At Webster, we understand that the faster your customers’ payments are processed, the faster your organization gets paid.
- Reduces clerical accounting work
- Offers same-day processing
- Provides custom reporting
Collecting and processing payments doesn’t have to be a time-consuming clerical burden. With Webster’s Wholesale and Retail Lockbox processing, we do the bookkeeping work for you, and handle the payments processing on the same day they’re received.
A Wholesale lockbox is generally used for high dollar / low volume payments.
A Retail lockbox is generally used for high volume / low dollar payments.
How Lockbox Processing Works
- Direct your receivable payments to a designated PO Box
- Mail is retrieved frequently from the post office and delivered to Webster’s processing center
- Webster collects, processes and deposits the payments into your account with high speed extraction and advanced imaging technology
- Lockbox expedites cash flow. Receivables are processed the same day Webster receives payments
- The convenience of automatic deposits
- Custom analytics for more effective accounting
- Timely reporting, for automatic receivables updating
- Easy access to deposit documents for fast accounting research
Want to explore more? Experience Our Cash Management Services.