This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Paystand
FEBRUARY 6, 2024
For a long time, bank lockbox services have helped treasury and finance teams manage their receivables. These services help with processing checks and other payments sent by mail. But now, there are a number of options for lockbox services in the internet age.
75 
PYMNTS
OCTOBER 19, 2020
CheckAlt , which provides lockbox and treasury management services, is now working with Florida's Citizens Bank & Trust to provide the aforementioned services, a press release says. Previously, Citizens Bank & Trust processed lockbox payments in-house.
67 
PYMNTS
JUNE 26, 2020
In addition to listing single- and multi-family vacant properties on its site — where renters register, are subject to security checks and are matched to properties — the company also offers digital lockboxes and sensors along with online schedulers that help landlords manage their properties.
111 
Payments Source
MAY 27, 2020
The lines of white cooling trailers that silently announce the scale of the tragedy are what lockbox employees at JPMorgan Chase see on their way to work.
127 
PYMNTS
JANUARY 13, 2021
The paper check, the paper invoice, slow accounts receivable (AR) processes and collecting on aging receivables can be difficult for even the most seasoned AR professionals. No company is really immune to the administrative burden surrounding all those processes that are involved with collections and credit," he said.
94 PYMNTS
MAY 10, 2016
Online banking and electronic payments have streamlined the depositing process for corporate treasurers, but somehow, a majority of their customers are still paying with physical checks. That’s where Wells Fargo says its lockbox network comes into the mix.
40 
PYMNTS
OCTOBER 31, 2019
Take the lockbox, for example. It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.
43 
PYMNTS
MARCH 18, 2020
With so many processes still based on paper, accounts receivable (AR) departments within organizations that are less advanced in their digitization journeys are facing added friction as workers are sent home. .” Lockbox Data Headaches. Automating Lockbox Data – And Beyond. ” asked Biegel.
80 
PYMNTS
OCTOBER 22, 2020
Being able to set up Direct Debit payments for invoices will be game changing for our members, making the payment process quicker and smoother for both the small business owner and customer,” Tide CEO Oliver Prill said in the announcement.
79 
PYMNTS
MARCH 30, 2020
They want to accelerate that process when they are trying to collect cash. remote work) layered on to that process. Many companies rely on a bank/service provider to handle outsourced lockbox processing. All of those payments can be scanned and automatically reconciled as part of that process.
60 
PYMNTS
NOVEMBER 4, 2020
In the middle stand the lockboxes and processing facilities run by banks like J.P. Drill down a bit and getting rid of the check translates into cost savings on both sides of the equation — for the company making the payment, and the company receiving it. (In Digitization, said Farooq, takes a lot of waiting time out of the system.
131 
PYMNTS
OCTOBER 22, 2020
For Billtrust, that meant the creation of a digital lockbox to consolidate the collection and integration of reconciliation data, as well as the development of its Business Payments Network, which allows firms to efficiently view their business partners' preferred ways to pay and get paid. But further education is needed, said Lane.
89 
PYMNTS
DECEMBER 11, 2020
Manual accounts receivable (AR) processes are a headache for any administrative professional. Not only do legacy AR processes create inefficiencies for accountants and their organizations, but according to Anduin Co-founders Justin Adams and Pat Morrell , they are also adding pain to the experience of accountants' own clients.
89 
PYMNTS
OCTOBER 23, 2020
Leavitt , founder and CEO of Boost Payment Systems , told PYMNTS in a recent Masterclass that businesses large and small that have traditionally relied on the manual processes associated with writing checks or wiring funds to pay their suppliers are increasingly using commercial credit cards for payment instead.
PYMNTS
JULY 5, 2019
Companies in the business-to-consumer (B2C) space have historically relied on lockbox processing through a bank – or a series of banks, depending on their size. If they are using the bank lockbox, some of the information coming through that channel might not arrive until late in the day or the next day.
46 
PYMNTS
JANUARY 22, 2021
Adding to the headache is the sector's typical burden of a high volume of transactions that flow via legacy and paper-based processes. In the accounts receivable (AR) function, Franco noted that Nurx implemented lockboxes in order to centralize the receipt of paper checks from insurance companies. Prioritizing Data Connectivity.
74 
PYMNTS
JANUARY 10, 2018
Wag Labs is in the doghouse with its customers after accidentally exposing web pages that revealed such information as client addresses and lockbox codes. The company provides customers with a lockbox for their keys, and walkers are then given the code to enter so they can pick up the dog.
43 PYMNTS
FEBRUARY 2, 2021
Apollo Bank Adopts CheckAlt Lockbox Technology. The bank recently announced a partnership with CheckAlt to adopt its lockbox technology, allowing corporates to automatically accept, process and reconcile check payments. PNC Acquires Tempus Technologies.
57 
PYMNTS
OCTOBER 2, 2019
Kresse attributes this inertia to entrenched processes, both at the enterprise level and within some FIs, especially where lockbox services (including receiving and scanning payments) are large revenue generators. Despite that, there is a better option, as roughly 40 percent of B2B payments are still done by paper checks.
81 PYMNTS
DECEMBER 27, 2018
For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remote deposit capture (RDC). With electronic payments, a corporation might be left with a tedious reconciliation process. But those trends are on the decline, according to Berdan, as more payments become electronic.
PYMNTS
APRIL 7, 2020
That will make for much more efficient period-end balances as opposed to the older processes using third-party tools and spreadsheets. Failure to complete those processes correctly could result in issues with reporting and undue write-offs, which can have detrimental effects on a company’s bottom line.
PYMNTS
FEBRUARY 4, 2020
Too often, card transactions involve virtual card information and transaction requests sent via email, placing a significant burden on a supplier’s staff to manually input data into systems and manage the posting process. But very little, if any, thought is given to the downstream implications for the supplier. Data’s Favorite Payment Rails.
PYMNTS
OCTOBER 19, 2018
It’s also about the product’s creation process. Cafe X , for instance, relies on a robot barista to bring consistency to the process of making coffee drinks. Yet, all too often, when mobile phones run out of juice, consumers have to camp out by a wall outlet or seal their phone away in a lockbox charging station.
62 
PYMNTS
JANUARY 31, 2018
The company then provides customers with a lockbox for their keys, and walkers are given the code so they can pick up the dog. Then, earlier this month, it was revealed that information such as client addresses and lockbox codes was accidentally exposed on the company’s web pages. Wag was valued at $200 million in April 2017.
41 
PYMNTS
OCTOBER 29, 2020
In order to spur digital payments to make greater inroads, McCarthy noted that automating back-end processes, particularly in accounts receivable (AR), is critical — and so is ubiquity. That software platform today, on an outsourced basis or with people using that software themselves, is processing about $2.8
78 
PYMNTS
JANUARY 9, 2019
Those partners want to offer integrated software and payment processing services to their own customers — which translates into omnichannel payment options for end users or, in this case, the individuals and businesses that want to pay their bills for government services by check, interactive voice response, phone or even text message.
63 
PYMNTS
OCTOBER 25, 2019
While treasury management has always been a critical component of bank offerings, most treasury management solutions today are limited to lockbox processing. The net of all that, Berdan says, is that corporations today are finding that traditional lockbox services are inadequate.
40 
PYMNTS
APRIL 16, 2020
The AP department is one area of business operations that has experienced a significant effect of the pandemic, particularly for businesses that had yet to modernize their invoice payment processes. The firms that still rely on paper checks have been most exposed to market disruption.
75 
PYMNTS
FEBRUARY 22, 2017
Horicon Bank and Financial Transmission Network, better known as FTNI, are partnering up to help streamline the accounts receivable process for corporates. The companies revealed Tuesday (Feb.
Fintech Finance
NOVEMBER 14, 2024
Changes will focus on automation and reducing manual tasks while also improving processing speed and security that will make banking with Santander simpler and more convenient. This service streamlines processes and improves working capital, helping drive stronger end-customer relationships. Over the past year, we transformed our U.S.
PYMNTS
JANUARY 30, 2020
This week, Mastercard and Cardlay announced a collaboration that will see Mastercard connecting its network of European issuing banks to Cardlay’s commercial card technology, which unlocks corporate card transaction data for value-added services, including automated expense management and VAT claim processes.
64 
PYMNTS
JANUARY 29, 2020
P2P transactional processing is not part of a bank’s DNA,” said Cichy. Banks’ factoring and trade finance offering, for example, can improve origination and underwriting processes by analyzing clients’ P2P data. Who could be more trusted with securing data and ensuring the process integrity of strategic purchasing and payments? “Who
52 
PYMNTS
JUNE 24, 2016
This manual process not only takes up valuable time and resources but adds a ton of cost — mailing invoices in-house can be quite expensive. Their processes are both dated and inefficient. “There’s no reason that this process can’t be automated, and we’ve been successful in doing that.
43 
PYMNTS
DECEMBER 10, 2019
Unlocking the Lockbox. With accounting automation and APIs that work with enterprise resource planning (ERM) and CRM systems, business can speed up the entire process … and get paid. A slew of helpful integrations and purchase controls for role-based access also become possible with this approach.
PYMNTS
JULY 22, 2019
While these technology firms may approach a business about a particular financial process that could be improved by electronic payables, for example reconciliation or fraud mitigation, this strategy takes a fragmented approach to encouraging digitization that fails to provide a bigger picture for a company, he said.
57 
PYMNTS
MAY 24, 2016
With a significant shift away from manual processes and the onset of new technologies, a CFO’s responsibilities have broadened to encompass more than simply managing the P&L. EJ: Finding ways to improve efficiencies and build processes that scale. PYMNTS: What is the most difficult part of your job, and why?
45 
PYMNTS
APRIL 1, 2016
For banks, according to an e-book by payments processing firm FTNI, receivables management is a constant juggling act across corporate customers, and their own internal daily ebb and flow of cash flow. Receivables management can be as much art as science. Innovation, said FTNI, is key, but the right type of innovation is even more important.
Stax
MAY 2, 2024
Trust or lockbox account – The MCA lender opens a separate account for all your debit and credit card sales and takes a portion that goes toward repayment, before sending the rest to your business account. But this flexibility comes at a cost- MCAs are an expensive financing option. How Does a Merchant Cash Advance Work?
88 
Paystand
JUNE 13, 2024
Understanding the intricacies of paper checks is essential for businesses aiming to optimize their payment processes. While digital payment methods have gained popularity, paper checks still hold a strong position in specific industries and financial scenarios.
52 
PYMNTS
DECEMBER 5, 2017
Going from paper to digital improves operating efficiency and management processes. The persistence of bank wholesale lockboxes, invented in the 1950s, shows this problem has not been tackled to the same degree as payments between consumers and businesses, Diegelman said. It’s almost a misleading term,” Diegelman said.
56 
PYMNTS
AUGUST 7, 2018
But, as Buettner recently told PYMNTS, the BPDA has additional objectives in mind that speak to the various points of friction that plague B2B payments processes today, including longer payment cycles for suppliers and the ever-increasing risk of fraud.
40 
PYMNTS
MAY 7, 2020
According to Reed, Deluxe’s lockbox services process $2 trillion worth of paper check payments every year, and there is no silver bullet to transitioning that volume to electronic payment method all at once. “It really minimizes the disruption.”
67
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content