Turn paper checks into available funds faster by allowing First Security to receive your payment checks on your behalf.
Accelerate Your Receivables Processing
With our secure lockbox site and innovative electronic receivables products, we can help you cut hours – or days – out of your collections process by automating your receivables posting.
Improve Deposit Availability
First Security’s Lockbox services deliver comprehensive, flexible remittance processing that can substantially streamline your accounts receivable function. In addition, our Lockbox services can help you to:
- Reduce day’s sales outstanding
- Improve staff productivity by automating manual processes
- Decrease the potential for theft, fraud and error by reducing the number of employee “touches” on each transaction
- Access decision-critical account information from your desktop
- Speed remittances – and improve overall cash flow
How Lockbox Works
At our secure lockbox site, we accept electronic and paper remittances from your customers, we can convert the checks to electronic payments, and then transmit the information directly to you.
Our time-saving service includes daily mail pickups. We can provide necessary data to update your accounts receivable system, and provide same-day information access via electronic reporting. Traditional paper reporting is also available.
How does it work?
- Your customer receives bill in the mail
- Customer submits payment to our PO Box
- FSB receives mail with payment
- FSB processes and images payments in bulk
- Customer account is debited $ payment amount
- $$s are deposited into your account – payments posted
- FSB transmits the payment file to you for viewing /reconciliation, or payment files can be viewed online.
If you would like more information, please contact us. You can contact us via e-mail or use this website to find the First Security Bank nearest you.