Lockbox Services - Receivables and Payables
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.
|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:
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).
|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 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.
|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.|
Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.