Types of lockboxes
Alliance offers four types of lockboxes designed to compliment different processing needs:
A retail lockbox is typically a customer-to-business payment that constitutes a higher-volume, lower-dollar amount transaction. In most cases, the check amount equals the amount billed.
Retail lockboxes differentiate from wholesale lockboxes in that retail lockboxes are used between an individual and a business, and wholesale lockboxes are used for business-to-business transactions and payments. The transactions made through a retail lockbox are characteristically lower dollar-amount payments, yet the volume of payments going through a retail lockbox are much higher than wholesale lockboxes.
Retail lockboxes are commonly used for transactions such as taxes, licenses, utility bills, and fees, however there are plenty of other uses for a retail lockbox. These transactions include an encoding barcode such as a QR code, a scan line, etc. revealing pertinent information to capture.
Retail lockboxing is beneficial to businesses because of its high-speed processing technology, making your business more efficient and your clients happy and satisfied. Retail lockboxing is also beneficial because Alliance can work with you to customize your lockboxing plan to best fit your company’s remittance needs. As a company, we will process your transactions as you request and in the way that you would like to ensure full company satisfaction.
Alliance Payment Solutions Inc. is a dedicated lockbox service and document imaging company providing specialized, state-of-the-art technology, advanced programs, and unprecedented services to meet the needs of the payment processing industry. Our commitment and innovative systems enhance your customer relationships, grow revenue, lower operating costs, improve workflow, and increase efficiencies. Our boutique approach as a lockbox provider affords Alliance the capability of serving high-volume customers while remaining small enough to cater to individual client requests.
To meet the increasing demands for competitive products in the world of remittance processing, Alliance Payment Solutions has created a range of services to satisfy marketplace objectives. Our lockbox services are coupled with the expertise, high-tech systems and advanced technology to meet industry expectations.
Lockbox is a service facilitating the process of customers’ payments sent through the mail to a specific PO Box, retrieved, and processed on their behalf. Alliance captures images of checks and documents, deposit customers’ funds, create image cash letters for electronic clearing and report detailed payment information online.
- 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