Types of lockboxes
Alliance offers four types of lockboxes designed to compliment different processing needs:
Wholesale lockboxing differs from retail lockboxing in that payments are between businesses, not a business and an individual. Furthermore, wholesale lockboxing characteristically consists of high-dollar amount payments yet the volume of payments going through the lockbox is much lower than that of a retail lockbox. Because of this, the payments can be more complex, and are often used by companies processing payments that are much different than smaller bills and fees.
For example, hospitals who bill health insurance companies often use a wholesale lockbox, as they are billing a large amount for the services the hospital offers.
Because payments going through a wholesale lockbox can vary in amount, our lockbox team has a more hands-on role in manually entering payment amounts to ensure that your payments are processed with absolute accuracy.
Wholesale lockbox payments often do not have a readable scan-line, yet still process just as effectively. Wholesale lockboxing is beneficial because it allows your company to worry less about the manual work of processing.
Like our retail lockboxes, we customize your processing based on the specialized and varied payments you receive.
Wholesale lockboxing is also beneficial because it is timely, funds are available in your account faster, and everything is catered towards you and your company. Customer service on both our end and yours improves drastically with wholesale lockbox use, putting a smile on both our faces and yours.
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