What are Payment Processors?
Payment processors are companies that offer a range of services centered on payments made with credit cards. However, these companies also offer a range of other services built around managing payments made by companies. These services are usually offered to anyone who needs them and often provide companies with the ability to handle payments made on invoices and claims. Now, there are a number of payment processors and these companies traditionally used labor intensive processes to capture information from documents such as invoices. With the advent of OCR software these companies are able to not only provide their services at a cheaper rate but they are also able to reduce the time taken to process payments. This is mainly because OCR software can be used effectively to capture printed text and is much faster than any manual labor driven data entry process. OCR software is just one of the many different software packages used by payment processors, and provides such companies with an unbeatable advantage in terms of flexibility and ultimately results in huge cost savings for clients who use their services.
How are High Accuracy Rates Provided by Payment Processors?
Payment processors pride themselves on the high accuracy they are able to provide. They are able to achieve and maintain high accuracy rates as they not only use the best OCR and ICR software available, but they also use manual editing to improve on output provided by such software. When using payment processors that guarantee high accuracy rates companies are able to reduce time and money spent on rectifying incorrect payments, and this alone can result in considerable cost savings. Ultimately, payment processors help companies meet their deadlines when it comes to processing payments.
Bringing the Benefits Provided by Payment Processors in House
The benefits that payment processors provide can often be received by investing in OCR and ICR software and using them in house in, and more and more companies are choosing to do so. Mainly because companies have quickly caught on to the fact that they can use OCR software, and get the same benefits provided by payment processers but at lower cost.