Firstbanks.com - Commercial - Treasury Management Services - Wholesale Lockbox
 
Home  |  Careers  |  Locations  |  FAQs   
Small Business
Treasury Management Services
Collections and Deposits
 
First Bank Remote
 
Remittance Processing
 
Automated Clearing House
 
Merchant Card Services
Payments and Disbursements
Information Reporting
Liquidity and Investments
Financing
Checking
Card Services
Savings
Trust and Retirement Plan Services
Wealth Management for Business Owners
Insurance
Payroll Services
Untitled-10
     
Testlogin

REMITTANCE PROCESSING

First Bank offers business customers a comprehensive set of remittance processing solutions, including customized wholesale, retail and “wholetail” lockbox, automated and image-based processing options, and SmartBoxsm remittance processing. 

Features:

  • Multiple processing sites - First Bank’s state-of-the-art remittance processing sites in St. Louis, Chicago, Los Angeles and Miami (with more planned for the future) and extensive use of electronic check clearing techniques minimize mail and processing float while maximizing funds availability.
  • Online deposit reporting - First Bank enables your business to streamline its cash application process by making check and remittance information images available online.  Specific customer payment and payment detail can be viewed within two hours of processing, enhancing your ability to service trading partners through faster access to payment information.  
  • Non-check payments – In addition to check payments, First Bank’s remittance processing capabilities include the ability to handle credit card and automated clearinghouse (ACH) payments.
  • Paperless processing - First Bank’s 180-day check and remittance document image archive, along with CD-ROM and long-term storage options, enable your business to achieve a paperless work receivables’ environment
  • Unique services – First Bank allows your business to view and make decisions online regarding all exception activity received in your lockbox, including unacceptable payees and stale dated items.  Since “unbankable” items can be dispositioned within hours instead of days, your company benefits from a shortened receivables’ cycle, improved cash flow, time savings and cost reduction.


Service capabilities:

Wholesale Lockbox – First Bank’s Wholesale Lockbox Service is a traditional cash management service designed specifically for handling corporate-to-corporate payments.  All payments received are uniquely processed according to your instructions, deposited to your First Bank account, and cleared electronically.

Automated Lockbox – Reduction of days’ sales outstanding (DSO) is easily accomplished through the receipt of a same-day, electronic transmission of remittance detail that can be interfaced directly with your accounts’ receivable system.  Automating your lockbox enables you to focus attention on payment exceptions rather than your entire cash application process.

Image Lockbox – With First Bank, you no longer need to receive a traditional paper remittance package.  Using leading-edge image capture technology, First Bank can provide your business with same-day online access to high-quality black-and-white check and multi-color document images.  Images can also be transmitted to your business for direct interface with your internal image archive or delivered on CD-ROM.

Retail Lockbox – Consumer-to corporate payments are easily handled on First Bank’s state-of-the-art high-speed capture equipment.  Payment data is captured from accompanying OCR or bar-code documents and delivered electronically in your designated format for posting.

Wholetail Lockbox - If your business receives a mix of scannable and non-scannable payments, First Bank’s “wholetail” remittance service combines the flexibility of automated lockbox processing with the efficiency and advantages of high-speed lockbox data capture techniques.

SmartBoxSM – First Bank can facilitate cash application through a sophisticated receivables’ matching process.  Your business simply downloads a copy of its open receivable records to First Bank.  Then, as payments are received, they are compared to all items listed on your open receivables’ file and applied based on your instructions.  An updated accounts receivable file is electronically transmitted back to your business to complete the process.

LockboxOnlineSM - Intra-day lockbox account activity, including check and remittance document images, can be viewed through your web browser within two hours of processing. Images are available online for 180 calendar days. Exception items can be viewed and decisioned online via First Bank’s LockboxOnline Unbankables service.

To find out more about our Remittance Processing services, contact your First Bank Treasury Management Officer. New to First Bank? Contact the Treasury Management Officer nearest you.



  Terms of Use  |  Security Center  |  Privacy  |  Site Map  |  Contact Us  |  Deposit Account Agreement
© 2014 First Banks, Inc.  All rights reserved.   Member FDIC .  Equal Housing Lender.
FIRST BANK is a registered trademark of First Banks, Inc.