Crop Production Services Processes One Million Checks through Open Scan
LOVELAND, CO/DENVER, CO – (January 20, 2011) – Crop Production Services (CPS), a leading North American full-service agricultural retailer has reached an exciting milestone in receivables automation. On December 14th at 9:16 A.M., at a branch in South Carolina, CPS processed their millionth check through Open Scan’s Receivables Process Management Solution.
Established in 1983, Crop Production Services’ predecessor companies have existed for more than 100 years. With approximately 700 branches processing payments, CPS distributes custom blended fertilizer, seed, agricultural chemicals, custom applications, field scouting, and other precision agricultural products. In September 2009, CPS completed the implementation of Open Scan’s check processing (Check 21) technology at its branches. The solution was fully integrated with an existing Point of Sales (POS) application and provided each branch with a range of customer service capabilities. The benefits of the solution include:
Fast POS and electronic deposit services.
Elimination of lockboxes and over-night couriers.
Significant savings in Days Sales Outstanding (DSO) with average reduction of five days in float.
Faster credit availability, resulting in increased customer service quality.
Consolidation of banking relationships.
Better visibility and control of accounts receivable environment.
Similar to many other corporations that receive check payments at branches, cash was applied at the branch through a POS system, and checks were deposited at either a bank branch or one of many lockboxes days later. With Open Scan’s Remote Deposit Capture (RDC) capabilities, CPS saved more than $3.5 million a year in DSO costs alone. It also saved on lockbox and courier fees.
Headquartered in Hamilton New Jersey, Billtrust is the premier provider of automated invoice-to-cash solutions. Billtrust integrates three key areas of the invoice-to-cash process: presentment, payment, and cash application, helping its clients connect with their customers and cash while strengthening their revenue and cash flow. Working with more than 1,200 North American businesses across B2B and B2C markets, Billtrust’s comprehensive offerings help its clients solidify customer relationships, increase productivity, improve cash flow, and seamlessly migrate to electronic channels.