ITHACA, N.Y., Aug. 29, 2014 /PRNewswire/ -- RP Solutions, Inc., an inspired remittance processing solutions provider, and Otter Tail Power Company, an electric utility, will present a real-world case study on reducing payment processing costs at the Utility Payment Conference, October 20-23, in Baltimore, MD.
Paula Foster, Otter Tail Power Company's Supervisor of Cash Management, together with Bill Pierce, RP Solutions' National Account Manager, will reveal how this Minnesota-based utility reengineered its remittance processing operation to significantly reduce costs, improve efficiency and provide better customer service. The presentation is planned for Wednesday, October 22, at 9:15 am.
"Otter Tail Power Company is a prime example of how the traditional model of centralized processing - using big iron hardware - is no longer cost effective," said Pierce, a 30 year veteran of the financial industry. "The company was encoding checks and making paper deposits at the main site, while nine customer service centers made ACH deposits. Like so many other utility companies in this situation, they considered outsourcing. Careful analysis proved that the better option was to keep operations in-house and move to a distributed capture model. It gave them the best ROI."
"We evaluated several scenarios and decided to replace our remittance software with RP Solutions' ExpertRPS for its low cost of operation and ease of use," said Foster. "We also upgraded our outdated, expensive hardware with table top scanners at our central site and low-cost scanners at all remote offices. Now payments from all locations are consolidated into one electronic ICL deposit file. This has improved our funds availability and overall efficiency. Additionally, the system produces a transaction extract file which feeds our archive system, allowing our staff to research customer inquiries."
Attendees at the Utility Payment Conference, now in its 17(th) year, are from the communications, cooperative, municipality and utility sectors and represent the following departments: remittance, collections, customer service, IT, mail, purchasing, and treasury.
About RP Solutions, Inc.
RP Solutions is an inspired document imaging, remittance processing and electronic payment solutions provider. In business since 1995, RP Solutions helps organizations realize the benefits of electronic payment processing with products including a remote deposit solution for merchants, advanced customizable product suites for high volume payment processors and an online payment gateway.
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SOURCE RP Solutions, Inc.