What is Lockbox?

Lockbox services are designed to efficiently process a large volume of consumer transactions in a highly accurate and automated way. It starts with the reception and opening of daily mail via purpose-built opening, sorting and scanning machinery. Via our ePayments tools, online payment options can be integrated into the deposit and remittance process. From there, payments, customer invoices and other accompanying correspondence are organized, configured for deposit and stored electronically. Same day deposits are then made electronically to the selected banking institutions. Funds are available to our customers the next business day. Finally, remittance data is transferred to customer’s accounting system or made available online as desired.

What are the Benefits?

Cost savings:

By reducing or re-allocating internal resources dedicated to your payments cycle you will be more cost efficient while simultaneous receiving better service

 

Reduced Payment Cycle:

Lockbox accelerates accounts receivable, getting you your money faster and reducing your credit exposure.

 

Working Capital:

By shortening the payment processing cycle your capital is available to you sooner potentially reducing interest expense

 

Improved Accuracy and Documentation:

 

Automated opening and scanning reduces input error and provides reliable, organized electronic records of all payments and correspondence



Why C&E Lockbox Services?

Technological advances in mail processing automation, software and scanning integration, and the inter-bank market have made it possible for most any lockbox provider to process an extremely high volume of payments in a very short period of time. However, where this reliance on technology often fails is in dealing with exceptions and providing timely and relevant customer service.

A distinguishing feature at C&E is our error resolution services. We pride ourselves on a payment rejection rate of less than 1%. A standard well above the industry average. This means more than 99% of payments processed by C&E complete the cycle from mailbox to deposit with zero input from our clients. Relieving you of the burden of resolving a high quantity of problem transactions every month.

We are able to do this successfully because upon establishing a relationship with C&E each client is assigned an account executive that will be your liaison with C&E and extend to you the highest degree of service.  Most importantly, this person will not be a salesperson. He or she will be an executive directly involved in the day-to-day operation of your account. Your representative at C&E will learn your business, take responsibility for exceptions in your payment cycle and ensure our <1% goal is met.