Electronic
LockBox:.
Electronic Lockbox conversion is the conversion of a paper check transaction,
received in the mail, into an electronic deposit. The check becomes an ACH/EFT
(Electronic Funds Transfer) and travels through the Federal Reserves Automated
Clearing House system for payment processing.
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The Lockbox/Dropbox conversion process:
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Paper check received via mail for payment of product/service
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Check data is captured via scanning equipment
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Data is imported from the scanner to our online, secure Lockbox service
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Data is processed as an approved electronic deposit through the ACH network
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Funds normally clear through the ACH in 24 to 48 hours and credited to your
account
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Benefits of Lockbox automatic check conversion:
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Access to your funds faster
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Move funds to interest bearing accounts sooner
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No deposit slips required
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Eliminates deposit and check processing fees
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Eliminates trips to the bank
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Eliminates lost or stolen checks before they are deposited
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Quick detection of check fraud reduces your exposure
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NSF and returned items are identified sooner
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NSF returns can be strategically scheduled for re-presentment
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NSF checks can be resubmitted two additional times unlike one time for paper
checks
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Ability to assess and capture NSF fees electronically and automatically
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Optional image capture online retrieval available
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