First Business Bank offers a Wisconsin based wholesale lockbox solution that can convert receivables into available cash more quickly and efficiently. Wholesale and Hybrid Lockbox services allow banks to deposit customer payments timely, which helps reduce the cost of a normal transaction. Payments are mailed directly to a central lockbox location where they are deposited and credited on the same day received. When using a registered lockbox, check payments are returned as Remittance Mail with priority handling. Remittance Mail is tagged separately in the postal system and enters the workflow earlier in the day. The end result is shortening the cash cycle and improving availability by one day.
With lockbox, preparation of deposits is handled directly by the bank staff. Within our secure online portal, Lockbox clients will receive same day access to a detailed summary and images of the items deposited along with invoices or payment coupons. Businesses can choose to receive an electronic remittance file which can be used to update accounting records and post payments. Businesses can increase control in managing receivables and improve audit control and data security. If your company has large volume or high dollar payments, you could benefit by streamlining payment processing. The service helps to cut down on internal processing costs and converts receivables into cash at a much quicker rate.
First Business Bank offers five lockbox processing sites throughout the United States. You can choose from lockbox processing locations in Milwaukee, WI, Minneapolis, MN, Indianapolis, IN, St. Louis, MO, Bradenton, FL or Phoenix, AZ.
The key benefits of lockbox processing are:
- Streamline collections by eliminating the need to prepare deposits and take them to the bank
- Reduce mail float and accelerate the availability of funds
- Increase in available cash can mean a reduction in interest expense on a loan or an investment opportunity
- Time saved frees your staff for other responsibilities within the business
- Receivables are processed in a secure, controlled environment
- Improved internal controls
Commercial Real Estate Property Managament
First Business Bank offers a hybrid lockbox solution that can solve many of the problems that impede productivity and cash flow for its real estate property management clients. The First Business lockbox is scaleable and able to absorb new volume without delay. Property Management companies can direct payment of rents to a single Post Office box. Mail is collected, sorted and deposited into segregated property management accounts. Clients receive access to daily rental receipts through our online portal. Users can log on to decision and direct payment to the proper rental accounts. Through our online decisioning system, clients can manage:
- Stranded or ad hoc payments
- Delays caused by “unbankable” items such as payments without coupons, checks written to the wrong company name, missing information, or residents paying with money orders
- Time-consuming manual research tasks
- Integration of paper and electronic payments
First Business Bank offers both retail and hybrid lockbox solutions that can solve many of the problems that impede productivity and cash flow for its healthcare clients. Healthcare companies can direct payment to a single Post Office box. Mail is collected, sorted and deposited into designated accounts. Our healthcare lockbox services helps to manage and safeguard access to PHI, Protected Health Information. The company receives access to daily receipts through our online portal. Users can log on to decision and direct payment to the proper accounts. The company can choose to receive an electronic remittance file which can be used to update accounting records and post payments. Businesses can improve audit control and data security. First Business’s healthcare lockbox service is capable of offering custom Automated EOB processing files. This fully automated service can:Reduce cost of remittance processing
- Recovery of lost revenue due to write-offs
- Decrease data entry to post payments
- Improve Days Sales Outstanding
- Eliminate the need for paper storage of remittance documentation
Wholesale and Hybrid Lockbox provides an efficient method to collect, process and deposit low-volume, high-dollar business-to-business payments as well as high-volume, low-dollar consumer-to-business payments. Our efficient workflow offers front-end document and check imaging in a high-speed processing environment. Payment processing can also be customized to meet the unique needs of your business customers.
With our online viewing, decisioning and reporting, you gain same-day online access to check and remittance document images. You can generate lockbox reports and search for account activity online. Through the online decisioning option, you have the capabilities to review exception items and make same-day decisions