As technology has improved, a different approach has overtaken and revolutionized the wholesale lock-box industry. Automated wholesale lock-box processing is similar to wholesale lock-box processing however it offers several advantages:
- Image Archival and Retrieval (Paperless)
- Data Transmission (Updates Receivables)
- Data Capture (MICR and Remittance Data)
Incoming payments are grouped according to lock-box number and contents are extracted from the envelopes. A batch log-on operator enters the amount of each individual payment on a computer workstation. The batch is then transferred to an encode station operator who verifies the check amount with the actual customer check and then processes the check through an encoding machine which encodes, endorses and scans the check. Deposit tickets are automatically printed upon completed processing of a batch. The courier takes the checks to the bank for deposit into the client’s bank account. The scanned check images are stored on a computer file server for later recall.
This process allows Apogee to release all deposits to the bank without having to wait upon data entry from the remittance document (invoice) that may be required by the client. If the client requires the return of a check copy the scanned check is simply printed on a laser printer. Invoices, copies of the original checks, and envelopes are stapled together by transaction and returned to the client via mail delivery along with a customizable computer generated report detailing items such as amount paid, customer name, check number and total deposit for the day. The client has the option of data keying input into their billing system from the computer generated reports or allowing Apogee to produce a data file for transmission into their billing system automatically updating account receivables.
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