Online banking and electronic payments have streamlined the depositing process for corporate treasurers, but somehow, a majority of their customers are still paying with physical checks.
That's where Wells Fargo says its lockbox network comes into the mix. This network was just ranked the fastest of its kind in the industry, according to a recently released survey.
“Not only can we process payments faster, but mail that is sent to lockboxes arrives more quickly because of their special ZIP codes,” said Keith Theisen, executive VP and director of product management at Wells Fargo’s Treasury Management Group.
“A lockbox service saves time and money for companies that find themselves waiting for their payments in the mail and optimizes their cash as interest rates rise,” Theisen added. “It also deters theft, fraud and error by reducing the number of employee touches on each transaction.”
Wells Fargo operates a network of lockboxes in 18 cities throughout the U.S. and in Canada, with multiple mail pickups during the processing day to expedite the availability of the mail. The services offer remittance processing features and information delivery options that support business processes for multiple client types of all sizes.
“For as long as our customers need paper remittance, Wells Fargo is committed to providing lockbox services that are fast, accurate and cost-effective,” Theisen said.