In today’s rapidly evolving financial landscape, businesses face increasingly complex scenarios that demand more than basic document processing. Invoice processing for fintech companies has taken on more complication as once-helpful traditional tools like template-based invoice processing are no longer useful for achieving long-term results. Tools like these fall short when it comes to achieving custom business results, personalization, and other intricacies crucial for modern financial management. Are you developing for a fintech company? Check out the API Documentation to learn more about how Veryfi advanced document automation solutions are built, and how they can make your fintech product cutting-edge.
The Need for Custom Rules and Promos
Challenges with Standard Solutions
Basic invoice processing tools are designed to handle routine tasks such as capturing invoice data and matching it with purchase orders. However, they often struggle when confronted with custom business rules. These rules might include specific payment terms, conditional promotions, or industry-specific regulations that require precise handling. Without the ability to accommodate these nuances, businesses risk financial discrepancies, delayed payments, and compliance issues.
Complex Financial Scenarios
Consider a scenario where a company offers tiered discounts based on purchase volume, or where different tax rules apply depending on the location of the transaction. Standard extraction tools built without AI are unequipped to manage nuances without errors and inefficiencies. In these cases, businesses need a solution that can accurately interpret data and complicated financial scenarios with contextual understanding.
Advanced Features for Complex Scenarios
Custom Business Rules Integration
Veryfi designed advanced Business Rules Engine to enable businesses to set up and automate custom business rules directly into invoice processing workflows. Whether it’s to apply specific promotion codes, to manage multi-tier pricing, or to adhere to specific payment cadences, business rules engine applies extraction logic to every extraction task. This is a core part of data extraction post-processing. This capability not only reduces the risk of errors but also enhances the overall efficiency of your operations.
Limits of Standard Invoice Processing
One of the key limitations of standard invoice processing tools is their inability to extract complex data accurately. Veryfi overcomes this challenge with its advanced data extraction capabilities using the Accuracy Tool, which can handle a wide range of invoice formats, including those with non-standard layouts, multiple currencies, and complex line items. The most complicated invoices can be processed with precision and speed using AI-driven OCR. This allows businesses to maintain accurate financial records and make informed decisions.
Discount and Promotion Management
Managing discounts and promotions is another area where Veryfi excels. The platform allows businesses to track and apply discounts accurately, ensuring that all financial transactions reflect the correct amounts. This is particularly important for businesses that frequently offer promotions or deal with variable pricing, as it helps prevent discrepancies and ensures that all financial data is consistent and reliable. Why? For achieving profitability through better financial management. This is especially important for CPG brands who want to scale average incremental profit per product sale.
Scaling Fintech Product Adoption
Invoice processing for fintech companies doesn’t need to be complex or composed of a dozen different integrations. The key is to find a dynamic data collection and data extraction tool that can grow with your business. As businesses grow and evolve, their financial needs become more complex. Veryfi adapts to changing needs, offering the flexibility to customize invoice processing workflows to suit specific industry requirements. Whether you’re a small business or a large enterprise, Veryfi provides the tools you need to handle complex financial scenarios with ease.
Watch a quick video to learn how Veryfi can automate your workflow with Business Rules Engine. Request a demo to get started.