Advantages of PayData in Place of Bank RDC Deposits

What is The Dilemma?

Using a Bank RDC Deposit requires duplication of work, which in turn requires more time and operators. Duplication can be eliminated using RenovoPay’s PayData RDCiPro one-step solution..

The Bank RDC Deposit Process

Using the Bank RDC Deposit process requires a customer to use a two-part method. This method is redundant. An operator must enter transactions into the Accounts Receivable (A/R) system AND the Bank RDC system. The totals for A/R and the Bank RDC totals must match. If the totals don’t match, a very time-consuming process is involved. The above scenario causes the following:

• RDC Stoppage – No further scanning can take place until the time-consuming balancing process is complete. • Incorrect Deposit Amount – A non-balanced deposit may inadvertently be submitted. Requiring contact with the bank to correct the deposit amount.

Here is the solution

RenovoPay’s PayData RDCiPro eliminates duplicate entry by updating the A/R accounts and preparing the deposit to the bank in one step. The benefits of PayData’s on step process are:

• Continuous Scanning – Scanning is unimpeded by balancing.
• Deposit Amount – Balancing is automatic for payments with invoices/coupons. Payment only balancing can take place anytime after scanning.
• Additional Bonus – PayData provides a full audit information (TimeLine) of all transactions.