How AgilLink’s new Exactuals integration increased efficiency of payment processing by 70-80%
We sat down with John McILwee, founder and CEO of John McILwee & Associates, to see how the AgilLink and Exactuals integration is saving the firm 70%-80% of their payment processing time.
In our interview John answers important questions about what day to day operations looked like before and after the integration went live, the biggest benefits, and what business managers should know about the integration.
Q: What did royalty and residual payments look like for your clients prior to using AgilLink and the Exactuals Integration?
A: Let’s use the example of my clients who is on a cable TV series. Typically, clients are paid per season, per episode, per run, which can easily add up to receiving 75 checks or more. In the past, we had to deal with mailed paper checks, which became time consuming and frustrating to process. Out of the 75 checks one or more could easily get lost in the mail. You have to factor in the time spent looking for the check, opening the check, scanning the check, recording the check, and e-depositing the check.
Q: How did the processing payments change when your firm started using AgilLink and the Exactuals Integration?
A: With the AgilLink and Exactuals we can now have the payments direct deposited, which saves a tremendous amount of time - and gets our clients paid quicker. The deposit transaction shows up in AgilLink with the associated documentation. Before the integration there were a few extra steps such as logging into the guild’s or studio’s account, downloading the statement, and uploading the statement into AgilLink. But now we instantly receive a notice that the payment is in the account and the backup for the payment is associated to the transaction all in AgilLink.
Q: What are the biggest benefits of AgilLink and the Exactuals Integration?
The integration makes these types of payments more secure and shortens the processing time. Our number one priority for our clients is getting their money into their bank accounts as quickly as we can. Now the payment process is automated which means that these processes are seamless and quick. There are not dependent on the mail or having someone physically be in the office.
These payments are more secure and lessen the dependency on staff intervention. For example, no one needs to have client login information – clients register as a payee in Exactuals PaymentHub application, which enables direct depositing of payments from the various guilds and studios.
Q: How much time does AgilLink and the Exactuals Integration save you?
A: Between the ability to have direct deposit, the payment automatically showing up in AgilLink and downloading of the corresponding statements and documentation, we’re saving between 70%-80% or more on processing time.
Q: What should business managers know about the Exactuals integration?
A: The first thing to know is that they should know is that you need to be on AgilLink to use the Exactuals integration. Older versions of Datafaction’s software does not include this integration.
Second thing they should know is that converting to AgilLink takes planning and commitment of resources, but it is well worth it. The Exactuals integration will especially make residual payments quick, easy, and more secure.
To learn more about Exactuals PaymentHub click here.
To learn more about the AgilLink and Exactuals integration contact us at Sales@Datafaction.com.
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Datafaction is an RBC company and a wholly-owned subsidiary of City National Bank Member FDIC
Exactuals is an RBC company and a wholly-owned subsidiary of City National Bank Member FDIC.
City National Bank is a subsidiary of Royal Bank of Canada. Deposit products and services are provided by City National Bank.