Nearly half of medium and large U.S. businesses rely on a lockbox.*
*Aite Group
Checks. Businesses and consumers maintain a love-hate relationship with this tried-and-true payment method. They appreciate their ease of use—while still craving the convenience of newer, digital options. They struggle with high costs and endless exceptions. They’re ready for change—but slow to embrace the new processes and system upgrades that digital often requires.
Those scenarios had us asking “What if … ?”
What if there was a way to keep the legal protection and simplicity of paper checks, while simultaneously gaining the end-to-end efficiency of digital payment methods?
This premise is now a reality with the addition of network capabilities integrated with the Deluxe Payment Exchange platform. This scalable directory combines the ease of use and established processes of paper checks with the vast reach and intelligent routing of our Deluxe Payment Exchange platform. The end result? Delivering digital check payments and remittances to any lockbox customer.
What if, instead of trying to eliminate checks and persuade businesses and consumers to use other methods, the check itself changed from a paper to an electronic transaction? The efficiencies this simple solution could create include:
Most significantly, this automated approach cuts the time and labor required for traditional lockbox processing of paper checks by more than 50 percent.
There’s a business case for B2B payers, payees, banks and lockbox providers— one that requires few process changes but generates impressive results. It’s yet another way for checks to keep up with the times.
At the heart of the current B2B check process lies a gap. It’s the “messy middle,” a chasm of paper, rework and redundancy. That gap represents the lockbox opportunity.
Download the eBook to learn how Deluxe can help cut the time and labor required for paper check processing by half.
Download the eBook