What is a LockBox?
December 21, 2022What is a Remittance Processing System?
February 1, 2023
- Customers send a remittance payment to a specific PO Box
- A scheduled courier collects the mail and delivers it to a secure location
- Mail is sorted, opened, and batched accordingly
- Payments are processed based on the client’s exact specifications
- Remittance data is captured electronically and images are available for review
- Payments are deposited at the requested financial institution
- A daily file of all remittance payments is uploaded into your AR (accounts receivable) system for posting
- Any unprocessed work, if requested, is sent back to you for further handling and processing
