|
In today's world, where consumers are seeking convenience and simplicity, utilizing First Midwest Bank's Electronic Lockbox service can give your business the winning edge. Your customers win with more convenient payment methods-the Internet or toll-free phone number, and your business wins by receiving your money sooner.
Features
Credit Card, debit card and/or electronic check acceptance
Integration with your A/R system
Direct integration with First Midwest's traditional lockbox
Real time reporting
Web design services
Advantages
Faster Funds Availability: Accelerates the receipt, processing and deposit of your receivables, enabling you to reduce short-term borrowing, fund current operations, or invest.
Cost Savings: Eliminates the processing of paper checks.
Increase Administrative Efficiencies: Integrate payment information directly into your A/R system or First Midwest traditional Lockbox file.
Payment Alternatives: Provides your customers additional methods for paying.
How it Works
Bill Communication: Your customer is notified of a pending bill payment.
Bill Presentation: Your customer's bill is uploaded to your website for viewing and payment.
Bill Payment: Your customer either visits your website to pay a bill; or calls a 1-800 number (IVR).
Processing: Payments are deposited in your account the same day they are processed through our system.
Reporting: First Midwest provides an electronic data file that updates the A/R system, and a real-time administrative reporting tool.
1. Welcome and Bill Lookup
This is the first page of the website the customer will access to pay their bill. This Welcome page provides a general application overview and an area for the customer to login.
2. Bill Presentment
Displaying the customer's bill electronically, this screen typically shows information such as name, address, city, state, zip, and amount due on the account.
3. Payment Information
This screen captures the customer's payment information. If applicable, this page will show information regarding any convenience or service fee to be charged.
4. Confirmation The Confirmation screen is an overview page showing similar account information as on the Bill Presentment page, and the customer's transaction information as entered on the Payment Information page.
5. Receipt The Receipt provides the customer with a unique transaction ID and displays basic payment information. Customers also receive a "Thank you" e-mail confirming their transaction.
Contact a Cash Manager
Return to Collection
Retail Lockbox
Wholesale Lockbox
Electronic Lockbox
Merchant Bankcard Services
ACH Collections
Remote Deposit Capture
Wire Transfers
Financial Electronic Data Interchange
| 
