When consumers and businesses initiate payments through online bill pay, the bill pay service providers often convert these electronic transactions to paper checks before they are mailed to the biller’s lockbox for processing. The added steps of printing and mailing paper checks adds time to an otherwise highly efficient process and creates the potential for payment delays.
RemitStream Electronic Lockbox streamlines this process with end-to-end electronic handling of online bill payments. Payments made through online bill pay are received from bill pay service providers in an electronic data file. Payment and remittance information from the electronic payment files is merged with information from paper check payments received in the lockbox to create a single output file.