The Huntington’s Retail Lockbox is a remittance processing alternative designed to automate the traditional payment processing function for customers who utilize Optical Character Recognition 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 utilizes 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.
- Accelerates accounts receivable collection by reducing float and improving processing time
- Eliminates delayed deposits that result from physically traveling to the bank
- Utilizes the latest technology without any capital expense Our solution complements numerous consumer-oriented remittance processing environments including: Insurance Premiums, Utility Payments, City/County/Government, University/Student Payments, Mortgage Payments, Visa/MasterCard Payments, Property Management, Parking Citations, Child Support Payments, Mutual Fund Payments/Deposits, Retail Installment Payments and much more.
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 the use of various edit routines.
During the processing of your transactions, we also 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 brings these advantages to processing your accounts receivables:
- Lower Transaction cost: Elimination of the expensive “read and key” process, found in most Wholesale lockbox departments, which results in a lower transaction cost.
- High Speed Data Capture: Improved data accuracy through the use of 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.
To learn more about OCR Lockbox, contact a Business Banker at your local banking office or call Business Direct at 1-800-480-2001 Monday to Friday, 7:30 a.m. to 6:30 p.m. ET, and Saturday, 8:00 a.m. to 5:00 p.m. ET.