Fiserv makes it easy for your organization to offer fee-based lockbox processing services, also known as remittance processing services. Whether you are just starting your lockbox operation or expanding it, our experienced team can assist every step of the way.
What Is Lockbox Processing?
Businesses that receive frequent payments and documents by mail use lockbox services to help reduce expenses, improve cash flow and update their accounting systems quickly. With these services, businesses contract a third-party processor to collect and handle incoming payments. Customers mail payments and documents directly to a unique post office box for the third party to collect. Using image-based technology, data is captured quickly, errors are reduced and paper is eliminated. Checks are deposited at a designated financial institution and data files are created to automatically update accounts receivable systems.
Businesses implementing lockbox services benefit from expedited mail-handling through the use of a unique ZIP code and multiple daily pickups from the post office. Another benefit of lockbox services is the ability to use the third party’s regional processing centers to expedite collection and processing.
View the Remittance Solutions for Financial Services video for details on this growing opportunity to increase your share of the business market.
Fiserv Can Help
Partner with Fiserv and take advantage of the most sophisticated lockbox processing solutions on the market, all without capital investment. Choose from a full range of outsourced solutions designed to serve the needs of nearly any type of business including: financial institutions, corporations, professional practices, government offices, healthcare organizations, property management firms, utility companies and schools.
Our lockbox experts can help analyze your opportunities and recommend the best lockbox processing service to offer:
Retail Lockbox – Used for low-dollar and high-volume consumer payments to billers often accompanied by machine-readable remittance coupons. These coupons improve information processing accuracy and allow payments to be processed quickly on high-speed equipment. See the retail lockbox workflow or download our brochure for details on how these payments are processed.
Wholesale Lockbox – Typically process high-dollar and low-volume business-to-business payments. A single check can cover multiple invoices and include a range of disputed items, partial payments or other adjustments. Because these payments can be more intricate, you can assess a higher rate for processing. See the wholesale lockbox workflow or download our brochure for details on how these payments are processed.
Remote Lockbox Capture – Remote capture capabilities expand the functionality of your lockbox operation, which can assist in adding new customers in any geographic location. Scanners capture check and remittance document images for electronic transmittal to Fiserv for processing. See the remote capture lockbox workflow or download our brochure for details on how these payments are processed.
Property Management Lockbox – Serves the needs of the property management industry by using lockbox services to streamline assessment payment processing, increase accuracy, and reduce operating costs and paperwork. See the property management lockbox workflow or download our brochure for details on how these payments are processed.
Healthcare Lockbox – The healthcare industry uses an automated electronic workflow to simplify and expedite every step of the revenue cycle. See the healthcare lockbox workflow or download our brochure for details on how these payments are processed.
Same-Day Information Online – No matter which lockbox services you offer, you can give your staff, customers and their employees the convenience of viewing check images and remittance documents online- the same day the items are processed. See the interactive tutorial or download our brochure for details on how these online tools enhance the value of lockbox services.
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