Remittance Processing (LockBox)

CPI has been providing remittance processing for over 40 years!! We can help you with all your lockbox needs either wholesale or Retail we can provide the best solutions for your business.
Remittance Processing Services provide you with the ability to receive payments, apply them to your customer accounts, and deposit the checks in your bank.

Our application is database driven and offers a full array of validation methods, including limiting payment acceptance based upon variations from expected payment amounts, "hot file" payment rejection (used mostly with foreclosures in mortgage processing), and our unique SmartDataBase methods for converting exception items into acceptable payments.

SmartDataBase is a part of our lockbox service that helps us process payments received without a remittance document by cross-checking information supplied on the check against a known set of database elements. Invoice and account numbers on check-stubs, or even the pre-printed name or address off the check can be used with this SmartDataBase system to convert what might otherwise be an exception payment into an acceptable item that is handled by CPI lockbox.

Whether standard lockbox or a customized solution, CPI is ready with the experience and capabilities to meet each client’s needs.

The Traditional LockBox Process Workflow

1. Input can be from your own demand payment system, or from a demand payment mailing sent out by our own Mailing Preparation Services. 
2. Mail is retrieved from your PO Box or one of our P.O. Boxes.
3. Our scheduled couriers sweep the P.O. boxes numerous times on a daily basis and deliver the mail to our location for processing.
4. Mail is sorted by client and box number and batched accordingly.
5. Payments are processed based on the client’s specifications – "This is what sets us apart from our competition we can have a customized solution for every customer depending on their needs."
6. Our "lockbox" is also equipped to handle barcoded payment stubs, in addition to OCR.  Barcodes provide increased readability, even on damaged documents, increased reliability and more efficient workflow.  In the end, this adds up to saving you money
7. We process matched items, mismatched items (when the check doesn't equal the amount on the stub or coupon), and multiples (when one check pays for many accounts, or one account is payed with many checks).
8. Check amounts are keyed twice at different times for accuracy.
9. Checks are dollar amount encoded by computer control, ensuring accuracy and obtaining the best possible discount on your depository fees.
10. CPI can prepare paper based, pre-encode deposits.
11. CPI can prepare and transmit an X9.37 or X9.100 image cash letter.
12. Remittance data is captured electronically and images are available for review –Payments are encoded and deposited at the selected financial institution of your choice
13. CPI can split the deposits based on business rules or SmartDataBase processing information if needed. 
14. Full reporting and electronic posting of payment data to your system is provided.
15. We maintain a copy of your invoice data for looking up customer numbers or invoice numbers (whatever you post to) in case your payers send a payment without a stub or coupon.
16. Exception items can be photocopied, returned to you, or whatever you desire for further handling and processing
17. Check images can be captured for your immediate review  in a file or online through our secure database
18. A daily file of all remittance payments is uploaded into your accounts receivable system for posting

Benefits of our Remittance Processing Services (Lockbox)

• Faster payment processing
• Reduced mail float time
• Funds available faster
• Employee Cost savings
• More accurate payment processing
• Customer service is easier because you have instant access to all payments processed via online research.
• Reduced expenses

We serve the following industries

• Education
• Healthcare
• Government
• Property Management
• Utilities
• Telecommunications
• Financial & Insurance