How AvidXchange Improved the Accounts Receivable Process of a Long-Standing Home Security Company
Eden Mancini of Brookline Lock Company, Inc. shares how AvidXchange helped solve her accounts receivable challenges in the security industry.
For over 90 years, Brookline Lock Company, Inc. has been the most trusted locksmith in the Greater Boston area. By utilizing automation to streamline their payment process, they are saving time, money and other resources that can be reinvested into business objectives.
The challenge: Managing received payments
As the sole person responsible for following up with accounts receivable, Mancini was charged with implementing a payment process that cuts time and saves the company money. With an influx of paper checks and digital invoices arriving at her desk each day, plus spending time catching, flagging and reporting duplicate payments, Mancini needed a solution to help streamline her workload.
Customer Profile
Member of AvidPay Network: Since 2017
Payment Method: Mastercard
Mancini is an accounting professional with extensive small-business experience including full-charge bookkeeping, working directly with outside Certified Public Accountants and auditors. Previously, she served as Office Manager where she was responsible for Human Resources and IT-related functions. Over the years, Mancini has functioned as a trusted advisor to business owners and has developed a unique skill set that encompasses both business acumen and personal accountability.
The solution: Receive payments by way of Mastercard to streamline the payment process
Brookline Lock Company, Inc. joined the AvidPay Network in 2017. This was crucial in providing the flexibility needed to minimize human error and manage payments from various payment systems.
Electing to receive payments by way of Mastercard, Mancini now receives notifications when payments are deducted, once they arrive, and more. These notifications enable her to focus on completing all transactions accurately and on time, rather than organizing and sorting out all the payment information manually.
“I get notifications of when the payment is going be deducted and when the payments arrive,” she said. “It’s such a stress reliever to have it. I never have to wonder where the payment is.”
Joining the AvidPay Network also helped Mancini save time when dealing with duplicate payments.
“Occasionally, we have received duplicate payments, but instead of having to worry about ‘did I deposit the check?’ and then having to refund the check, I now just contact AvidXchange and say, ‘this is a duplicate payment,’ and they handle the rest,” said Mancini.
Typically, this process would cause her stress and time to resolve the error but now she reports the problem to AvidXchange to help remedy while she is able to focus on more important tasks at hand.
The result: Increased efficiency
Brookline Lock Company, Inc. has seen multiple benefits since joining the AvidPay Network. Mancini has decreased the time and money spent on payment processing and increased her overall efficiency.
For example, Mancini estimates that every check payment takes about five minutes to process, compared to accepting payments by way of Mastercard, which takes about one minute to process. So, Mancini is saving about four minutes per payment. If she submitted 10 payments, that would save her a total of 40 minutes in her busy workday.
“The accuracy of receiving payments by way of Mastercard is what’s most valuable because it's tough to devote so much time when someone doesn't enter the right payment amount or they don't put the invoice number on the form,” said Mancini.
The increased efficiency also helps Brookline Lock Company, Inc. to offset the cost of the Mastercard processing fee used to complete the transaction.
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