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The Un-Mailroom

The Un-Mailroom. Presenter: Brian O’Hare. Lockbox Yesterday. Receive paper checks and invoices Deposit Checks – Focus was mail and deposit float Provide paper copies of checks and original invoices back to customer Customer uses original invoices to enter data into their A/P system.

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The Un-Mailroom

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  1. The Un-Mailroom Presenter: Brian O’Hare

  2. Lockbox Yesterday • Receive paper checks and invoices • Deposit Checks – Focus was mail and deposit float • Provide paper copies of checks and original invoices back to customer • Customer uses original invoices to enter data into their A/P system

  3. Advantages - Customer • Mail float reduced • Deposit float reduced • Low cost per item fee • Easy to move between providers

  4. Advantages - Provider • Easy to train employees • Limited equipment costs • Price-based relationship

  5. Lockbox Today • Receive paper checks and invoices • Deposit checks • Function still provides for reduced mail and deposit float • Image all checks and invoices • Transition data entry function from customer to lockbox provider • Customer A/P system is updated from transmission file from Lockbox provider • ICR, LAR, CAR to reduce keystroke errors • No paper returned to customer

  6. Advantage - Customer • Mail float reduced • Deposit float reduced • Reduction in in-house labor costs as a result of automated A/P update • Reduction in labor costs as a result of data entry function being performed by provider • Image archive that can be retained for several years • Easy to research historical data • Entire transaction is merged together and searchable

  7. Advantages - Provider • Provides basis for more imbedded relationship with customer • More complex process for customers to move between providers • Creates opportunities to expand into other payment products • On-site electronic deposit • Credit card payment streams • Higher revenue per item • Inter-Active decisioning capability

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