[This is just one of my series of posts from the NACHA Payments 2008 conference in Las Vegas.]
WAUSAU's Evolving Remittance Solutions [NACHA Payments]
Kathy Strasser and I discussed the ways that WAUSAU is continuously evolving in order to meet the growing demand for paper to electronic payment solutions via remote capture, remittance, image/item processing and enterprise content management. Strasser is responsible for WAUSAU's remittance products, so naturally our conversation was focused on lockbox solutions.
WAUSAU has 48% market share across the retail, wholesale and "wholetail" (blend of one-to-one scanable retail-like items and more complex, non-scanable wholesale-like items) segments and is the leading source of ARC transactions (paper checks received at the lockbox and converted to ACH payments for settlement). With a long history of retail lockbox expertise, WAUSAU acquired DMP Payment Systems a year ago in order to expand its wholesale services. And, in its effort to meet the ever-evolving needs of its customers it announced a partnership with ClairMail to offer lockbox services via the mobile channel (more on that here).
The emphasis at WAUSAU is on providing solutions that act as an integrated, value-add extension to the corporate customer's receivables system, with workflow, exception processing, and document imaging to support core lockbox payment processing features. I cannot emphasize enough the value of offering a single platform for exception processing regardless of how the transaction is received for processing or settled.
WAUSAU offers remittance solutions via banks but also sells directly to corporations with volumes great enough to justify in-house or outsourced lockbox services. WAUSAU has optimized its solutions to meet the needs of industry verticals such as insurance, property management, utilities and is redoubling its efforts to support healthcare. The company will continue to build out industry specific capabilities through partnerships.