3 min read

Build, Buy, or Partner? Crafting the Right Approach to Managing Receivables

Build, Buy, or Partner? Crafting the Right Approach to Managing Receivables
Build, Buy, or Partner? Crafting the Right Approach to Managing Receivables
6:34

As the role of CFOs evolves into strategic orchestrators of digital transformation, the pressure to streamline operations and align payment management with broader business goals is mounting. A key question for organizations grappling with inefficiencies in accounts receivable is: Should you build an in-house solution, buy off-the-shelf software, or partner with a specialist?

At CheckAlt, we understand the complexities of this decision. Managing receivables efficiently—whether through outsourced lockbox services, Software as a Service (SaaS) solutions for in-house management, or a hybrid model—requires a tailored approach. By leveraging our integrated receivables solution, businesses can not only address their unique needs but also unlock growth opportunities.

The Challenge: Evolving Expectations in Accounts Receivable

Traditional receivables management often involves manual processes, delayed reconciliations, and a lack of visibility into cash flow. In today’s fast-paced, digital-first environment, these inefficiencies are no longer sustainable. Businesses require solutions that:

  • Reduce manual processing.
  • Enhance cash flow visibility.
  • Provide real-time data for informed decision-making.
  • Minimize risks like check fraud and delays.

These challenges compel CFOs to reconsider how they approach payment management—and many find themselves at a crossroads: build, buy, or partner.

Option 1: Build In-House

Developing an in-house receivables solution offers unmatched customization and control. Businesses can design systems tailored to their workflows, ensuring smooth integration with existing processes. However, the cost—both financial and operational—is substantial:

  • High upfront investment in technology, talent, and time.
  • Long-term commitment to maintenance and upgrades.
  • Strain on IT resources, which are often already stretched thin.

For businesses that have already built or maintain an in-house solution, partnering with a specialist like CheckAlt can enhance efficiency by offloading resource-intensive components such as mail batching or check scanning to support in-house lockbox processing. This approach allows internal teams to focus on strategic priorities while leveraging external expertise to optimize operations.

Option 2: Buy Off-the-Shelf

Purchasing ready-made software offers speed and simplicity, allowing businesses to implement changes rapidly. However, these solutions often come with limitations:

  • Lack of customization that forces businesses to adapt their workflows to fit the software.
  • Potential friction during implementation and training.

For businesses with standardized processes and limited IT resources, this option can work—but it may fall short of delivering the flexibility CFOs need to meet strategic goals.

Option 3: Partner for a Hybrid Solution

Partnering with a specialist, such as CheckAlt, combines the best of both worlds. By outsourcing parts of the process while leveraging SaaS solutions for in-house control, businesses gain flexibility, scalability, and access to cutting-edge technology without the burdens of building or buying alone.

Our integrated receivables solution offers:

  • Outsourced Lockbox Services: Let us handle the complexities of check and remittance processing to free up your internal resources.
  • SaaS for In-House Management: Use our secure, cloud-based platform to manage receivables with greater control and visibility.
  • Hybrid Models: Tailor your approach by combining outsourcing and in-house management, ensuring the solution fits your unique needs.

This partnership model allows CFOs to focus on strategic growth initiatives while relying on a trusted partner to streamline accounts receivable operations.

How CheckAlt Helps CFOs Transform Receivables Management

At CheckAlt, we specialize in simplifying payment management with a comprehensive, integrated receivables solution that addresses the unique needs of CFOs and financial institutions. Our offerings include:

  • Catch! Electronic Lockbox: Ensure online banking bill payments remain digital from initiation to processing, reducing delays, mitigating fraud risk, and improving payment accuracy.
  • Online Payment Options: Provide businesses with the flexibility to accept ACH, debit, and credit card payments. These options not only accelerate payment processing and improve cash flow visibility but also enhance customer satisfaction and reduce operational burdens associated with manual reconciliation.
  • Traditional Lockbox Services: Efficiently manage paper-based payments with secure, reliable processing to complement digital payment strategies. You can outsource your lockbox processing to us, manage it in-house using our Saas solution, or take a hybrid approach.
  • FinCapture RDC API: Digitize paper check deposits with seamless remote deposit capture (RDC) integrated directly into your receivables workflow via API. FinCapture simplifies check handling, reduces processing times, and aligns mobile deposits with your broader digital payment ecosystem—enhancing operational flexibility and improving the end-user experience.
  • Single-Platform Access: Centralize all payment channels—paper and digital—on a single, secure platform to enhance operational efficiency, streamline workflows, and improve decision-making with real-time data access. With CheckAlt, you benefit from a single vendor, single sign-on, and single contract solution, simplifying management and delivering a cohesive receivables experience.

With flexible and scalable solutions, CheckAlt empowers businesses to eliminate inefficiencies, reduce risks, and transform receivables management into a growth-enabling operation aligned with long-term strategic goals.

Streamline Receivables and Unlock Growth with CheckAlt

Whether you decide to build, buy, or partner, the goal is clear: to transform your accounts receivable operations into a growth engine. At CheckAlt, we believe partnerships offer the greatest value, enabling businesses to access the expertise, technology, and flexibility needed to thrive in today’s dynamic financial landscape.

Ready to explore how CheckAlt can help you streamline your receivables management? Contact us today to learn more about our solutions. While you’re at it, be sure to follow us on LinkedIn and subscribe to CheckAlt Connect, our monthly email newsletter, to keep on top of the latest in payments. 

 

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