When online bill pay is used to make consumer or business payments, the bill pay service providers often convert these transactions to paper checks before mailing them to the biller’s lockbox for processing. Printing and mailing paper checks adds time to the process and creates potential for delays in receiving your money.
Our Electronic Lockbox streamlines this process with electronic handling of online bill payments. Payments made through online bill pay are received from the service provider in an electronic data file. Payment and remittance information from the electronic payment file is merged with information from paper check payments received in the lockbox to create a single output file.
This uniform and consolidated payment stream supports cash and time efficiencies.