Does anyone have idea on how to implement lockbox service?

We are a small community bank & I am uncertain what is particularly needed to implement the service. Do I need a certain vendor, etc?

Appreciate any information!

You will probably need to have a vendor that can take the information on payments received on behalf of the lockbox client and export that data to probably a secure website so the client can pick the information and import it into their system. If not, then the client would not have records to indicate receipt of payment from the consumer.

There are plenty of lockbox service companies out that to assist you. Contact your states bankers assocation and ask for a referral.

Good Luck

Are you looking to provide lockbox service to a far away client? Or is your client looking to have receivables collected somewhere else to not lose time in the mail?

Have you considered Remote Deposit Capture or the new ACH BOC option that I thinks becomes available the 16th of this month?


Al

If you PM me I';ll give you some info. We were in-house for 10+ years and just outsourced...