Cash posting
Iridium pairs each payment with its remittance and matches it to every invoice it covers. Matched payments are posted to your factoring management system the same day. Short pays beyond your tolerance and payments it can't match with confidence are flagged for your team to review.
How it works
Read
Deposits and remittances, as they arrive.
Iridium reads your lockbox report and your bank's ACH report, plus the remittances debtors email you.
- Lockbox report
- ACH report
- PDF remittance
- Spreadsheet
Match
Each payment, to every invoice it covers.
Payments are paired with their remittances by check or trace number, or by debtor and amount. Then each remittance line is matched to an open invoice.
- Check number
- Trace number
- Debtor and amount
- Invoice number
Post
Posted, with the remittance attached.
Matched payments are posted to your factoring management system, split by client. Paid invoices close, and collections follow-up stops.
The hard ones
One payment, several clients
Posted
What arrived:
ACH $41,855.25
5 invoices, 3 clients
What Iridium does:
Each remittance line is matched to its own invoice, and the payment is split by client, so each client's account shows exactly what was paid.
Short pay
Flagged
What arrived:
RC-20947, billed $3,150.00
Paid $2,985.00
Lumper fee $165.00
What Iridium does:
The amount paid is applied. A short pay inside the tolerance you set is posted, the invoice closes, and the shortfall is charged back to your client. Anything larger is flagged for your team to review.
Invoice number written differently
Posted
What arrived:
Remittance says 31907
Invoice is HL-24-31907
What Iridium does:
Still matched. Missing prefixes, leading zeros, and stray punctuation don't stop a match.
No remittance
Flagged
What arrived:
ACH $7,380.00
Bayview Grocers, no remittance
What Iridium does:
Iridium waits for the remittance. If none arrives, it finds the debtor's open invoices that add up to the payment, and your team confirms them before anything posts.
Overpayment
Flagged
What arrived:
ACH $5,600.00
Invoices total $5,250.00
What Iridium does:
The invoices are paid in full. The extra $350.00 is held as unapplied cash on that debtor's account and flagged for your team to review.
Same day
Your factoring management system
Each payment is posted with its remittance attached, so anyone can see where every dollar went.
Collections
A paid invoice drops out of follow-up the day its payment is posted, so no debtor is asked about an invoice it already paid.
Your clients
Each client's account in your factoring management system shows what its debtors paid that day, chargebacks included.
Your reports
Aging and concentration in your factoring management system update as soon as a payment posts.
Your call
You set the tolerance for short pays and which matches post without a review. Everything else waits for a person, with the remittance and the open invoices side by side.
A guessed match never posts until your team confirms it.
Short pays beyond your tolerance, overpayments, and payments from a debtor Iridium can't identify are flagged for your team to review.
Every posting records the remittance it came from and who posted it: your team, or Iridium under your rules.
FAQ
01Where does Iridium get payments and remittances?01Where does Iridium get payments and remittances?
From the lockbox and ACH reports your bank sends, and the remittances debtors email you, whether that's a PDF, a spreadsheet, or the email itself. Each payment is paired with its remittance by check or trace number, or by debtor and amount.
02What happens when a debtor short pays?02What happens when a debtor short pays?
The amount paid is applied. A short pay inside the tolerance you set is posted, the invoice closes, and the shortfall is charged back to your client. Anything larger is flagged for your team to review.
03What if a payment arrives without a remittance?03What if a payment arrives without a remittance?
Iridium waits for the remittance. If none arrives, it finds the debtor's open invoices that add up to the payment, and your team confirms them before anything posts.
04Can one payment cover invoices for more than one of my clients?04Can one payment cover invoices for more than one of my clients?
Yes. Each remittance line is matched to its own invoice, and the payment is split by client, so each client's account shows exactly what was paid.
05Does Iridium post to my factoring management system?05Does Iridium post to my factoring management system?
Yes. Matched payments are posted with the remittance attached, so anyone can see where every dollar went. Iridium communicates with FactorSoft, FactorCloud, and other systems today.
