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Transforming Lockbox Services: From Traditional Mailroom to Automated Solutions

Join presenter Brian O'Hare as he delves into the evolution of lockbox services from traditional mailroom operations to contemporary automated solutions. Discover how receiving paper checks and invoices has shifted to an efficient system that focuses on imaging, reducing mail and deposit float, and ensuring streamlined data entry into A/P systems. Experience the advantages for both customers and providers, including reduced costs, easy employee training, and enhanced data management. Explore how these changes create opportunities for growth in payment services.

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Transforming Lockbox Services: From Traditional Mailroom to Automated Solutions

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Presentation Transcript

  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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