Electronic Lockbox, or E-Lock Box, is a digital bill payment system that decreases the expense of using paper checks and increases the cash flow of our clientele.
When online banking services give clients the option to pay bills electronically, the banks often convert these bills to paper checks which are then sent to a separate lockbox for processing.
These paper checks take significantly more time to process, thus stalling the rate at which clients get paid.
Paper checks also increase the risk for error and are more expensive to manage.
Our Electronic Lockbox streamlines the bill paying 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.
Electronic Lockboxes offer clients a fast and cost friendly way to manage bill payments.
Benefits of E-Lock Box:
- Faster Processing = Faster Payments
- Electronic processing decreases the time spent going through checks by several days. This means clients who send bill payments through our E-Lock Box see cash in their accounts at an accelerated rate compared to those who process via paper checks.
- Promote Client Growth
- Because clients receive speedier payments, they are able to offer a higher variation of payment services to merchants electronically. This allows clients to pay the way they want to pay, increasing customer satisfaction and overall happiness.
- Reduce the Risk for Error
- Electronic payment services lessen the possibility of error compared to paper checking services. Clients can expect decreased customer service issues and to spend less time fixing mistakes that cost both time and money.