Streamline payment collection, receive timely, accurate reports and maximize funds availability with Wholesale Lockbox services.
Union Bank & Trust’s Lockbox Services deliver comprehensive, flexible remittance processing that can streamline your accounts receivable. We collect and process your customer payments for you, quickly and efficiently. This cost-effective service can significantly decrease the time between receiving a payment and when the funds become available for investment or debt reduction. By utilizing this service, Union Bank & Trust may save your business time and money—plus improve your overall cash flow.
- Improved cash flow
- Reduced labor and deposit transportation costs
- Faster and more accurate accounts receivable posting
- Reduced paper storage costs
Lockbox Services maximize daily funds availability by routing your customers’ payments directly to a post office box Union Bank & Trust will maintain on your behalf. These payments are collected, verified, imaged and deposited to your account—all that same day. As with any financial service, quality and accuracy are of utmost importance; quality control procedures are in place at each step in the process to ensure the highest degree of accuracy.
- Receivables processing and bank deposits are taken care of for your business
- Same-day online access to customer payment information with flexible search capabilities
- Detailed Lockbox information archive available online for 12 months
- Electronic posting file can automatically post to your Accounts Receivable software
Union Bank & Trust’s Lockbox Services are flexible and provide you with the information you need, in accordance with your reporting requirements. Our processing and reporting system produces accurate reports which, at your request, can include detailed payment information. The system’s flexibility also allows for automated entry into your accounting systems.
Your company can receive same-day remittance details and deposit information—including images—through our online reporting system, Business Banking Online (BBO). Faster collection with detailed reporting not only ensures better customer service, but also greater control over information and optimal utilization of available funds.