PAYMENT AUTOMATION

Payment Automation Software Takes AP Efficiency to a New Level

Increase the accuracy of your accounting records and elevate your teams’ efficiency by offloading time-intensive manual tasks to proven automation software. User-friendly payment automation software from SKsoft enables you to automate up to 90%+ of your organization’s payments so your accounting team can focus on resolving anomalies.

Future-Proof Your Organization with the Power of Automation

Payment automation software from SKsoft is a flexible, scalable solution that meets you where you are today and grows alongside your organization. Our innovative payment automation software connects your ERP to all your banking institutions, wherever you do business. It’s a single source of truth, providing visibility into all your payment records in one place, that frees your teams from managing daily accounts payable (AP) minutiae and unraveling avoidable human errors. Offloading time-consuming tasks to automation software reduces overhead, maximizes efficiency, and frees your teams to focus on growth.

Developed by banking experts, SKsoft solutions feature unmatched levels of control and configurability to adapt to how you do business. With the most extensive network of bank integrations for Microsoft D365, no customer bank is too big or too small. SKsoft’s payment automation solutions are powerful enough to serve global enterprises – but user-friendly enough to support growing companies.

Unlocking the potential of automation keeps your company agile and resilient as you take on the ever-evolving business landscape.

Are you using Business Central?

Features

Issuing Payments

Keep vendor and employee relationships in good standing by issuing accurate, on-time payments – automatically.

Vendor Payment Automation

Staying on top of invoice payments can be a time-consuming challenge. Late payments can strain relationships with your vendors and disrupt your supply chain, negatively impacting your customers. SKsoft’s easy-to-use payment automation software allows accounting teams and controllers to schedule payments directly within Microsoft Dynamics 365, eliminating data entry mistakes, oversights, and other avoidable manual errors.

Accounts Payable Electronic Funds Transfer (APEFT)

Consolidate the steps to paying invoices on time, anywhere in the world. AP automation software from SKsoft integrates directly with your ERP, enabling input and payment management without manual intervention. Additionally, multi-banking EFT capabilities combine payments initiated from multiple legal entities into a single file going to the bank, eliminating the extra cost and potential for errors when sending multiple payment files.

An existing library of 100s of bank-specific payment formats
Ability to develop any format as required by your bank
Secure and automated connections for storing and sending payments to your bank
Ability to receive acknowledgment files from your bank and automate the updating payments based on the bank’s response.
Integrated sending of remit advice email

Positive Pay

Positive Pay (also known as Safe Pay) is the world’s leading method of check fraud prevention. The Positive Pay process consists of a daily reconciliation between your issued checks and checks presented for payment at your bank to identify potentially fraudulent checks. Upon completion of a check run, your SKsoft payment automation software prepares a “checks issued” data file, including voided and manual checks, and transmits this data to your bank. 

When checks are presented for payment against an account protected by Positive Pay, the check information is compared to the “checks issued” file. Checks presented for payment that fail to match with checks issued by your company are rejected. The bank then presents you with a list of “suspect checks” for “pay/no pay” decisions. Suspect checks are resolved before the bank authorizes payment.

SKsoft’s Positive Pay features include:

Files formatted to your bank’s specification
Multiple company/ checking accounts
Void and cancelled check batches
Audit report
Secure storage and transmission of Positive Pay files

Receiving Payments

Improve the customer service experience and enhance A/R operations by automating receivables within Dynamics 365.

Accounts Receivable eSettlement with Lockbox

If you are using a lockbox service to collect checks from your customers, the lockbox service will process the cash receipts, make a deposit for you, and send an electronic file that your SKsoft payment automation software will process automatically. Where included remittance information is complete, cash receipts will be automatically applied to invoices. For those cash receipts where the automation does not fully apply the payment, use the payment application workbench to match the cash receipt to the appropriate invoice. By eliminating the need to handle payments manually, you will save time and money through better efficiency and security. Even if a lockbox is not being used, this module can be used to speed up payment application processing.

Lockbox formats designated by ID
Lockbox payment application workbench
Automated retrieval and handling of Lockbox data from your bank
Ability to match to invoices via multiple reference type (Invoice #, Sales Order #, Requisition #, etc.)
Ability to use separate remit advice information to quickly settle payments
Workbench visually separates fully automated settlements from those requiring intervention

Credit Card Advantage

Improve cash flow and customer service without interrupting regular order processing – all from within Dynamics 365. Credit Card Advantage is an integrated, PCI-compliant means of collecting and processing credit card payments for sales orders or existing invoices within Dynamics or the Dynamics Call Center module. SKsoft’s Credit Card Advantage module includes support for:

Sales order/call center
Payments on existing invoices via Payment Journal
Return orders
Refunds/voids in AR payment journal
eCommerce integration
Dynamics 365 F&SC integration
Configurable authorization points
One-click payment link

ePay Advantage with Autopay

ePay offers the latest in online bill presentment and payment technology for enterprises. This robust payment portal sends invoice notifications to your customers and allows your customers to view and pay their invoices online. Eliminate double entry, wasted time, and complicated paper trails. The SKsoft ePay Advantage module provides real-time payment processing and eliminates double data entry. It seamlessly integrates the payment back to the accounting system and automatically applies payments to invoices.

Secure customer portal
Real-time or scheduled electronic payment processing (credit/debit card, eCheck)
View and export payment reports to Excel and CSV
Editable automatic email notification templates
Online invoice presentment

Direct Debit with Mandate Support

Perfect for recurring accounts receivable or prearranged contracts, A/R electronic funds transfer (AREFT) removes the hassle of manually debiting your customers’ bank accounts for agreed funds. Direct debit automation within your Dynamics 365 platform enables you to manage mandates (direct debit agreements), communication, validation processes, and more.

One-time configuration set-up options
EFT test files
Optional pre-notification (US)
Multiple transmissions in one day
Balanced or unbalanced files
Mixed debits/credits
Multi-batch support
Automated emails to customers

Enhance Your Payment Automation Capabilities within Business Central

SKsoft payment automation software is embedded within Business Central to streamline your accounting workflows, reduce errors, and protect against fraud.

Automated Payment File and Data Transmission
Automatically generate and transmit payment files or payment data to your bank all within Business Central
Secure Bank Transmission
Eliminate the risk of fraud through direct transmission of payment data to your bank(s)
Void/Correct Errors
Easily void and correct payment errors before sending remittance advises
Single Log-In
Eliminate the need to log into multiple bank accounts to send vendor payments
Multiple Payment Types
Supports a variety of payment types such as ACH, wires, and outsourced checks
Worldwide Connectivity
Connect Business Central to every financial institution, anywhere on Earth

Payment Automation FAQs

What security protocols are in place for payment automation?

SKsoft is powered by BankFabric, which heightens the security of your sensitive banking information by supporting direct, secure transmission of your payment data to the bank. All files are secured at rest and stored within Azure. The SFTP or API formats give you the ability to securely transfer your files directly to the bank without downloading them. However, all your payment files are stored in Azure and are easily accessible as needed (with the appropriate user privileges).

What if SKsoft doesn’t currently integrate with my bank?

Though SKsoft connects Dynamics 365 and Business Central to 170+ banks in as many countries, we will build an integration for you if your bank isn’t currently supported.

How easy is it to reverse automated payments?

If one of your payments contains an error, the Vendor Payment Automation module allows you to void the payment within Dynamics 365. Rather than posting the payment after it has been sent, accounting teams can simply void the payment, correct the error, and then resend it to the bank.

Payment Automation Insights & Resources from our Experts

Transform financial operations by capitalizing on our team’s decades of experience. Browse expert-authored articles, educational guides, videos, and more.

BROCHURE

Ready to Automate Your Financial Operations?

Take a peek into the future of banking and treasury. Request a demo of our automation suite and take the first step toward your financial evolution.

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