Convert collections into cash faster, reduce the risk of fraud, and decrease payment processing costs using a lockbox.
Opus Bank’s Lockbox Services simplify your collections process. By directing customer checks and remittances to a secure lockbox, which collects mail from the post office several times each day, you can reduce the time it takes to deposit checks. Lockbox services also reduces the chance of internal fraud. The same day a deposit is processed, copies of the checks and remittances along with payment information is available through your Business Online Banking account. If needed, payment data can also be integrated with your accounts receivable system.
More About Lockbox Services:
- This service is well suited for businesses and income property owners who receive a substantial number of payments.
- Lockbox Services simplifies your collection process and results in funds being available faster.
- Collecting payments via lockbox decreases the potential for theft, fraud, or error.
- Several daily pickups ensure your checks and remittances are processed quickly.
- You can view and save images of check payments, remittance documents, and other items received at any of your lockboxes online, the same day they are received.
- A data feed can automatically update your accounts receivable system.
- Choose from multiple Lockbox Service options, including Property Management/Home Owners Association (HOA), Wholesale and Healthcare.
- Multiple reports and stop payments are also available.