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How AR Can Usher The Legacy Lockbox Into The Digital Age

PYMNTS

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 Lockbox services may seem outdated in today’s ecosystem of electronic payments and cloud-based financial management platforms.

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Buyers, Suppliers Converge Around Virtual Cards

PYMNTS

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.

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Why The Time Is Right For Banks To Offer Integrated Receivables

PYMNTS

For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remote deposit capture (RDC). That is, corporates receive wires and credit card payments, and they are seeking to automate them with integrated receivables solutions.

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Payments’ Role In The Fourth Industrial Revolution

PYMNTS

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. How is this different than a wire? There’s a bit of heavy lifting involved, he acknowledged.

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Commercial Cards: It’s All About The Data

PYMNTS

Historically, businesses would submit paper checks stapled to a stack of invoices, or wield check lockbox services that, while inefficient, could at least clarify which transactions were to be applied to which invoices. Data’s Favorite Payment Rails.

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Why The Time Is Right For Banks To Tap Into Integrated Receivables

PYMNTS

While treasury management has always been a critical component of bank offerings, most treasury management solutions today are limited to lockbox processing. Those may include automated clearing house (ACH), wire transfers, credit cards and payments through payment portals.

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Innovation Eases The Friction Of Global Payment Rails

PYMNTS

In addition to its new cash application capabilities, accounts receivable technology provider Invoiced recently announced a virtual lockbox solution aimed to address the friction of paper checks.