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Lockbox services are designed to speed up the collection of your payments while providing timely remittance information. Many different industries benefit from lockbox such as property management companies, medical offices, billing companies, etc.
In a traditional check payment processing scenario, a lot of labor and time is involved for your business. You must collect check payments, open envelopes, sort checks, endorse checks, prepare deposit slips, take deposits to the bank, and finally update your accounts receivable software. If you also accept electronic payments, the process gets further complicated.
With Lockbox services, your business can outsource this pain! BNC's lockbox solutions process payments AND create detailed data files with payment details that can be uploaded to your business' accounts receivable software with the simple click of a button.
BNC has two types of lockbox services: Lockbox and Lockbox Express
Lockbox: BNC manages your PO Box and payments in this type of lockbox service. We provide you with a new post office box where payments are mailed for daily processing. We pick up the payments, process them and provide you with payment detail information via web access. Any bill payment check received in Lockbox can be converted to an electronic transaction (ACH) so bill payment checks are no longer mailed to the post office box, further speeding up payment collection and return of payment information.
Lockbox Express: Your business will manage receiving your payments in this type of lockbox service. You will scan the checks and any other payment information you receive from customers - payment vouchers, stubs, envelopes, correspondence, and coupons. Lockbox Express eliminates the need for multiple employees to sort, reconcile, process, endorse, manually post accounts receivable payments, and make trips to the bank. With an intuitive user interface, you are clicks away from scanning, entry, balancing, depositing, and exporting to virtually any billing system. Any bill payment check received in Lockbox Express can be converted to an electronic transaction (ACH) so bill payment checks are no longer mailed, further speeding up payment collection and return of payment information.
For more information on our Lockbox Services, please contact us.