When paper checks dominate, the Lockbox rules
Lockbox services were once only available and cost effective for the largest of companies. Today, lockbox services are included in the suite of AR tools available to small and mid-sized business. Lockbox services are superior to both manual check deposits and remote capture scanners and gives your business a competitive advantage, saving time and speeding cash flow.
- Increase productivity with lower operational expenses, freeing more time to focus on high level activities.
- Speed mail delivery and rapid deposit funding to your bank.
- Reduce the risk and cost of potential fraud.
- Optimize cash flow for increased capital availability with faster payment cycles on invoices.
- Reduce unproductive accounting time spent manually matching and applying payments and generating reconciliation reports.
Think about it… No check imager to buy or install, to learn or operate, to warranty or maintain. No software to license or version to upgrade. No mail to open, no checks to scan. No manual payment matching. No delay when the person who is assigned this task is out sick or on vacation. No risk of check data compromise.
We have lockbox solutions available for both small and large billers at all sophistication levels. For our community bank clients, we offer specialized Cash Management Solutions providing remittance lockbox solutions.