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, you know that 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 eLockbox solves this problem by eliminating checks altogether by turning on and managing electronic remittance feeds from most major bill pay networks for your company. 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 bank-based bill payment has been made.