Lockbox Services
Whether you have a large volume of small-dollar receivables, or a few high-dollar payments, West Coast Bank's Lockbox processing solutions can help accelerate the collection of your receivables, increase revenue, reduce costs, speed access to funds, and deliver critical, time-sensitive information to your desktop.
With West Coast Bank's Lockbox services, your customers mail payments directly to a post office box in your company's name. Your mail is retrieved from the Portland Main Post Office several times a day, the payments are processed, and the checks deposited to your account the same day. You can receive daily reports detailing all payments received and deposits made, and all of the information that came with the checks, including invoices and correspondence. The envelope itself is returned to you so you can update your accounts receivables. The advantage is that the checks are already on their way through the clearing process, giving you faster access to your funds.
- Maximize Earnings–Because Lockbox mail is collected sooner than waiting for “local” delivery, you will find that your receipts move through the clearing process up to an average of five working days sooner than if you were to wait for the mail to be delivered to your office.
- Reduce Costs–Lockbox not only reduces overhead by allowing you to use your staff more efficiently, it allows you to stay focused on your business. Lockbox is also a hedge against certain types of fraud loss: Off-site, bonded Lockbox staff process all receipts and create a solid audit trail with detailed records of each payment processed.
- Tailor Access–From the sorting and documentation of incoming payments to the reporting of transactions, we can tailor every aspect of your Lockbox service. You can receive same day, detailed receipts information by fax or transmission; you can get a summary of your deposits by phone; or you can log onto West Coast Connect to view your previous day's Lockbox deposit(s) via our online system.
Lockbox’s Benefits
- Maximize Earnings By Receiving Funds Faster
- Reduce Costs
- Less Fraud Loss
- Tailored Access
- Same Day Receipts
- Deposit Summary By Phone
- Online Viewing Access
