Retail, Wholesale and Wholetail Lockbox Processing
Retail Lockbox
Retail lockbox is generally defined as low dollar, high volume business where payment processing can be highly automated because of consistency of billing coupons. The returned payment coupon meets standard specifications and has a machine-readable OCR scanline.
Wholesale Lockbox
Wholesale lockbox is generally defined as high dollar, low volume business where the remitted document specifications may vary and typically does not have an OCR scanline. A significant amount of manual processing may be required.
Wholetail Lockbox
Wholetail lockbox is the term used to describe a remittance processing service in which the business may have a mixture of wholesale and retail payments and/or have a number of payments that can be partially automated. A significant amount of manual processing may be required.
Lockbox Processing Solutions include:
- Multiple lockbox locations - FISC performs daily pickups at a number of locations throughout New England.
- Balanced payment processing.
- Check depositing or clearing, per client specifications.
- Daily payment transmissions for posting.
- Account lookup - an optional service where "check only" remittances without account numbers are handled by FISC staff, reducing exceptions clients would otherwise handle in house.
Remittance/Lockbox Solutions include:
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