Streamline & Expedite Check Payment Processing
Arvest’s Lockbox service offers both Mailed Payment Capture and Onsite Payment Capture. Our Lockbox services help to improve the overall cash flow for your business, increase available funds and minimize your transactional risk.
With Mailed Payment Capture, you are assigned a post office box to be included in your invoicing and/or remittance documents. Customer payments are mailed to the post office (PO) address, and our treasury management lockbox team will collect, open, sort, scan, and credit the payments to your business account. For customers using Arvest’s Merchant Services, card payments received via mail can also be processed when received via the PO box.
If you have check payments presented in your office, you can use Onsite Payment Capture to scan items and any remittance documents with a compatible scanner and they will flow directly into the lockbox workstream for normal processing.
Lockbox deposits are accessed through the Arvest Receivables Capture Hub (ARCH), an integrated receivables platform which provides intuitive reporting, search, and archive capabilities. A client decisioning queue is also available for exception items to reduce the number of payments rejected.
Key Benefits of Lockbox:
- Reduce the number of days a check is outstanding
- Convenient online access to deposits and remittance information
- Lower administrative costs
- Minimize risk associated with sending employees to the bank
- Mitigate fraudulent activity
- Gain disaster recovery benefits
Contact Arvest. Treasury Management