Streamline check deposits and improve cash flow with Lockbox
Enjoy accelerated access to your funds while still maintaining complete control over your receivables process. Consolidating receivables to one place will eliminate manual data entry, significantly reduce errors, mitigate fraud, and free up resources so your team can focus on growing your business.
Businesses that receive a significant number of check payments can take advantage of Lockbox to:
- Speed remittances by outsourcing your check and payment processing to the bank
- Reduce employee manual work in receiving and preparing daily deposits
- Mitigate fraud and decrease errors in payment posting and reporting
- Access decision-critical information from your desktop
How does Lockbox work?
Your customer mails their check to a P.O. Box
The bank collects checks from the P.O. Box frequently throughout the day
All of the contents are removed from the envelope and fed through a scanner to capture images of all the pieces
Data such as check amount, account numbers, customer names are collected as the items are being scanned
The data is transmitted electronically to your company and the money is deposited to your account