Simplify the collection and processing of your commercial customers’ account receivables by having check payments mailed directly to a centralized PO Box through EVERTEC’s lockbox service. After the mail is collected on a daily basis at the General Post Office, physical transactions are sorted and documents are then imaged, captured and processed with our image-based solution. Information-related payments are electronically transmitted via secured methods to the Financial Institution’s commercial customer, and checks received from the processed payments are deposited in the commercial customer’s bank account. Our lockbox service is generally divided into two categories: Wholesale and Retail
- Retail lockboxes are for companies with high volumes of consumer-oriented payments such as utility and/or loan payments that often include a standardized payment coupon.
- Wholesale lockboxes are for corporate-to-corporate payments which tend to be higher dollar amounts than retail lockbox transactions. These transactions usually do not include a standardized payment coupon and require more manual effort to process.
Other lockbox services are:
- Single and/or multiple payment processing
- Check-only payment processing
- Form processing
- File formats: standard, custom and EDI 823
- Integration of payment information received from multiple channels (branches, telephone, web, payment stations, etc.) within the same platform and output file
- Retrieval of payment information and corresponding images via DVD or Internet
- Validation of information against negative files