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, and Chicago, with access to a nationwide lockbox network.
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- Improved Cash Flow: Improve your cash flow by accelerating the posting of accounts receivable mail and processing float.
- Reduce Cost: Reduces internal receivables processing costs, potential for data entry errors, and time posting receivables to your accounting system.
- Improved Customer Service: Timely receipt of payment data and images online allows you 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: Remittance Manager/Receivables Online
- Access all payment and remittance information (check& invoice (coupon) images) within 2 hours of processing
- Search capabilities on any captured fields
- Detailed and Summary Reports
- Export images for client e-mail/letters, research, and issue resolution
- Administrative controls for system access
- Submit customer service requests within portal
Images are retained in our standard image archive for 180 days and can also be stored in our long-term image archive for up to seven years. You can also receive a monthly CD ROM/DVD for a permanent archive retention of your scanned documents.
Specialized Lockbox Options
- Retail Lockbox: High volume scannable coupon payment processing with data transmission for automated accounts receivable posting.
- Wholetail Lockbox: A customized mix of wholesale and retail lockbox processing options.
- 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.
We've Got Answers
Have questions about your Lockbox service? To learn more, call us at 1.866.833.0050 or email us.