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Courier
Cash Services
Merchant Services
Lockbox Services
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| Lockbox Services |
 Our vendor RemitStream Solutions offers traditional wholesale lockbox services, image lockbox services, wholetail lockbox services and Smartbox remittance processing.
Wholesale Lockbox
Efficiently Collect, process and apply high volume check payments to designated bank accounts.
Image Lockbox
High quality check and document images produced, archived and transmitted same day for automatic accounts reconciliation.
Wholetail Lockbox
Customized mix of wholesale and retail lockbox services.
SmartBoxsm
Enhanced receivables management system designed to facilitate cash application.
Lockbox Onlinesm
View real-time or intra-day account lockbox activity through your web browser.
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| Wholesale Lockbox |
Lockbox Onlinesm |
RemitStream Solution's Wholesale Lockbox Service is designed for corporate-to-corporate payments, which may involve large dollar amounts. Remittances are mailed to a special post office box accessed only by RemitStream Solutions 24 times a day resulting in reduced mail float, as well as reduced processing costs to the customer. These items are quickly processed and deposited to ensure maximum availability of funds.
To assist the customer in maintaining accurate records, remittance documents, check images and deposit information are returned to the customer per their individual tailored instructions.
RemitStream Solutions will enhance the customer's audit controls by providing a secure processing environment as well as separating the invoice and receivable functions. |
What is LockboxOnlinesm?
The secure web based application that provides access to intra-day lockbox reporting and account activity, including quick deposit summaries, and account balances by lockboxes.
What are the benefits?
Review Lockbox Deposits
You may view reports on the Lockbox Deposit Reporting screen. Users will also be able to print deposit reports by date, report type, and output type.
Data Search
Data Search allows users to directly specify what data they want to see. You may search for check payments and invoice data. You could also search by sub strings within checks and invoice payment data.
Transmissions
Transmissions allow users to directly download a zipped file of the current day's daily transmission for a selected lockbox. |
| Wholetail Lockbox |
SmartBoxsm |
Many businesses with a mix of scannable and non-scannable payments are looking to their banks to assist them in processing these payments in the most efficient, cost-effective manner. RemitStream Solutions considers such applications Wholetail Lockbox. RemitStream Solutions has spent a considerable amount of time working with corporations with a mix of payment types in order to understand their specific collection and cash application needs. It has been our experience that wholetail payments are processed best in an environment that combines the efficiency of a retail application with the processing controls of a wholesale lockbox.
A true wholetail process systematically accounts for all payments coming into a lockbox, sorts the payments by payment type, processes each payment type in the most efficient manner using the appropriate equipment, and batches remittance documentation according to payment type, while keeping all deposit information together in order to send a single, complete transmission and remittance package to the client for cash application purposes.
RemitStream Solutions differentiates itself by accommodating all corporate to corporate check based payment types in an integrated process. By complimenting our existing Wholesale Lockbox System with high speed OCR based technology (AT&T GIS's NCR 7780s), processing efficiencies are gained without compromising control. Because of this approach, which is backed by a one million-dollar investment in technology, RemitStream Solutions can, each step of the way, from batch logon to mail-out, account for every item received in the lockbox regardless of remittance type. |
What is SmartBoxsm?
An enhanced receivables matching management system designed to facilitate cash application for the payroll deduction, list bill and group billing for the insurance industry.
How does it work?
RemitStream Solutions receives electronic files of billing records from our customers the same day their bills are printed and mailed. Payments are applied to the database until 3:00 p.m. (CST) or when the stock market closes. The accounts receivable files are sent electronically back to customers for reconcilement.
What are the benefits?
Improves Float
Our centralized collection site in Chicago typically delivers 1-5 day float improvement versus in-house processing.
Cost Savings
The cost savings are above and beyond in-house processing. Savings will vary for each customer.
What makes us different?
- The SmartBoxsm platform enables grouping after the payments are applied.
- Our clients can add, delete and make changes to their invoices.
- Our system enables allocations of investment funds.
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| Image Lockbox |
RemitStream Solutions has an image archive that is unique to all payment and remittance document processing platforms. These include:
- Wholesale lockbox
- SmartBox
- Wholetail lockbox
- Document imaging
The archive stores images of checks and documents from wholesale lockbox and checks and coupons for wholetail lockbox for a period of 60 days. The images are accessible with a web browser from a PC. The images can be viewed and printed.
Document Imaging
RemitStream Solutions has developed the capability to provide clients with images of all checks, remittance documents and envelopes processed in our wholesale lockbox operation. This enhancement allows clients to eliminate the need to receive a traditional paper remittance package. Images can be transferred to a LAN for staff to use in the payment application / reconciliation process and / or uploaded into a workflow system as part of a larger image based system within the organization.
Our workflow process is designed around the priorities our customers have identified for using lockbox services. Immediate payment processing, fund deposit and assignment of availability is our first step. We have also built a sophisticated verification review into the process. This focuses on the use of key payment data such as batch and item number, dollar amount and check number to ensure payments and related documents are properly matched. This workflow ensures that a client's payment and information processing components are not impacted with this additional service.
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