Nexion’s single system relieves the administration, cost and risks of managing client payments.
Busy professionals who spend hours every day managing client payments can cut this down to minutes and gain full control over their cash flow, thanks to a new innovation from pointofservice payment system provider Nexion. Nexion’s single system relieves the administration, cost and risks of managing client payments.
Nexion’s offering, adopted by 100 medical practitioners since its debut in January 2006 and now entering other service industries, is “a single system allowing businesses to accept, process and reconcile all forms of payment – namely cash, cheques, direct debits, and credit as well as debit cards. This gives our clients all the tools needed to be proactive about receiving payments”, says MD Peter Melchior.
He says the system is embedded in a reporting tool that gives full, detailed, ondemand views into cash flows, right down to client level. This eliminates the need for complex, spreadsheetbased reconciliation between bank statements, deposits and multiple receipt record methodologies at monthend. “That kind of visibility, whenever you want it, means the days of timeconsuming, expensive and oftentimes manual record keeping are over,” says Melchior.
Nexion was born in the medical field, but the innovative and flexible technology that underpins the system has seen it adopted by other businesses. A year after redeveloping the system it has been used successfully by Cape Peninsula University of Technology (CPUT) to significantly simplify the process of receiving and collecting student fees. It has done the same for the payment systems of many medical doctors, a growing number of legal practices and even two property companies in the highend hospitality business.
“The contexts may be different, but the headache is the same,” says Melchior. “In the past, medical doctors claimed from a medical aid, but over time many developments have made it necessary for practices to receive ever more payments from private patients. Practitioners have reacted to the need by implementing multiple methodologies for receiving funds, each with their own procedures and reconciliations.
“Managing payments alone is laborious and fraught with the risk of fraud, expensive bad debt or poor accounting skills.”
Enter Nexion, a single system for accepting all forms of payment and recording transactions, coupled with a reporting tool that gives service providers full visibility into cash flow, down to client and transaction level. With Nexion staff liaising with banks to trace payments, the system is bolstered by a managed service that “facilitates the movement of money, securely and proactively”, says Melchior.
The Nexion software package is installed at no charge on a service provider’s PC, attracting only a monthly licence fee and transaction fees. The system simply requires Internet access and a printer. It can be bought as a standalone solution, or integrated with various practice management and accounting applications. Nexion is bankneutral.
|Multiple processes to receive payment, paper-intensive administration at the front-desk, training costs.
|A single repository for allpayment transactions, minimised practive administration, more time for clients and crucial information source on financial performance.
|Time spent reconciling bank statements
|Detailed reports on processed transactions,
|and deposits to get historic cash flow
|expected future payments and funds deposited
|Ageing debt increasingly hard to cost
|Proactive collection of ageing debts via direct
|debit, the ability to act on verbal commitment
|Credit card facilities require combination
|Managed credit card payment process,
|of manual and computer processes. End
|detailed transaction reporting and elimination
|ofday terminal processes cumbersome,
|of dayend procedures with Nexion staff tracing
|credit card reconciliation complex and
|payments or hidden processing fees with the
|On extending payment terms, payment
|Direct debit capability via monthly instalments,
|must be managed and collected, usually
|automatic fund deduction with SMS notification
|without written payment commitment and
|to client/patient. Transactions reported as future
|often adding to bad debt
|Fraud risk increases as practice handles
|Single secure system, eliminating multiple paper
|based methods and minimising fraud risk
|Printing, collating and mailing statements
|No need for statements as all payments can be
|through inability to accept all payment
|forms at time of service
Nexion is a complete payment and receipt management system that allows you to process and manage all forms of payment through one system
Nexion removes the daily hassle of managing payments, and the laborious, complex reconciliation of bank statements, deposits and multiple receipt recording methods at monthends. It gives full, detailed, ondemand views into cash flow, right down to the transaction level, counteracting fraud and bad debt and allowing service providers to focus on their businesses. Since entering the market in 2004, Nexion has been adopted in the medical, legal and educational fields. The Nexion system is supported by a managed service that facilitates the movement of money, securely and proactively. It can be bought as a standalone solution, or integrated with various practice management and accounting applications. Nexion is bankneutral.