elockbox
Deposit Payments Days Earlier With eLockbox+
Process consumer payments faster and eliminate manual entry errors by converting bill pay checks to electronic payments with eLockbox+.
Simplify your receivables management and say goodbye to manual errors by converting bill pay paper checks to electronically deposited funds with Deluxe eLockbox+.
WHO IT'S FOR
Drive new customer growth and generate new, recurring revenue streams from business clients. With Deluxe eLockbox+, your business customers will get paid up to five days faster, positioning your financial institution as their trusted partner for payment processing and cash application solutions.
Receive consumer payments that currently come as paper checks up to five days sooner while increasing accounts receivable efficiency and lowering processing costs. When customers make payments using online banking, Deluxe eLockbox+ ensures you are registered to receive these funds electronically from bill pay service providers. eLockbox+ intelligence also validates account numbers and flags inaccurate and unknown account numbers for review and correction for future payments, streamlining payment processing.
Features & Benefits
How online invoicing benefits businesses
Speed cash to your bank account with online payments, eliminating 5+ days compared to paper checks by removing mail float and processing time required for paper payments.
Digital payment files help you reduce data entry and decrease payment processing costs.
Avoid the customer service inquiries that stem from manual processing errors. With eLockbox+ manual processes are eliminated and your teams will face fewer customer service issues.
eLockbox+ helps lower processing costs by eliminating the tasks associated with manual reconciliation and paper check remittance management. Your accounts receivables staff will be free to tackle more critical tasks.
How it Works
Deluxe registers the biller with all five major originators, allowing the biller to receive electronic payments.
The consumer pays using their preferred online payment service, typically their bank’s website or banking app. The biller receives electronic payment information, including the customer’s account number.
eLockbox+ automatically accepts valid account numbers. The biller can accept or correct unknown account numbers. Corrections are automatically applied to future payments.
The biller receives daily credit via ACH to their account for all accepted payments and a daily AR file for cash application.
RESOURCES
FAQ
Within banking, elockbox refers to a service that financial institutions can provide their business clients who receive paper check payments issued by third-party bill pay service providers. Electronic lockbox services ensure that those business customers are registered on bill pay networks to receive customer payments by electronic funds, rather than being sent paper check payments.
Traditional lockbox services handle processing of paper checks and keying in the related remittance data (such as the customer’s account number being paid and/or the invoice number). By using electronic lockbox, business customers receive bill pay payments electronically instead of via paper check.
Any sized company that receives many payments from consumers would benefit from electronic lockbox services. Organizations using eLockbox+ services can speed up funds by up to five days and reduce manual processing associated with paper payments. Financial institutions may also benefit from offering eLockbox+ services to their business customers, because it often yields increased customer satisfaction and retention.
Recent research from Aite-Novarica* Group shows approximately 25% of online payments occur via a bill pay service (such as online banking). Many of those bill pay services create paper checks and mail them to the company’s P.O. Box. That wastes precious time and relies on several manual steps during creation, delivery and processing.
Businesses that want their payments up to five days faster compared to paper checks should use eLockbox+.
Since eLockbox+ payments always include the account number being paid, the advantages of eLockbox+ include improved efficiency of a company’s accounts receivable (AR) team, processing with increased speed, reporting accuracy and reduction of manual effort.
*Aite-Novarica Group Report: How Americans Pay Their Bills: Sizing Bill Pay Channels and Methods, 2020 Update
As an enterprise, reach out to your financial institution partner to see if they offer eLockbox+ services, or sign up today through a provider like Deluxe to activate the services for your company. You’ll gain access to faster payment processing without requiring any changes from your customers. Financial institutions can also partner with Deluxe to provide eLockbox+ and other payment processing services as well as cash application management.
When consumers make payments through their bank’s online bill pay system, those digital payments are often converted to physical checks that get sent to a lockbox or their offices. An elockbox bypasses the printing process and allows these online consumer payments to be processed electronically through a secure online platform.
An electronic lockbox payment speeds up the cash application process for online payments compared to physical checks and helps cash flow by allowing businesses to be paid five days sooner, while reducing manual processing.
