Saving time and money is important to a small business as is having cash and staff available when needed. Remittance processing services (RPS) satisfies all of this criteria and more. Processing payments by hand is a tedious job that usually consumes all of an account manager's time. Waiting for the payments to clear/post to the company's accounts can hinder developments in other areas like equipment acquisition and staffing. RPS is a way to overcome these issues without sacrificing the business.

A remittance processor can be one person on the staff who does all the payment processing or a third party that handles the process for not only your business but, others in need of remittance services. The service is available for most industries, including retailers who use retail remittance processing to handle store credit accounts, and supply companies who use credit card remittance processing as one mechanism for processing sales transactions. To find the appropriate remittance services for your business, you must:

1. Decide to use either an in-house remittance processor or a third-party remittance processing center;

2. Evaluate RPS systems available for your business; and

3. Find a remittance service provider.

Action Steps
The best contacts and resources to help you get it done

Decide to use either an in-house remittance processor or a third-party remittance processing center

The amount and type of transactions processed daily weigh heavily on the decision to handle this process in-house or not. Small businesses who handle large amounts of check and credit card transactions may find remittance processing vendors a more convenient option. Companies handling a smaller amount of these transactions or large businesses may look into hiring a remittance processor to the company staff.

I recommend: Unisys is a multifaceted company that offers solutions under its Business Process Outsourcing services. In addition to the Unisys Remittance Processing Service, clients can benefit from an electronic archive and protection against fraud. BancTec outlines the many remittance processing solutions available, accompanied by proven case studies.

Get familiar with the RPS systems available for your business

There are many ways to incorporate RPS into your business. Tailor remittance processing software and hardware to your needs, and remittance processing vendors are specialized as well.

I recommend: AQ2 Technologies has software systems for the business looking to add an in-house remittance service. Imprint Enterprises has the equipment you need to venture into remittance processing, from money remittance processing information to remittance processing software vendors.

Locate a remittance services provider

Once you know the kind of remittance service you need, find a provider that meets your specific business needs. With such a diverse industry, you'll have no issue finding a solution that fits.

I recommend: Gold Leaf Financial Solutions' Merchant Remit System is a general system for any business starting an in-house remittance system. They offer demonstrations to potential clients. Purepay and Wasau Financial Systems offer remittance services for specific industries, like utility companies and businesses dependent on paper check transactions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Remittance processing services are designed to help you run your business better. Ask about other services that these company offer including fraud protection and system maintenance. Work to negotiate a discounted rate by utilizing more than one service.