Citi’s electronic invoice solutions automate and streamline invoice processes to reduce costs, increase efficiencies and accelerate collections. Citi offers electronic invoice presentment and payment solutions for both business-to-business and business-to-consumer transactions, while Citi’s mobile solution lets consumers pay bills securely from their mobile devices.
Citi® Present and Pay for Consumers integrates Web, mobile and telephone payment capabilities with online bill presentment, and provides four payment channels through one platform:
- A Web application hosted by Citi enables bill presentment and one-time or automated, recurring payments
- A mobile channel that optimizes online bill presentment and payment content for mobile devices and includes customer alerts
- A touch-tone telephone or interactive voice response (IVR) payment application for one-time payment initiation
- A customer service representative (CSR) enables payment initiation by an operator
Payments can be made using ACH debits, credit cards, or debit cards. Companies can choose which access channels (Web, mobile, IVR or CSR) and payment methods to offer their customers. Full remittance detail is provided daily and can be combined with remittance data from other Citi receivables streams, including our Lockbox or Electronic Receivable Services.
Benefits of Citi® Present and Pay for Consumers include:
- Increased convenience for your customers
- Reduced days sales outstanding and accelerated availability of funds
- Daily transaction files uploaded directly to your accounts receivable system
- Single remittance file that streamlines payment processing and posting
- Complete portfolio of standard and custom reports
- Account information that is securely stored and masked
- Customizable solution that integrates seamlessly with your company's branding and messaging
- Reduced capital expenditure in developing and maintaining a Web site
- Citi marketing services to help increase adoption rates
For business-to-business transactions, billers and payers can use Citi® Present and Pay for Business to manage the entire invoice and payment cycle online, eliminating the costs of paper-based systems. Citi® Present and Pay for Business accelerates collections and reduces days sales outstanding by providing a convenient online portal where customers can receive and adjust invoices, obtain approvals, authorize payments, and manage invoice inquiries.
Extracting the data from a biller’s file, Citi presents the invoices on the Citi® Present and Pay portal. Invoices are available for review on the day they are issued, and the payer is alerted by e-mail. Using a Web browser, the payer views the invoice and initiates payment. CIti automatically batches and transfers payments to meet the scheduled settlement date. Both biller and payer can export billing and payment information into their accounts payable or accounts receivable systems, making it unnecessary to re-key information.
With Citi® Present and Pay for Business organizations can:
- Improve cash flow visibility
- Accelerate collections and reduce days sales outstanding
- Reduce costs by eliminating paper-based and manual processes
- Streamline processes and increase efficiencies
- Integrate payments with existing systems (e.g., Oracle, SAP)
- Make payments quickly and easily using a Web browser
- Access 24/7 customer service
A robust electronic invoice presentment and payment solution designed for organizations in the logistics industry, Citi® Present and Pay for Logistics reduces error rates and dispute costs, streamlines review and approval, reduces days sales outstanding and frees up critical liquidity. By automating the entire payment cycle, Citi® Present and Pay for Logistics eliminates the inefficiencies, costs and delays associated with paper-based systems. By enabling an online review, dispute and adjustment process, the application streamlines and standardizes invoice delivery to payees and accelerates payee approval, benefitting both carriers and freight forwarders.
Using Citi® Present and Pay for Logistics, carriers can:
- Optimize working capital by reducing days sales outstanding and improving cash flow
- Streamline management and reconciliation in the billing/payment receipt cycle
- Resolve billing differences online before funds are transferred
- Improve cash forecasting
- Open a highly secure and compliant online billing channel
- Capture customer spending data that can be leveraged in future marketing efforts
Using Citi® Present and Pay for Logistics, freight forwarders can:
- Reduce or eliminate the costs of paper invoice processing
- Automatically validate every invoice against receiving documents and original contract or PO terms
- Take better advantage of payment term discounts
- Settle inquiries and disputes quickly and online
- Control the timing of payments
- Keep an accurate audit trail/history of transactions
- Streamline cash forecasting
Click here for more information about Citi’s receivables solutions.