United Bank provides an efficient, safe and cost-effective Lockbox solution for you to receive, deposit and post payment receipts for low to high volume remittance accounts. Transactions ranging from check only and full-page documents to fully encoded payment coupons are now automated, eliminating manual hand-key data entry or photocopying of checks. Captured data and images are then available online for reporting, research, and accounts receivable data file upload.
Each business day the lockbox contents are processed, and the total sum of the payments received is posted directly to your United Bank business account. Client payment information is reported through a secure website, allowing your staff to update the organization’s accounts receivable data.
United Bank’s Lockbox service provides:
- Automated data capture and electronic posting files to reduce manual entry and potential errors.
- Ability to consolidate reporting and posting multiple forms of payment including Credit Card, ACH, and Bill Pay transactions.
- Same day deposits for funds availability.
- Advanced research tools including access to capture data and images.
Our system provides a long-term archive of check and remittance documents for a digital history of your receivables. All data is fully encrypted and secured.
Our lockbox solution allows you to focus time on other important needs while significantly reducing entry errors and exposure to fraud and theft. When using United Bank’s lockbox service, your transactions are processed by payment professionals in a highly secured facility. You also have a better peace of mind knowing the process provides for a separation of duties between your employees who receive payments and those who issue invoices.
When you transfer the payment collection and deposit process to our advanced lockbox service, your business will experience more efficiency than with an in-house process. Lockbox services speed up the time it takes for a check payment to travel from the payer to the payee through the postal system. A lockbox can shorten the processing time by having United Bank’s staff directly deposit payments into the bank account so payments are quickly received and deposited on the same day.
Many types of businesses can benefit from payment processing and lockbox services.
Home Services: Security alarm monitoring, newspaper delivery, pest control, trash pick up
Professional Services: Insurance, loan payments, mortgage servicing, B2B services
Education: Universities, colleges, private and trade schools
Medical: Hospitals, doctors, health clubs, walk-in clinics
Retail: Franchises, internet service providers, route services, grocers
Organizations: Country clubs, property management firms, churches, charities, non-profits