Payables Lockbox was designed for the business customer. With the Payable Lockbox service, a streamlined and organized solution addresses the typical accounts payable problems. This translates to a reduced bottom line for businesses.

Payables Lockbox utilizes opportunities offered by an electronic process, while accommodating paper invoices from vendors. No cooperation from vendors is needed. They may either mail paper invoices directly to your Payables Lockbox PO Box location or send electronic copies by email or fax.

• Extraction labor eliminated
• Sorting by business unit labor eliminated
• Electronic invoice processing (fax & email)
• Paperless storage
• Invoice information extracted from invoice
• Invoice storage, backup and archival provided

Payables Lockbox can accommodate practically any invoice approval structure based on existing business processes. The payables process remains familiar, yet becomes much more efficient.

• Accessible anywhere with internet access
• Decrease time for approvals
• Enforce intended invoice approval processes
• Flexible role based access controls
• Daily email alerts help move the process
• Invoice desk float eliminated
• Tracking and auditing approval process is easy

After approvals have been made, we process and mail checks on behalf of the business, much like the online bill-pay service offered by most banks. Stacks of paper are eliminated and office staff will not have to spend the time processing and mailing checks.

• Check printing eliminated
• Payments can be scheduled or sent as approvals are made
• Save cost by automatic grouping of payments
• Remittance information helps ensure proper posting
• Positive Pay can be incorporated to combat check fraud
• ACH payments enable faster vendor payment

In addition to the various benefits mentioned above, Payables Lockbox customers have also noted benefits in these areas:

• Funds Management – Customers can predict expenditures and manage their payments accordingly
• Inefficiencies Realized and Corrected - A standard workflow helps identify and correct current inefficiencies
• Vendor Satisfaction - Vendors are critical to business success. Pay on time and keep them happy
• Makes AP Department Scalable - There is less need to bring on or let go of accounting staff as AP volume changes.