Corporate Cash and Payment Collection Services for Businesses

Suppose you’re a swimwear store with five branches in Dubai and another five in Abu Dhabi. Every day, your branch manager tallies your cash earnings and non-cash earnings, creates transactions and earnings reports and, on the next day, deposits the cash into your bank account.

You then review individual branch reports, cash deposits and non-cash payments and check them against the remaining inventory. It’s a process so tedious it may be days before you become aware of issues.

Your cash and payment collection and reconciliation processes don’t have to be so inefficient. You can outsource to a corporate cash collection service and payment collection solutions provider.

Corporate Cash Collection

A corporate cash collections service provider will work as an intermediary between you and your branch or agents.

Usually, if you have many outlets and branches, your representatives or agents from these branches and outlets must go to the bank to deposit cash earnings into your corporate bank account. However, if you’re working with a cash collection service, your agents and representatives will no longer need to go to the bank. They will, instead, proceed to the nearest branch of your cash collection service provider.

This begs the question: Why would you want to do this?

Why You Need a Cash Collection Service

The following are a few of the benefits of using a cash collections service.

1. Convenience

If you choose a cash collection service provider with many branches, your store personnel or agents won’t have to spend a lot of time queuing at the bank to make cash deposits. They can just proceed to your collection agent’s nearest branch.

For instance, if you’re an e-commerce logistics company that provides cash-on-delivery service to your clients. Without a cash collection partner, your drivers must take time out of their schedule to line up at the bank to deposit cash payments. Or they can collect the fees and wait until they’re back in the office to remit them altogether. With a cash collection partner, they can drop in at your cash collector’s nearest branch to make a quick deposit.  

1. Safety and Security

With a cash collection partner, your employees, agents and franchisees won’t have to accumulate cash in their premises before they make a bank deposit. They can make depositing money to your cash collection partner’s nearest branch a daily habit, reducing the need to hold large amounts of cash.

More importantly, contracting a cash collection service is a way to transfer your risk and is, thus, an excellent risk-mitigation strategy. Once you’ve handed over your cash to the cash collection service, your money becomes their responsibility. Meanwhile, if something happens to the money in your store, it remains your loss and burden.

1. Cash Processing and Reporting

A cash collection service provider will count, authenticate and sort your cash to organize it before they deposit it into your bank account. They will also send you a cash processing report that itemizes all the cash deposits received in all branches by cutoff.

Outsourcing cash collection, therefore, streamlines your cash processing and reporting processes. It also ensures you have up-to-date financial data.

Corporate Payment Collection

Aside from corporate cash collection, you may find value in outsourcing corporate payment collection to a third-party provider. This is especially beneficial to e-commerce stores.

Note: While cash collection is for agents, branch employees and franchisees, payment collection is customer-facing and involves collecting customer payments.

Which Provider?

A remittance service provider with many branches is a good option. Since this provider will collect payments from your customers, you want them to be ubiquitous for your customers’ convenience.

For even greater convenience, work with a full-service payment channel provider that can process both cash and non-cash payments for you. They can process credit card, digital wallet and cash payments on your behalf, online and offline.

Benefits of Using Integrated Payment Channel Solutions

Outsourcing payment collection automatically outsources the task of itemizing and tracking payment transactions. With an integrated solution that takes care of electronic and cash payments, moreover, you can benefit from a unified report that includes both cash and non-cash transactions.

Additionally, outsourcing payment collection reassigns the burden of reconciling payment records to a third party. It also reinforces accountability and honesty among your ranks since an external party tracks and reports transactions.

Integrated Corporate Cash and Payment Collection

An integrated service could look like this.

• The service provider accepts cash and electronic remittance from the merchant/retailer’s agents, employees, franchisees, and representatives.
• The service provider accepts payments from the merchant/retailer’s customers. Such payment can be in cash in the service provider’s branches. It can also be electronic payments (from credit cards and digital wallets) processed on the merchant/retailer’s website, the merchant/retailer’s app, the service provider’s website/app, or the service provider’s branches.
• The service provider itemizes all the transactions received by cutoff and remits the collected amount to the merchant/retailer’s corporate bank account.
• The service provider gives the merchant/retailer an itemized transaction report of its collections from agents and customers.

Relying on one provider for cash collection services and payment channel solutions brings many benefits.

• Get a unified report on collections and customer payments.
• Free up personnel for essential, necessary and profit-generating functions instead of tying them down with cash processing, transaction itemization, reconciliation, and reporting tasks.
• Manage cash flow more efficiently, as funds from electronic transactions and physical cash collections could be processed and deposited into a business’s account in a coordinated manner.
• Enjoy solutions tailored to your specific cash handling and payment collection requirements.
• Negotiate better rates with bundled services.

Cash Collection and Payment Channel Solutions

Outsourcing cash and payment collection and processing can help streamline operations.

You can outsource everything to an integrated cash collection and payment channel solutions provider for improved efficiency and better rates.