Lockbox & Data Entry Process

Wholesale Lockbox with Invoice-Level Data Entry Provided

This offering is structured to complement the traditional outsourced process of the bank lockbox receiving all payments and keying the transaction line data, including invoice number and amount, into a standard autopost file; typically EDI 820 or BAI2 format. Historically, this model has been acceptable. However, many corporations are discovering that the costs associated with the model and downstream consequences to other operating groups are an impediment to productivity.

For corporations that want to maintain their existing centralized wholesale lockbox receipting model, the Open Scan solution will modify the following process changes:  

• Paper payments will still be received at the bank lockbox.
• The Open Scan software will reside behind your firewall at your designated facility.
• Lockbox keying will cease.
• After lockbox scanning of the checks and remits, images will be securely downloaded to the Open Scan software and data will be automatically extracted.
• Extracted data will be intelligently matched against an 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 the exact same format currently received from your bank to the A/R system at the end of the business day.

This centralized processing model combined with your existing lockbox will translate into a number of benefits that directly impact operational efficiency:

• Elimination of lockbox keying fees
• 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 identified
• 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 faster process, oftentimes days faster, which complements the rapid deposit benefits of a lockbox but with far superior downstream data quality and employee productivity.

 Contact us today for more information.