Advancing Traditional Payment Methods
Did you know that half of bank-based “electronic bill payment services” results in the mailing of individual paper checks? If you get these checks today in your office or through your lockbox provider – these payments can increase your processing costs as they do not include any remittance documents and need to be keyed and/or applied manually.
Clearwater Payments’ eLockbox service can solve this problem by enrolling your company to accept electronic remittance feeds from most major bill pay networks – eliminating checks altogether – AND, we consolidate the remittance information and funding of these lockbox payments into the single, daily deposit reflecting all Clearwater Payment channels from the previous business day. If you use a third-party lockbox provider, we can consolidate remittance data from them as well.
Additional Features & Benefits:
- Convenience – Your home-banking and check writing customers can still pay via their preferred payment method.
- Minimal Interaction/Full Support – With eLockbox, remittance information and settlement dollars are reported into your daily feeds from Clearwater – simplifying your research, posting and reconciliation processes.
- Faster Funding – Your bank-based e-bill payments fund more quickly.
- Faster Visibility – You know sooner that a bill payment has been made.