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
- 1. Your customers remit payment to you through a regional post office box.
- 2. Webster picks them up that day, then copies, endorses, and deposits the items the same day.
- 3. We re-associate the payments with any additional remittance information—along with custom
data reports—and deliver them to you online via Webster Web-Link®, on a CD-ROM,
or through File Transfer Protocol (FTP) delivery.
- The convenience of automatic deposits
- Custom analytics for more effective accounting
- Timely reporting, for automatic receivables bookkeeping
- Easy access to deposit documents for fast accounting research
Want to explore more? Experience Our Cash Management Services.