World's Leading Producer, Distributor of Flooring Products, Mohawk Industries Signs with Harbor Payments for Accounts Receivable Automation.ATLANTA -- Harbor Payments, the leading provider of next-generation electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
See: New York Stock Exchange : MHK MHK Mohawk Industries (stock symbol) MHK Merkez Hakem Komitesi (Central Referee Committee, Turkey) MHK Manhattan, KS, USA - Manhattan Municipal (Airport Code) ), the world's leading producer and distributor of carpet, rugs, ceramic tile, wood and laminate flooring This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , has licensed the Invoice Harbor[TM] platform for automated accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying processing. Mohawk operates under four divisions in the U.S. and Europe, generating annual worldwide revenues of approximately $8 billion. "By outsourcing and automating our accounts receivable processing with Harbor Payments, we look forward to dramatically streamlining the payment process for our customers. Through this new system, we believe we will be able to help our customers more efficiently receive and approve invoices, eliminate the need to print and mail checks, and more easily take advantage of discounts and credits," said Michel Vermette, CFO See Chief Financial Officer. of the Flooring Division at Mohawk. "We believe this new tool will help our dealers to be more productive, efficient and ultimately more profitable. At the same time, we are confident that Invoice Harbor also will benefit Mohawk's internal operations in much the same way." Issuing more than 30,000 invoices per month, Mohawk will leverage Harbor Payments' Invoice Harbor Invoice Presentment Manager[TM] to transition from the expensive process of printing and mailing invoices to delivering them through more cost-effective electronic channels. As a result, Mohawk customers will receive invoices in a timely manner and be able to more easily route invoices for approval and payment. Mohawk also will work to significantly increase the number of customers who pay electronically, minimizing days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSOs) and further enabling customers to take advantage of early payment discounts. "In Harbor Payments' experience working with numerous Fortune 1000 companies, we have found that electronic invoice delivery results in as high as a 90 percent payment ratio," explained Ashish K. Bahl, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Harbor Payments. "We look forward to working with Mohawk to help the company and its customers convert to more efficient electronic invoicing and payments." A feature-rich, flexible, web-based EIPP EIPP Electronic Invoice Payment and Presentment EIPP Electronic Invoice Presentment and Payment solution, Invoice Harbor enables an enterprise's accounts receivable function to electronically submit invoices, resolve disputes and process incoming payments via multiple channels and payment types. Invoice Harbor also supports a unique data hierarchy model that delivers comprehensive statement-to-invoice integration, automatically distributing individual invoices to the appropriate resources across the buying organization for approvals. Once invoices are approved, the system collates the approved invoices for automated processing through the buyer's AP department. Providing comprehensive payment-related functionality, including support for multiple card types, as well as ACH and wire, Invoice Harbor enables integration to the buyers' ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. systems to allow for straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. , thereby streamlining the invoice-to-collect process for both the enterprise and the buyer. As a result, Invoice Harbor helps organizations optimize working capital, streamline business processes, reduce payment processing costs, improve decision-making with real-time information, and move toward a paperless enterprise. Mohawk plans to kick off this project in January, with a go live date later this spring. About Mohawk Industries Mohawk is a leading supplier of flooring for both residential and commercial applications. Mohawk offers a complete selection of carpet, ceramic tile, laminate, wood, stone, vinyl, rugs and other home products. These products are marketed under the premier brands in the industry, which include Mohawk, Karastan, Ralph Lauren, Lees, Bigelow, Dal-Tile, American Olean, Unilin and Quick Step. Mohawk's unique merchandising and marketing assist our customers in creating the consumers' dream. Mohawk provides a premium level of service with its own trucking fleet and over 250 local distribution locations. About Harbor Payments Harbor Payments is the leading provider of outsourced electronic invoicing, billing and disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. solutions for the Global 1000. The company's products, services and insight enable organizations to manage cash flow more effectively by efficiently sending and receiving invoices, making and collecting payments, and managing all associated internal workflows. While transforming and streamlining the client organization's operational and financial processes, Harbor Payments products and services adapt to and complement each client's existing information systems and accounting applications. Harbor Payments solutions are marketed under the brands of Invoice Harbor, Billing Harbor and Payment Harbor. For more information, please visit the company's web site at www.harborpayments.com |
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