Whether you have a large volume of small-dollar receivables, or a few high-dollar payments, Columbia Bank's Lockbox processing solutions can help accelerate the collection of your receivables, increase revenue, reduce fraud, speed access to funds, and electronically deliver critical, time-sensitive information to your desktop.
With Columbia 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 scanned, processed, and electronically delivered as images for clearing. You can receive daily reports via the internet detailing all payments received, see copies of the scanned checks, and receive electronic copies of any other information received with the check, including invoices and correspondence. The advantage is that the checks are already on their way through the clearing process, giving you faster access to your funds as well as faster access to information necessary for updating your accounts receivable.
- Maximize Earnings–Because Lockbox mail is collected sooner than waiting for "local" delivery, you may find that your receipts move through the clearing process an average of two to four working days faster than waiting for the mail to be delivered to your office.
- Reduce Costs–Lockbox allows you to focus on your business, and may reduce your overhead by allowing you to use your staff more efficiently.
- Reduce Fraud–By removing incoming payments from your office, you reduce the risk of having unauthorized persons diverting funds from company receipts. Offsite, 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 via the internet and you will receive verification of your deposit to your Columbia Bank account the following day on your Columbia Connect Detail Report.
- Maximize Earnings By Receiving Funds Faster
- Reduce Costs
- Less Fraud Loss
- Tailored Access
- Same Day Receipts
- Online Viewing Access