How much time does the manual payment application process take you? It may seem like a few minutes here or there. The reality is that this can quickly add up, taking you away from more strategic work. On top of the inefficiency, it’s also costing you and causing issues throughout the payment workflow.
As radio seeks out ways to improve efficiency, technology and automation have become formidable solutions. Understanding the challenges with these processes, we’ve introduced PayConnect as part of PayNow, our turnkey electronic invoicing and payments solution.
What Is PayConnect?
PayConnect enables stations to import payments made via the PayNow Merchant Portal directly into Accounts Receivable for Marketron Traffic users. Payment types include ACH and credit and debit cards. PayConnect also includes a lockbox integration for payment importing.
The tool simplifies payment entry and processing, reducing the manual work associated with payment applications.
What Are the Real Costs of Manual Payment Application?
Any process that requires a lot of manual maneuvering is costing you. Your finance team likely spends hours each month matching payments from various sources to invoices. That’s followed by data entry and discrepancy resolution. It significantly slows down cash application while raising the risk of errors.
To quantify this, we reviewed industry and internal data. We identified these insights:
- A manual payment application can take 5-10 minutes per transaction.
- Processing costs range from $4 to $20 per payment.
- Error rates can be as high as 10%, leading to misapplied payments and reconciliation issues.
You can eliminate or minimize these adverse effects with PayConnect.
Manual vs. PayConnect
PayConnect makes payment import automation seamless while driving enhanced financial accuracy. Here’s how it compares to manual workflows.
| Metric | Manual Process | PayConnect |
| Time per transaction | 7.5 minutes | < 1 minute |
| Cost per transaction | $12 | < $1 |
| Error rate | 10% | < 1% |
| Cash application time | 3 days | Same-day or next-day |
PayConnect Delivers Real Results for Radio
By adopting PayConnect, your station can:
- Boost cash flow by reducing days sales outstanding (DSO).
- Free up accounting resources for more important work.
- Improve advertiser satisfaction with more accurate account updates.
- Reduce risk associated with errors and strengthen audit trails.
See How PayConnect Works
Ready to say goodbye to manual payment application? You’ll want to say hello to PayConnect. Get started by requesting a demo.
