Wells Fargo provides lockbox services which delivers comprehensive, flexible remittance processing that can streamline the accounts receivable function. In addition, lockbox services can help to:
- Improve staff productivity by automating manual processes
- Decrease the potential for theft, fraud and error
- Speed remittances
How a Lockbox Works
The mail is picked up at the designated Post Office box and delivered to the lockbox site. Upon receipt, Wells Fargo processes the paper remittances, converts the check to ACH debits or electronic images, processes credit card payments, and then transmits the information directly to the University.
Some examples of processes benefit from this service are admission applications, ticket sales, and donations/fund-raising drives.
For more information contact the Banking Services Coordinator to discuss costs, initiating process and options.