Virtual, Electronic and Traditional Lockbox Services

streamline the accounts receivable process

AND HELP MAXIMIZE CASH FLOW

Univest Lockbox services streamline the accounts receivable process for almost any size business. Efficiently process and expedite customer payments while minimizing collection and processing time to help reduce administrative costs. In addition, our customizable lockbox services also:

Provide faster access to deposited funds
Improve account receivable efficiencies
Decrease the risk of theft, fraud and error
Offer remote scanning capability
Allow image storage for multiple years
Offer custom reporting and processing linked directly to accounting software

This services is especially valuable for businesses that:

Invoice customers or business partners
Receive multiple payments from customers or business partners
Want help managing the receipt of payments and customer deposits

lockbox options

Traditional Lockbox

Participating business customers mail payments to the lockbox which is a bank designated P.O. Box. Univest picks up the remittances and deposits into the designated bank account on the same business day. Daily deposit detail, remittance information reports, and historical data are available online, including custom programmed reports that communicate directly with the business accounting system.

Virtual Lockbox

Available as an addition to the traditional lockbox or as a standalone service, the virtual lockbox reduces the need for businesses to mail in payments. Instead, deposits and/or payments can be scanned directly from the office. Daily deposit detail, remittance information reports, historical data, and custom programmed reports are available for streamlined transmission to the business' accounting system. For traditional lockbox users, the data processed through the virtual lockbox is merged with existing reporting options for increased efficiency.

Healthcare Lockbox

This intuitive, HIPPA compliant check scanning and imaging solution provides healthcare professionals with the ability to scan, consolidate and transmit:

EOBs
ERAs
Correspondence
Patient payments
Supporting claiming information

In addition, this lockbox interfaces with our virtual lockbox solution to enable in-person payment scanning.

Electronic Lockbox

This convenient addition to the traditional lockbox aggregates electronic payments, such as electronic bill payments, and combines them with paper-based remittances to provide a centralized payment processing file. This file can be uploaded or imported to the integrated accounts receivable data.