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What is our Retail Lockbox service? |
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| RemitStream Solutions' Retail Lockbox service processes consumer to corporate payments for our financial institution clients and your customers. Retail Lockbox 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 frequently. |
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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. |
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After processing, we deposit the payments at the clearing bank 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, 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. Through the faster, more accurate collection process, retail lockbox users can have more efficient and effective accounts receivable management.
What makes us different?
RemitStream Solutions provides customized, private-label retail lockbox services to 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?
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.
LockboxOnline Unbankables provides same-day online decisioning of exception items.
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