Lockbox truncation is the conversion of a paper check, received in the mail, to an electronic deposit. The paper item becomes an EFT (electronic funds transfer) and travels through the Federal Reserve’s Automated Clearing House (ACH) network.

The process is simple:

1. You receive a paper check
2. Check is scanned by check reader
3. Data is transferred from the reader to the Lockbox software we provide.
4. Transactions are batched and transmitted to our processing center
5. Funds clear through the ACH network, usually in 24 to 48 hours

Our software provides comprehensive reporting that gives the critical financial information that you need. Whether you need to look at a customer’s payment history or analyze your company’s future revenue streams, you will have the information you need. The use of these comprehensive and analytical reports, in addition to the improved efficiency that we can bring to your company, will allow you to spend more time growing your business.

Benefits of lockbox truncation:

	No deposit slips to fill out, no trips to the bank
	Funds are available faster
	Eliminates deposit fees
	Lower NSF fees
	Eliminates lost or stolen checks
	Low transaction rate
	NSF returns can be strategically scheduled for re-submittal
	Additional NSF re-submittal
	Ability to assess and capture NSF fees electronically and automatically