Looking for a way to streamline your receivables? Consider upgrading to an electronic lockbox to consolidate your collections.

Traditional lockbox service has long provided companies with increased efficiency in collection processing, regardless of the dollar amount of the payments or whether they originate from individual consumers or business-to-business customers. In a traditional lockbox service, customers mail their payments directly to the bank lockbox area. While the address looks like your address, it’s actually a special post office box and ZIP code combination that delivers the mail directly to the bank on your behalf. Because bank personnel are able to process your incoming payments as they arrive throughout the day, you get the benefit of expedited mail processing, plus your staff doesn’t have to spend time sorting and opening mail or making bank deposits.

An electronic lockbox complements a physical lockbox service by combining the payments you receive electronically with those that arrive as paper checks. This provides you with electronic remittance and check data in one file to automate your receivables posting. In addition, check payments received at your office can easily be sent to the bank using equipment that transmits the check images for deposit (“Remote Capture”). This data can be combined with other receipt information on the one file you receive from the bank for accounts receivable cash application. No more mail expense to forward payments received at your location to your lockbox, plus greater convenience in avoiding a trip to the bank to make your deposits!

A fully functional electronic lockbox service provides these benefits and more:

• Fewer days with sales outstanding.
• Image capture of checks on the Web to make your deposits without going to the bank.
• Simplified access to your incoming deposit data and a reduced need for physical storage space since you have access to your images, as needed, right from your desktop through the archive or by uploading them to your system for electronic storage.
• Deposit credit throughout the day as payments are processed to get faster funds availability. Plus image deposits you scan and send can post up to 8 p.m.
• Remittance files available to help you automate your cash posting.

To learn more about this and other cash management services at National City, now a part of PNC, visit NationalCity.com/commercial-banking and choose “Global Treasury Management” from the menu.

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