Accelerate & Automate your Receivables Process
How Lockbox Works
Customers mail payments to your address at one of our Lockbox processing centers (Arkansas or Florida). Early each day, mail is collected, sorted and checks are deposited to your account. Important data can be captured from the check or accompanying documents for ease of posting. Various information reports are available to customers online, including images of checks and invoices. Receipt and remittance information may be transmitted electronically to customers for integration into your general ledger system.
- Improve collected deposit balances.
- Expedite posting to your general ledger system.
- Process exception items online to ensure a higher deposit rate.
- Reduce labor costs vs. in-office processing.
- Customize processing and the reports you need.
Wholesale Lockbox services are typically used for large dollar, low volume payments received with or without an invoice or coupon. This application suits many types of businesses. Retail Lockbox services are designed for smaller dollar payments received with a coupon. This type of processing is fully automated and provides customers with a daily electronic posting file of information. The typical application of this service is for consumer payments such as utility payments, medical co-payments, home owners association fees, etc.