Processing your receipts and making daily trips to the bank can be time consuming. Huntington Lockbox Solutions offers just what you need – Eliminating delayed deposits that result from having to physically go to the bank while accelerating every aspect of accounts receivable collection by reducing float and improving processing time. Streamlining your accounts receivable process with Lockbox Solutions can allow you to focus on what matters most to your business – your customers. We have two lockbox options to choose from:
Wholesale & Retail Lockbox
Huntington’s Retail Lockbox service is a great solution for high volume customers who utilize Optical Character Recognition (OCR) invoices. Wholesale Lockbox simplifies remittance processing by saving you time that otherwise would be lost to deposit slip preparation and trips to the bank. Your payments will be extracted, processed, and uploaded to our online portal for your viewing convenience.
Huntington's Electronic Lockbox (E-Lockbox) is a solution that provides electronic routing and settlement of Bill Pay transactions between participants and/or their designated processors. E-Lockbox is a timesaving and cost-effective way to route and settle Bill Pay payments by eliminating the flow of paper, reducing the potential for data entry errors, and electronic settlement. Huntington customers who sign up for E-Lockbox will receive a single ACH credit each day for the total of their daily Bill Pay items. They will also receive data from Huntington with the detail of the transactions making up the ACH credit which can then be loaded directly into your accounts receivable system for processing.
How does the lockbox service work?
1. Customer signs agreement for Lockbox services
2. Huntington sets up PO Box(es) and Lockbox online users
3. Customer directs their payors to send payments to Lockbox
4. Payments are processed
5. Customer receives account credit and can view detail of transactions