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What is our Retail Lockbox service? |
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| The RemitStream Retail Lockbox service processes consumer to corporate payments for our financial institution clients and your customers. The service is part of our comprehensive remittance processing product line, our core competency. |
How does Retail Lockbox work?
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| Our basic Retail Lockbox process is the following: |
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Like they are in Wholesale Lockbox, payments are mailed to our unique zip code at the post office where they are picked up throughout the day. |
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These payments -- including credit card, ACH, and check payments -- are processed using our advanced equipment that can capture images and read OCR-scannable documents to speed up the payment process. Courtesy Amount Recognition (CAR) technology enables accurate reading of check dollar amounts, while Mark Sense technology automatically reviews coupons for address change information. |
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After processing, we deposit the checks (paper or electronic) at the clearing agent that you designate. |
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We also provide you or your customers with the opportunity to have a monthly electronic debit via ACH. |
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We provide same-day online access to check images and remittance information, CD-ROMs/DVDs, or daily image transmissions of consolidated reporting to automatically update your accounts receivable systems. |
What are the benefits of Retail Lockbox?
With Retail Lockbox, over 90 percent of the coupons are remitted along with the checks, and processing is highly automated. Lockbox customers that need extra control of their receivables posting may benefit from stop or acceptance file processing. Through the faster, more accurate collection process, retail lockbox users enjoy more efficient and effective accounts receivable management.
What makes us different?
Retail Lockbox is a customized, private-label service for financial institutions. We take on smaller volumes than many of our retail lockbox competitors, but we still provide leading-edge image-enabled retail lockbox processing with better than 99.9 percent accuracy. Using our multi-site network, you and/or your customers can reduce mail float, accelerate cash flows, and obtain receivables information more quickly for improved customer service.
What are the special services associated with Retail Lockbox?
RemitStream Property Management Lockbox enables assessment payments for multiple homeowners associations to be sent to a single lockbox but deposited into separate accounts for each property.
RemitStream LockboxOnline Unbankables provides same-day online decisioning of exception items.
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