What is our Wholesale Lockbox service?
The RemitStream Wholesale Lockbox Service is the traditional cash management tool designed for corporate-to-corporate payments. If your corporate customers receive low-volume, high-dollar payments, we process these Wholesale Lockbox payments using a state-of-the art, integrated infrastructure.

How does Wholesale Lockbox work?
All Wholesale Lockbox processing follows the same basic workflow with slight variations by processing location and type of work:

1. Payments are mailed to our unique zip code at the post office and picked up throughout the day in conjunction with our site's US postal service schedule.
 
2. We retrieve, open, and sort the payments on our high-speed equipment.
 
3. Operators review your customers' unique processing instructions online, inspect the checks to your customers, and enter the dollar amounts on our system.
 
4. Check images are captured and digitized and exceptions corrected. Our sophisticated verification review process results in 99.9 percent processing accuracy on major production measures.
 
5. Remittance documents are scanned and digitized if they qualify for Front-End Imaging.
 
6. Checks are encoded and endorsed (virtually, if image cash letters are being created.)
 
7. Depending on the processing instructions, we print and re-associate check photocopies with their corresponding remittance documents.
 
8. An account batch listing of all the items in the batch is created.
 
9. Customer requested-data is keyed or captured automatically. Qualified documents benefit from Intelligent Character Recognition (ICR)-Assisted Keying. ICR enables a computer to learn different fonts and handwriting in order to automatically capture data from a form.
 
10. Images of the remittance documents that did not qualify for Front-End Imaging are captured.
 
11. After processing is complete, we send image cash letters to your clearing agent of choice - local branch, correspondent, or Federal Reserve. We can also deposit paper checks by your deposit time at your clearing agent.
 
12. To assist your customers in maintaining accurate records, we may return the remittance documents, check images, and deposit information according to their instructions.
 
13. Critical data may also be transmitted directly to your customers' systems at the end of the day in multiple formats. Payments are quickly processed and deposited to ensure that your customers get maximum availability of funds. Learn more about our workflow by viewing our Image Lockbox Service or flow chart.

Learn more about our workflow by viewing our Image Lockbox Service or flow chart.

What are the benefits of Wholesale Lockbox?
Wholesale lockbox reduces mail float and maximizes funds availability for your customers.
 
By receiving payment information faster, your customers can update their accounts receivable sooner and enjoy reduced Days Sales Outstanding, improved customer service, and even increased internal efficiency.
 
We provide your customers with state-of-the-art processing that features your brand name and logo.
 
You enrich your customer relationships while having more time to devote to your core business.
 
Through our partnership, you improve your bottom line and get other benefits as well. Learn more about Benefits for You and Your Customers.

What makes us different?
Remittance Solutions has 10 important differences with its competitors that answer the question, "Why Fiserv?"

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