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Accelerate your collection efforts and automate the updating of your receivables.
Our Retail Lockbox Service is designed for organizations that generate a high volume of low dollar remittances accompanied by a scannable document. By scanning your remittance documents, First Midwest can capture payment information and provide a transmission to update your receivables.
The Advantages
Faster Funds Availability: Lockbox accelerates the receipt, processing and deposit of your receivables, making your funds available sooner for reducing short term borrowings, funding current operations or investing.
Reduce Costs: You have the opportunity to reduce the clerical costs associated with manually handling and processing a large volume of receivables.
Same Day Deposit: All mail made available by the post office each business day is processed and deposited that day.
Processing Enhancements: Our service provides a method to automate your accounts receivable through the daily transmission of payments received.
How it Works
1. Mailing of Receivables: Your customers mail their remittances to a post office box reserved for your company. These remittances will contain an OCR scannable document and a check.
2. Mail Pick Up: Bonded employees will pickup the mail at designated times during the day.
3. Processing: Encoded check amounts and OCR scanline data is read and captured. At the end of processing, the data is written to a file according to your formatting specifications.
4. Data Transmission: The data file can be communicated electronically via transmission to your accounts receivable system or it can be downloaded to disk for delivery.
Contact a Cash Manager
Return to Collection
Retail Lockbox
Wholesale Lockbox
Merchant Bankcard Services
ACH Collections
Wire Transfers
Financial Electronic Data Interchange
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