RetailBy using our Lockbox service, you will streamline your collection process and convert your receivables into available cash more quickly and efficiently. Your payments are mailed directly to our central Lockbox department where they are deposited on the day they are received. This service streamlines your collections by eliminating the need for you to prepare the deposits and take them to the bank. We'll process the deposits, and then forward the documentation and payment images to you for application into your account receivables system.
Automate the collection process by using a remittance coupon with a scan line for the capture of your payment data for consumer payments and simple business payments. Your receivables system can then be updated when the data is transmitted from the bank.
Features & Benefits
- More efficient processing accelerates the availability of your funds.
- An increase in your available cash can mean a reduction in interest expense on a loan, an investment opportunity or a reduction in bank fees.
- Eliminate staff hours: no more opening mail, no more preparing deposits, no more posting of payments.
- Enjoy up-to-date payment history and status on every customer.
Online LockboxEnjoy an additional benefit to your Lockbox service by accessing your payment and invoice images online. An e-mail alert will inform you that processing is complete and your images are ready for viewing. Authorized users can begin updating receivables or check today's incoming payments. Lockbox PATHWAYS imaging facilitates customer service and research by making six months of Lockbox transactions available for viewing. Images can be printed, downloaded into your own applications or stored on CD-ROM.
- Post payments immediately after processing to provide current day receivables information to appropriate departments.
- Enhance external and internal customer service by distributing receivables documentation by e-mail.
- Eliminate manual distribution tasks by providing access to online images for appropriate users.
- Eliminate labor intensive tasks of sorting, filing and retrieving paper remittance documents.
- Reduce shipping, courier and storage fees.