The landscape for lockbox processing providers is very different compared to a few years ago. New challenges for lockbox processing providers are being created from several sources, namely, migration from paper remittances and checks to electronic invoicing and payments. In addition, there is ever-increasing demand from corporate clients for the capture of remittance data. The legacy check-centric lockbox solutions used by most lockbox processing providers no longer meet business needs. Lockbox processing providers require integrated solutions that automate any consumer or business receivable, in any paper or electronic format, while delivering efficiency and business intelligence.
That’s where intelligent data capture comes in. In a single workflow, intelligent data capture solutions preserve the lockbox processing franchise with scanners that capture checks and co-mingled documents. Then advanced software manages all paper checks and any paper or electronic remittance document – regardless of whether it is a business or consumer receivable. The future relevance and revenues of lockbox processing providers rests on how quickly processors adopt intelligent technologies.
This white paper describes the changing lockbox processing environment, shows how legacy lockbox solutions fall short of meeting business needs, and describes the benefits of intelligent data capture technology.
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