Wholesale Network Lockbox
Our National Network Lockbox solution combines Web-enabled accounting systems and imaging technology to transform outstanding receipts into up-to-date remittance images, data and usable assets — quickly, reliably and accurately. Being able to accelerate receivables and simplify cash application means improved operating margins for you. By eliminating costly and labor-intensive receivables processing and accelerating your revenue stream, more money is available sooner for you to invest or pay down borrowings.
Our National Network Lockbox helps you meet your challenges by:
- Replacing paper-based, manual receivables processes with faster, more cost-effective image capture
- Saving time and money with more efficient, standardized remittance processing through our national network of nine lockbox facilities
- Accessing remittance information and images online shortly after a deposit is processed
- Relying on uninterrupted processing workflow and disaster recovery with our fully redundant locations and around-the-clock monitoring
- Reducing your days sales outstanding while accelerating your revenue cycles
- Reduced exposure to inaccuracies and fraud
- Streamlined flow of critical financial information to accounting applications
- Integrating scannable processing
How It Works
Your customers send their checks to a unique ZIP code directed to one of our National Network Lockbox processing facilities. This feature allows the U.S. Postal Service to separate our mail first and fast.
Your collection system can include any combination of our strategically located National Network Lockbox processing sites located in:
- Charlotte, NC
- Chicago, IL
- Dallas/Fort Worth, TX
- Houston, TX
- Pasadena, CA
- New York, NY
You need only manage one bank account containing payment information from all lockbox sites.
Throughout the day and night — seven days a week in all U.S. locations — we collect your remittance mail from the post office and bring it to selected National Network Lockbox facilities. There, high-speed machines sort the mail by lockbox number and separate it into batches. In a matter of minutes, your receivables are ready for opening by our experienced associates.
Together with you, we develop tailored instructions to handle your remittances according to your requirements. At every step, these instructions are displayed electronically on our system, so that the National Network Lockbox team processes your remittances accurately.
We extract the contents of the envelopes and separate checks from other materials. Images of checks and remittance documents are captured and linked with unique tracking bar codes. Each check is reviewed and verified per your instructions. Then, the dollar amount is entered and the original check is scanned on our equipment, which also captures images of both sides of your invoices, remittance coupons and envelopes.
Once scanned, high-speed recognition software reads the numeric and written amounts on the check images and compares them to the amounts keyed. Discrepancies are routed to a special team for final verification. If your needs require, we can accommodate and read OCR-encoded information, as well.
When data entry is complete, your checks are encoded and funds availability is assigned. Data files are prepared for deposit into your account. From the beginning we create an audit trail so that checks are processed with the proper documents.
Retrieval, Access and Archiving Options
We offer you a truly fast and accurate way to retrieve check and document images and data. Information is sent directly to your desktop in real time via the Internet through our Receivables EdgeSM online browser.
We can also alert you via Receivables Edge and e-mail you the moment an important transaction is posted. Plus, our short- and long-term archives store your images for as long as 10 years, so you no longer need to warehouse paper items.
We understand the importance of being able to update your customers' records as quickly and efficiently as possible. To provide you with current receivables information in the method that best suits your needs and capabilities, we offer a variety of information capture and reporting services. These cash application services are designed to help you control your costs and meet your cash application goals. Ultimately, you can better serve your customers.
You can choose from a variety of reporting channels to receive deposit information. In addition to being able to capture and transmit check MICR-line information (remitters’ bank account number, their nine-digit bank routing number and the check serial number) for your cash application process, we have extensive experience in capturing additional information, such as invoice, statement or voucher data. If we can locate it, we can capture it. This information can be sent to you via data transmission using a variety of standard or custom formats.
Reliable and redundant disaster recovery is a major priority for our National Network Lockbox. From a central command center in Chicago, we monitor activities at each of our processing centers around the clock. One of the benefits of this hub-and-spoke architecture is that work can be channeled to any of our fully-redundant locations at any time. Workflow is uninterrupted and processing continues in the event of a service interruption.