Outsourcing | Lockbox
Often times a repetitive biller simply does not have the staff resources or the efficient tools to receive, open, post and deposit payments received in the mail. To answer this challenge, varying organizations, typically banks, offer lockbox services.
Downsides to using your bank for these services may be…
• The bank has special requirements, costing you money.
• You may like your bank for a number of reasons, but they have inordinately high lockbox service fees
• The 80/20 rule comes into play, and not in your favor—80% of the payments are processed in 20% of the time (by the bank who is charging you per item) while you are left with handling the remaining 20% of challenging payments leaving you with still 80% of the work!
• You are all the more locked into your bank, making it more difficult to consider other bank's competitive or cost-saving offerings.
• Utilize F&E PaymentPros' own, independent lockbox services.
• Implement a low-cost, practical, in-house solution allowing you to save 60%, 70% or 80%-plus of the costs of outsourcing your receivables processing with nominal impact on your in-house workload.