Republic Bank & Trust

Lockbox Processing

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Our lockbox processing helps to reduce mail and processing float. With our Wholesale and Retail Lockbox processing, you can improve the efficiency of receivables processing and receive same day image availability of processed items.

Benefits:

Quicker access to cash.

  • Allows you to speed up collections and convert your receivables into cash more quickly.

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.
How It Works:
Lockbox Options:

Retail Lockbox

Retail Lockbox processing is for companies with high volume incoming consumer-to-corporate payments. The technology used will help keep your client’s processing costs low and allow the automatic updating of their accounts receivables system.

Product Overview

Retail Lockbox processing gives you an automated, virtually error-free platform for processing your company’s receivables through the addition of a machine-readable OCR scanline. The OCR scanline puts posting information such as account number, dollar amount, date due and customer name into scannable form. Republic Bank works with your business programmers to electronically submit daily lockbox reporting information, ensuring your receivables are posted promptly and efficiently every single day.

Requirements:

Must have an Analysis Checking Account

Wholesale Lockbox

Wholesale Lockbox processing is for companies with low-volume incoming payments. It helps eliminate the costs of in-house processing, while freeing your staff for other needs.

Product Overview

Your customers mail their payments to your assigned individual post office box, and Republic Bank takes it from there. We pick up the payments, separate them from any remittance advice, inspect checks for negotiability and acceptability, attach check copies to corresponding remittance, total and prepare checks for deposit, and credit them to your account.Sorting and bundling of your lockbox account is fully customizable to your needs. We can deliver to your business by mail or by courier. We can produce detailed reports including customers, invoice numbers, dollar amounts paid and more-whatever you need to meet the needs of your receivables processing.

Requirements:

  • Must have an Analysis Checking Account

Current Lockbox Customers may access www.republiclockbox.com to review their activity.

Need more information? Contact one of our Treasury Management Specialists at 1-866-534-2341.

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