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Lockbox Processing Benefits
Automated Receivables Posting
- Our Retail Lockbox Platform provides you an electronic file that can automatically be posted to your receivables system.
- This platform works by having your customers return standard remittance documents with their payments that contain a machine-readable optical character recognition (OCR) scan line.
- The OCR scan line contains information pertinent to your receivables posting, such as account number, transaction code, dollar amount due, and check digit.
Improved Receivables Reporting
- Post accounts receivable data by accessing your daily lockbox information via our website www.republiclockbox.com.
- Available information includes the lockbox deposit total, transaction detail (including data entry detail), and check images.
- No software is needed; our program is a browser-based application that is supported by most Internet browsers.
- Maintain control; we set up an administrator for your company who can limit who has access to your lockbox information.
- We can customize reporting that specifies the customer, invoice number, and dollar amount paid and send this to you electronically.
Reduced Overhead Costs
- Save time by utilizing online researching and eliminate the need to retrieve paper check copies.
- Digital images of the checks, along with all supporting documentation, can be delivered to your business by either first class mail or courier.
- Our economies of scale and trained personnel allow you to redirect resources to other value-added activities.