A lockbox is a bank maintained processing service dedicated to expediting collections by receiving and processing remittances for a host company in a convenient and efficient manner.
Your checks and remittance information will be sent to one of our post office boxes located at a nearby central mail processing facility to ensure timely delivery of all mail. We will receive mail, open envelopes, examine checks for correct payer and dollar amount, endorse checks, facilitate deposits, and process remittance information. We maintain lockbox processing centers in Indianapolis, Columbus, OH, Cincinnati, and Chicago, with access to a nationwide lockbox network.
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- Relationship Banking: Our relationship banking approach strives to deliver accurate, timely lockbox solutions backed by outstanding customer service. You will have direct access to your relationship team, who will provide prompt answers to your questions.
- Improved Cash Flow: Improve your cash flow by getting deposits into your account sooner by reducing mail and processing float.
- Reduce Cost: Reduces internal receivables processing costs, potential for data entry errors, and time posting receivables to your accounting system.
- Receive Data Online: Ability to receive payment data and images online in order to support customer service inquiries and facilitate decisions regarding the shipment of additional goods to your customers.
- Improve Security: Improves security of payment handling by separating invoicing and receiving.
- Online Portal: Online portal providing same-day detailed receivable and deposit information, as well as online image access to view checks, EOB, envelope and other scanned documentation. All images are available by the end of the processing day.
- Secure portal providing same-day access to all payment and remittance information
- 6 Month Archive (option for 7 years)
- Access within 2 hours of processing
- Same-day viewing of check & invoice (coupon) images
- Exception item images captured in separate batches
- Search capabilities on any captured fields
- Detailed and Summary Reports
- Administrative controls on access
- Export images for client e-mail/letters, research, and issue resolution
- Data transmission file that can be imported into your accounting software
- Export capabilities containing data fields for accounts receivable posting
- Image archive transmission that you can upload into your archive system
- Monthly CD for archive retention of your scanned documents
- Healthcare: Extends lockbox processing into a revenue cycle management suite of services for healthcare providers. Services include: Conversion of paper transactions into electronic remittance advices (ERAs), re-association of ERAs with electronic payments, ability to post HIPAA compliant files, and web-based reports and searches down to the patient level.
- Property Management: A specialized lockbox that enables assessment payments to be sent to one lockbox, with the deposits made to separate accounts for each homeowners association.
- Retail Lockbox: High volume scannable coupon payment processing with data transmission for automated accounts receivable posting.
To learn more, call us at 1.866.833.0050 or email us.