Lockbox and/or In-House Data Entry

Wholesale Lockbox and/or In-House Manual Data Entry

This offering is crafted to assist corporations that utilize a traditional bank lockbox to receive their payments but elect to key and post their remittance data manually either from paper or images supplied by the lockbox or from a bank supplied web portal. Generally, organizations that choose this model do so in order to gain greater control over their data and cash posting. The challenge is that the process is cumbersome and costly to scale as business grows. In addition, the manual aspects of the process deter knowledge-workers from spending more time in value added conversations with customers.

For corporations that want to maintain its existing centralized wholesale lockbox receipting model yet fully optimize their internal processing capabilities, the OPEN SCAN solution will modify the following processes:  

• Paper payments will still be received at the bank lockbox.
• The OPEN SCAN software will reside behind your firewall at your designated facility.
• After lockbox scanning of the checks and remits, images will be securely downloaded by the OPEN SCAN software and data will be automatically extracted.
• Extracted data will be intelligently matched against the open invoice file and established business rules.
• Cash application personnel will complete minimal exception handling including deductions and short pays from a single user interface screen.
• Decoupled electronic or email based payments and remittances will be integrated into the work flow.
• The OPEN SCAN solution will export a highly accurate posting file in a standardized format to the AR system at the end of the business day.

This hybrid model that incorporates existing lockbox receipting with in-house processing will extend the range of benefits that directly impact operational efficiency:

• Provides access to check and remit images the same day as received by the bank eliminating the unnecessary storage of paper documents
• Automates the extraction and posting of remittance data
• Cash application occurs the same day both paper and electronic payments are received
• Exception handling is easily researched and managed from a single screen without the need of consulting a bank portal or the A/R system
• The data accuracy of the posting file to the back end A/R system is in the high 90% range
• Deductions and short pays are efficiently processed
• A/R and frequently Collections personnel are far more productive and free to engage clients in more business driven conversations
• IT involvement to implement and support the software is minimal

The end result is a more automated, simplified and faster process, oftentimes days faster, which complements the rapid deposit benefits of a lockbox but delivering far more control over cash posting with increased employee productivity.
 

 Contact us today for more information.