Will my customers know that their payments are being directed to the bank for processing?
No. Your customers will simply send their payments addressed to your company at a post office box controlled by us. Your customers will not have direct contact with our Lockbox staff. Your customers of course would understand, if they learned you were using Lockbox, that you are just using it as a tool to streamline your receivables.
How do I direct my customers' remittances to the bank for Lockbox processing?
Once your Lockbox is set up, simply direct your customers to remit future payments to your company at the post office box we will assign to you. You may also print the new address on your remittance document (coupon and/or invoice) or use return envelopes as a reminder.
What types of payments are accepted?
Most methods of payment, (for example, check or money order) can be processed and imaged via the Lockbox system. Credit Card Processing, however, is not an option through Lockbox.
What options are available to block posting to specific customer accounts?
If there are specific customers' payments you do not want us to post, simply let us know and we will flag those accounts to prevent posting. We will forward the payment to you at your request.
What types of quality control systems are in place to ensure my payments are processed correctly?
Quality Control is constantly at the forefront of what we do. We utilize Optical Character Recognition (OCR) technology to validate the Account Number and amount-owing information. In addition, our trained professional staff uses a double-verification balancing process to ensure accuracy. We monitor timeliness, efficiency, and quality by continually reviewing processing benchmarks.
Is customer service for Lockbox provided?
Customer service personnel are available during normal operating hours and have immediate access to Lockbox transaction data. They can respond quickly to any questions you might have.
In what formats can I receive my reports?
Reports containing your imaged receivable documents can be created in a variety of formats including PDF, Comma Delimited, Word, Excel and Open Office. These reports can be distributed to Lockbox customers via our Internet Banking system, email, fax, or FTP site access.
What types of images are available?
Lockbox images your payment information - including checks, money orders, payment coupons and payment envelopes - and makes the information available to you via your Lockbox reports.
How many days back can I view the reports?
Reports can be viewed for at least 90 days. Longer availability depends on the specifications of your particular Lockbox agreement.
How do I know if Lockbox is cost effective for my business?
Several factors are used to look at the feasibility of a Lockbox process for your company including the average monthly dollar volumes and number of remittances received, the primary physical location of your customer base, etc. We can help analyze your individual receivables situation to determine if Lockbox is right for you.
If you have additional questions, contact MyFinancial for assistance.