McNaughton-McKay Electric Company has led the way for over 100 years, embracing innovation and technology to streamline its processes to serve its customers better. When it came time to reevaluate their receivables process, they turned to Comerica’s Integrated Receivables with Payment Reassociation.
Headquartered in Detroit, Michigan, McNaughton-McKay sells nearly anything related to electricity. Because of their expansive inventory, diverse customer base, and commitment to excellent customer service, not any receivables system would do.
“There’s multiple revenue streams a customer can pay via – ACH, wire, credit card, checks, cash – and managing all those platforms and different formats can become very cumbersome,” says Amy Cook, Regional Credit Manager for McNaughton-McKay.
“McNaughton-McKay and Comerica have worked together for several years, so when Comerica came to me and said, ‘hey, we’re looking at this cash application platform, what do you think, would that fit with the tools you need?’ – it was practically fireworks going off because it was exactly what we needed,” Cook explains. “We were able to partner with somebody that was already our partner, share information that we normally wouldn’t want to share. So, it made the move and the change to PRA so much quicker and easier.”
Before PRA, McNaughton-McKay’s receivables process was bulky and tiresome, resulting in overtime and potentially inaccurate reporting.
Tina Molter, McNaughton-McKay’s AR Processor, says, “Now our other locations are sending their payments to me to apply because our system is so much quicker.”
The time saved frees up resources and allows McNaughton-McKay to focus on what makes them successful. But through all the ups and downs, Cook knows that Comerica will be there. “That’s another extra, over the top, that Comerica brings to the table, that, we’re friends. We share ideas, and I feel like they’re my partner, just as much as their customer.”
It’s more than automation, it’s freedom.
Want to check out the whole story? Watch the video here.
