Get The Accuracy You Need: Why Use Name Matching Software
If you own a business, you need an effective way to process payments. Unfortunately, issues with names can cause serious problems for your billing system. That's where name-matching software comes into the picture. Name-matching software is a way to sort out differences in billing names. That way, payments get applied to the right accounts, regardless of name variations. Not sure how name-matching software will benefit your business? Read the list provided below. Here are four of the ways name-matching software can sort through the confusion.
Hyphens and Spaces
When you process payments, you need to worry about potential variations. Two of those variations include hyphens and spaces. It's not uncommon for people to have hyphenated names or unusual spacing. Unfortunately, those variations can lead to processing issues. This is especially true if the hyphens and spaces are misused. That's where name-matching software comes into the picture. Name-matching software searches the files to match payment names to billing names. This helps to avoid problems associated with hyphens and spacing.
When it comes to payment processing, name similarities can also create confusion. Many people abbreviate a name. But, this can create confusion for a payment processing program. That's where name-matching software comes in handy. One of the great things about name-matching software is that it can identify name similarities. This ensures that payments get processed accurately.
If you process automated payments, you need to know that those payments are processed correctly. Unfortunately, ordering issues can delay processing. This is especially true when the last name is listed first on the payment. Without the right software, ordering issues increase the risk that payments won't get processed properly. That's why you need to invest in name-matching software. When you have name-matching software, the program will identify ordering issues. Then it will make the necessary adjustments.
If you want your payments to get processed in time, you need to account for nicknames. Many people use their full names for accounts but use a nickname in their daily lives. For instance, someone named Robert might use "Bob" as a nickname. However, nicknames can cause delays with payment processing programs. To avoid those delays, you need to invest in name-matching software. This type of software matches given names to nicknames when processing payments. That way, you're ensured of greater accuracy for your payments.
Reach out to a name-matching software company to find out more.