankruptcy and get answers to your questions and find out how our offerings can help your business.
