Retail lock-box processing is designed to quickly collect and process a company's accounts receivable payments. This service is designed for companies with high volumes of consumer-oriented remittances (such as retail charge cards and utility payments). The product will reduce the time payments are in the mail system and the time it takes too finally clear the items. The service is particularly attractive to companies with high monthly volumes of low-dollar receivables.
Corporations with high volumes of low dollar consumer to corporation receivables benefit using the retail lock-box service. Examples include:
- Mortgage companies
- Telecommunications
- Utilities
- Brokerage firms
- Insurance companies
- Municipalities
Retail lock-box offers high-speed data capture and electronic data output to companies and organizations that receive consumer payments. We customize data output to meet your reporting requirements. Retail processing improves the accuracy of your data, enables you to apply receivables without re-keying, and permits you to respond to marketing trends rapidly and flexibly. The service provides a low-cost method of processing remittances and capturing remittance information that can be transmitted directly to your company for the updating of accounts receivable. High-speed processing is accomplished through the use of Optical Character Recognition (OCR) payment transaction processors.
A complete audit trail is printed on each document processed. The audit trail on the back of each check details the job number (unique by company), date of deposit, batch number, sequence number, an indication of whether the transaction consisted of single or multiple documents (checks or remittance documents), and the specific customer account number. This same information is provided in the document audit trail except that the customer account number is replaced with the dollar amount of the check.
Accounts receivable can be easily updated at your office. A daily magnetic tape or computer-to-computer data transmission of information captured from the remittance documents can be provided based on your company's specifications. Additionally, all documents are returned to you with audit record data printed on each remittance.
Per item costs are reduced because of the large volume of items processed through this type of lock-box.
At Apogee we are committed to meeting the needs of our clients. If you believe that your organization can benefit from lock-box processing, please contact us for more information and/or invite us over to discuss your needs.