Faster receivables and automated payment processing at Bounds Flooring

Enhancing cash flow with integrated credit card payments

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Introduction

Bounds Flooring, based in Bloomington, Indiana, enhanced its cash flow and operational efficiency with Cyncly Payments. By moving from manual credit card handling to an integrated system, they eliminated processing errors and sped up receivables by five days.

The Challenge

Before Cyncly Payments, Bounds Flooring relied on a traditional invoicing method, mailing physical invoices and waiting for check payments. This process caused a five-day lag in receivables, impacting cash flow and delaying vendor payments. Additionally, manual credit card entry resulted in occasional missing transactions and reconciliation difficulties at month-end. Staff had to spend extra time tracking down payments, causing inefficiencies in accounting and sales operations.

“Cyncly Payments has made processing payments quicker and easier, helping us speed up receivables by five days compared to mailing invoices and waiting for checks. The ability to send payment links directly to customers has been a game-changer for our cash flow, and the automated settlement process saves us valuable time in reconciliation.”

Thorn Damon, Bounds Flooring

The Solution

Digital Invoice Payment Links

Bounds Flooring replaced its traditional paper invoicing system with Cyncly Payments’ digital payment links. Customers could now pay instantly by clicking a secure link in their invoice, eliminating mailing delays and reducing overdue receivables.

Automated Payment Settlement

The company automated payment settlement reporting, ensuring that transactions were recorded accurately at the end of each day. This eliminated the need for manual entry, reducing administrative workload and reconciliation errors.

System-Wide Payment Visibility

By integrating Cyncly Payments with their business software, Bounds Flooring provided its staff with instant access to payment statuses. This increased transparency across departments and made it easier to track customer payments in real time.

The Results

Faster Receivables

Receivables accelerated by five days, improving cash flow and enabling quicker order processing. Customers can now pay instantly through secure links, reducing delays and improving overall financial stability.

Increased Efficiency

Sales staff can now process payments directly within the system, reducing administrative work and eliminating errors associated with manual processing. This has freed up time for staff to focus on customer service and business growth.

Automated Accounting Workflows

End-of-day reconciliation is now automated, reducing manual errors and minimizing workload for accounting teams. With instant payment tracking, financial records are always accurate and up-to-date.