Lockbox technology isn’t new—it’s been around since the 1950s. It’s a useful tool to help companies process payments, but it’s time to move lockbox processes and technology into the 21st century. 

The Problem: Lockboxes are Stuck in the 20th Century

Companies have been using lockboxes to collect and process payments for almost 75 years, and they’ve
served an important purpose. They set out to make mailed-in, check-based payments processing efficient
and timely, and in fact, for many corporations and banks, they’ve been the foundation of Accounts Receivables (AR) operations and/or offerings.

But as business technology has evolved, lockbox processing technology has been left behind, and it’s
causing problems for everyone: third-party lockbox providers, banks who provide lockbox operations,
and corporations who want to run their own internal lockbox operations.

Lockbox Processing: A Key Component of a Truly Integrated Receivables Platform

This is the 21st century. Lockbox operations can still be an integral part of an integrated receivables initiative by banks, lockbox service providers and corporate clients. There’s no reason to keep a room full of Accounts Receivables staffers hunched over their desks manually reviewing and posting remittances all day. Set your people free! When you automate those manual, time-consuming and error-prone processes, you save money, your data is more accurate, and your employees will feel like throwing you a parade. And if you’re
a bank or a lockbox services provider, you’ll instantly become that much stickier with your customers. After all, you’ll no longer be just a bank or lockbox provider, you’ll be a valuable partner within their broader AR operations.

No matter how you look at it, it’s time to make your lockbox work for you. Imagine a lockbox processing platform that could:

  • Decrease costs as a result of streamlined processes 
  • Accelerate cash flow by extending to accept any payment method via any payment channel
  • Provide greater oversight and control across enterprise-wide AR operations
  • Work with existing banking and merchant processor relationships—even extending to support multiple
    banking relationships when necessary.
  • Automatically update your (or your customers’) back-office system(s) 
  • Seamlessly incorporate existing business processes and workflows 
  • Help you take the first step toward a cloud-based, fully-compliant (PCI, SSAE 16, HIPAA,
    etc.) integrated receivables platform
That’s not the lockbox of the future. That’s what’s possible today.

Ready to Rethink Your Lockbox Processing Operations?

Whether you’re running an internal lockbox operation, outsourcing it to your bank or another third-party provider, or if you are a bank or third-party lockbox provider, it’s time to take a fresh look at the underlying platform powering your receivables processing operations.

This new eBook will help you identify some of the key challenges legacy lockbox processing technologies are forcing banks, corporations and third-party lockbox vendors to address in a fast-evolving payments landscape and showcase how a truly integrated receivables platform will help you get a better grasp on not only your lockbox processing operations, but all accounts receivables operations across your entire enterprise—on a single platform.