Expand Your Lockbox Processing with ibml
Extract. Accelerate. Outperform.
The lockbox and remittance processing industry is at a tipping point. Despite the digitizing of payment processing, checks are still prevalent in accounts payable and accounts receivables processes. In fact, 42% of B2B payments are still being made by check.1 Similarly, approximately 19.4 billion US consumer check payments are processed each year, representing fully 5% of all US consumer payments.
To standout in the lockbox industry and future-proof your operations, you need to maximize data extraction efficiency while expanding your services. Most legacy retail lockbox systems are only built to capture what’s printed on a remittance coupon – leaving you with a lot of manual entry.
Additionally, legacy retail lockbox systems are showing their age. Maintenance costs for reader-sorters are increasing and many are reaching their end-of-life.
With all of these added pressures, don’t you think it’s time you powered up your service strategy?
It’s time to accelerate your lockbox processing and expand your services with the world’s fastest and most intelligent document scanning solutions – built to deliver efficiency and open the door to new growth opportunities.
1. 2019 AFP Electronic Payments Survey
2. 2018 Survey of Consumer Payment Choice
3. 2016 Federal Reserve Payments Study
Manual data entry or operator interference slows down your processes and costs you money.
Most legacy retail lockbox systems are built to capture check and remittance coupon data only – leaving operators to manually enter additional data.
Many reader-sorters are reaching their end-of-life service and maintenance costs are set to increase. Plus, unsupported operating systems open you up to security risks.
Alternative Payment Options
New digital payment methods are expanding, but checks are still prevalent. Between checks and digital processes, you risk underserving on both.
Clients require business continuity while transitioning from checks to digital payment processing. Aging, disparate legacy systems cannot make this transition.
The ibml Solution
Expedite your current services and penetrate new market opportunities with ibml capture solutions.
Consolidate Your Infrastructure
Maximize operations by consolidating wholesale and retail lockbox operations onto a modern efficient capture platform that’s already the top choice for wholesale lockbox processing.
Harness Unrivaled Speed
Unleash lockbox processing with the power of ibml. Efficiently accelerate check throughput and intelligent data extraction to replace old reader-sorter technology and expand to other mailroom applications.
Fast-Track Your Operations
Seamlessly process checks and full-sized documents together, capturing check and remittance data in a single accelerated workflow.
Breach New Markets
Grow your deposits and tap into new revenue sources by replacing end-of-life check reader-sorters and legacy devices. Expand your capability to cost-effectively process multiple types of transactions without slowing down.
Keep Pace with the Digital World
Don’t risk your business with outdated technology. Reader-sorters are reaching their end-of-life service contracts and the legacy operating systems they use create significant security risks for your organization. Why not take the opportunity to replace them with forward-thinking, secure technology that meets evolving customer needs?
Use ibml Capture Suite and Synergetics for more comprehensive capture capabilities. Extract critical data from invoices, receipts, and other structured or unstructured documents as part of your accounts receivables offering.
Build What You Need
Get standard remittance processing integrations out-of-the-box or build unique integrations based on your requirements with ibml’s integration tools.
Widen your potential market and extend the services you offer by handling documents for other business processes.
- Retail lockbox
- Wholesale lockbox
- Accounts payable
- Records management
- Contract management
- Human resources