Wholesale Lockbox Processing
Outsourcing at its' best and easiest...
Lockbox Processing streamlines the process of handling customer payments. Account receivable checks are mailed directly to a post office box that is maintained by the Bank on your behalf. Mail is picked up and payments are credited to your account on the day they are received.
You get prompt reporting of daily receipts, either by e-mail, fax and/or through postal mail. This information may include images of actual checks mailed in for payment, or detailed spreadsheets with the information tailored to your needs. Any enclosures or additional information received from your customers along with their payment can be forwarded by mail or courier to you.
Utilizing our Lockbox service not only eliminates a daily task for you, it can greatly expedite the credit of funds to your account. Our Lockbox Department deposits your customers' payments on the day they are received, getting a head-start on your money's earning potential!
Deposit Checks to Your Account Without Leaving the Office!
eDeposit is an exciting product that enables you to deposit checks into your Morrill & Janes Bank account electronically - without ever leaving your place of business! All you need is an Internet-enabled PC with a browser and the check scanner equipment we provide. It's that easy!
Depositing checks from your place of business is largely made possible by "Check 21" legislation that took effect in October 2004. Check 21 makes a "substitute check" the legal equivalent of the original check. Check 21 opened the door to replace labor-intensive, paper-based check processes with quicker, safer, existing image-based technology and clearing services.
dDeposit allows Morrill & Janes Bank to offer a later deposit deadline for our business customers. Make deposits anytime of the day or night. Eliminate time-consuming, risky, or expensive trips (by your employees or hired couriers) to deposit your daily receipts. Submit your check deposits via eDeposit up until 6:00 pm, CT for review and same-day credit to your business account!
The use of electronic payments can also aid in enhancing the flow of information and control of your collection funds flow. Click here for information on our electronic payment services.