streamline the accounts receivable process
AND HELP MAXIMIZE CASH FLOW
Univest Lockbox services streamline the accounts receivable process for almost any size business. Maximize cash flow while efficiently processing and expediting customer payments. In addition, our customizable lockbox services also:
- Minimize collection and processing times
- Provide faster access to deposited funds
- Decrease the risk of theft, fraud and error
Our lockbox services also include the following features:
- Remote scanning capabilities
- Multi-year image storage options
- Custom reporting and processing files that communicate directly to accounting software
Lockbox services are 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
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.
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.
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
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.
To learn more about our customizable lockbox services, contact one of our experienced treasury management consultants.
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