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Lockbox Services - Receivables and Payables


Lockbox Solutions

Enhance your cash flow with a better way to manage your receivables payments.

Lockbox solutions from Associated Bank offer a convenient way to improve the efficiency of collecting and posting receivables. Our lockbox solutions feature state-of-the-art processes and image-based technology that provide a range of processing options for all types of payments.

Did you know ?

A lockbox offers a way to streamline collection of payments. A lockbox can provide better information for decision making, decreasing the number of employee hours spent on processing, posting and storing checks and remittances.

How lockbox works

All remittance mail is directed to a special address that is optimized within the postal system for the fastest destination delivery. Associated Bank will pick up the remittance mail from the post office multiple times each day and night and deliver it to the lockbox area for processing, based on your unique set of requirements.

Lockbox features and benefits

Eliminate the time-consuming task of keying in important remittance data and supply same-day data reporting using a variety of file formats to automate cash application
24/7/365 payment processing gives you greater access to the funds in your account each day
Lockbox remittances are processed day and night, with multiple expedited mail pickups per day, reducing payment processing time
Transaction images and data can be queried, downloaded and archived for seven years
Experience a significant reduction in internal overhead while allowing staff to concentrate on the core functions of your business with lockbox processing
Enhanced reporting functionality through the Associated Connect® Lockbox module, giving you the ability to:
  • Generate reports using customized queries and export account information
  • Manage your financial information using the lockbox module dashboard and customized alerts
  • Manage exception items using online decision-making to help expedite the payment process

Remote lockbox

Remote lockbox is an additional offering in the lockbox platform that provides customers with an opportunity to consolidate checks received at their physical office with the payments received at the lockbox.

Remote lockbox clients use a desktop scanner to image the checks and supporting backup documents into the lockbox processing. The platform then incorporates the checks into the daily deposit and includes the items in the image archive, lockbox reports and/or accounts receivable file (if applicable).

Remote lockbox features and benefits

Provides a method to expedite deposit of payments received on-site
Secured data transmission available any time
Reduces fraud or loss risks incurred with transporting checks
Cuts costs on postal/courier charges
Reporting that includes integration of items processed directly through the lockbox
Flexibility to scan into a single lockbox from multiple locations or into multiple lockboxes
Same user interface to access both lockbox and remote lockbox

E-lockbox

E-lockbox is a product that efficiently collects incoming payments initiated by consumers using bill payment service providers. These collections are then aggregated into one daily posting file and deposit.

E-lockbox features and benefits

One transmission file of multiple payments from multiple sources
Integration with current accounts receivable formats and specifications
Collections consolidated into one deposit for easy reconciliation
Convenient automated process means no manual entry
Connects through Mastercard RPPS® to over 99% of consumer bill payment providers in the U.S.

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