Lockbox Services
Property Management Lockbox - A specialized lockbox service for property management firms or associations that allows for segregation of funds into various accounts, with customized reporting features:
- Detailed deposit reports by association
- Advanced technology captures data from checks and scannable remittance documents
- Images of remittance documentation available online daily
- Data files available for automated downloading to your accounting system
- Online exception processing provides the ability to direct check-only payments to the proper account
Wholesale Lockbox - Business-to-Business payments, usually low-volume, large-dollar payments sent with an invoice:
- Image capture of check, invoice, and correspondence, (envelope also available)
- Images of remittance documentation available online daily
- Optional data entry of check and/or invoice information is available to speed the receivables updating process
- Data files available for automated downloading to your accounting system (with optional data entry)
Retail Lockbox - Consumer-to-Business payments accompanied with scannable remittance documents, allowing payments to be processed in an automated manner:
- Advanced technology is used to capture data from checks and scannable remittance documents
- Data files available for automated downloading to receivables system
- Image capture of check and remittance documents
- Online exception processing provides the ability to direct check-only payments to the proper account
Lockbox Benefits:
Savings
- Saves time and money: Lockbox Services increase the efficiency of your collection process while expanding your usable cash for investments or debt reduction.
- Increases staff productivity while decreasing workload: reduces clerical labor costs and workload through the elimination of in-house payment processing and deposit preparation, while providing an outside audit control.
Control
- Customized processing: reporting and remittance procedures are adaptable to your company's specific needs.
- Timely receivables updating: allows your company to make more informed credit decisions.
- Achieve separation of the billing and receivables functions
Efficiency
- Immediate processing: mail is picked up early each day and checks are immediately processed for deposit.
- Improves receivables and cash flow: available cash is increased by reducing mail float, check transit float and internal mail processing float. Same-day credit to your company's designated depository account expedites receivables processing and accelerates cash flow.
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