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 What is our Wholetail Lockbox Service?
If your customers receive a mix of scannable and non-scannable payments, Fiserv can process these payments in the most efficient, cost-effective manner because of our knowledge and experience in working with corporations with a mix of payment types. Fiserv considers such applications Wholetail Lockbox. We have found wholetail payments are processed best in an environment that combines the efficiency of a retail application with the processing flexibility of a wholesale lockbox.
How does Wholetail Lockbox work?
All payments coming into a lockbox are sorted by payment type - scannable or non-scannable. Each payment type is processed in the most efficient manner using the appropriate process and platform. Generally, processing follows the guidelines of the payment type received:
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If the payment is accompanied by a machine-readable remittance coupon, it is processed as a scannable payment, benefiting from that high-speed automation. |
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The payment is processed as a wholesale lockbox item if it is accompanied by non-scannable documents, such as payments that do not match the billed amounts, customer-generated invoices, or multiple checks with a single remittance. These payments benefit from the flexibility and data collection capabilities of wholesale lockbox. |
For all payments, we batch remittance documentation according to payment type while keeping all deposit information together in order to send a single, complete transmission, CD-ROM/DVD, and/or remittance package to you or your customers for cash application purposes.
Online images, image transmissions, or CD-ROMs/DVDs can further enhance the efficiency of your accounts receivable management or that of your customers.
What are the benefits of Wholetail Lockbox?
RemitStream Wholetail Lockbox combines the flexibility of wholesale lockbox processing with the efficiency and technological advantages of high-speed retail lockbox remittance scanning in a single processing solution.
What makes us different?
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Remittance Solutions are differentiated by our ability to accommodate all corporate-to-corporate check-based payment types in an integrated process. |
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Our high-speed OCR-based scannable lockbox technology works in conjunction with our wholesale lockbox system to provide you and your customers with processing efficiencies. |
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Our wholesale lockbox system enables more payments to be processed, and our automated scannable processing increases our processing speed and accuracy. |
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