Retail lockbox services
Huntington Bank’s retail lockbox is a remittance processing alternative designed to automate the traditional payment processing function for customers who use optical character recognition (OCR) documents.
Retail lockbox allows you to send payments with your OCR document to an address featuring your company name and lockbox number. Huntington collects your mail directly from the post office and uses high speed equipment to capture your specific remittance information. Funds are then deposited directly into your Huntington checking account.
These are consumer-to-business payments, typically low-dollar, high-volume transactions. Images of the checks and remittance documents are captured electronically. You may choose to receive an archival CD-ROM daily, weekly or monthly.
This service is currently available in Columbus, Cleveland, Kentucky and Indianapolis.
Retail lockbox benefits
The addition of the retail lockbox option to our existing wholesale lockbox service adds value in a number of ways. Capturing account information from the OCR scan-line means that accounts receivable information is obtained in a more cost-effective manner. We pass these savings along to you in the form of a lower transaction cost. It also improves the accuracy of the data collected through various edit routines.
During the processing of your transactions, we capture a digitized image of the check and payment document. We can also prepare a transmission file of your payment detail so you can update your records directly. Our retail lockbox service brings these advantages to processing your accounts receivables:
- Lower transaction cost: We’ve eliminated the expensive “read and key” process found in most wholesale lockbox departments, resulting in a lower transaction cost.
- High speed data capture: Improved data accuracy through various edit routines built into your scanline.
- Reduced mail float times: By utilizing a courtesy reply envelope, you will see an improvement in your mail float times.
- Improved funds availability: Faster processing results in deposits being made to your account earlier in the day.
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