Lockbox Services
Manually processing payments isn’t just time-consuming. It’s also costly. In fact, manual payment processing can cost up to five times more per hour than electronic processing. That’s a big deal for your credit union’s bottom line.
Instead, why not use MY CU Services’ Lockbox services? Our Lockbox services provide online payment processing through a secure and automated system.
How do Lockbox Services Work?
MY CU Services will set up a local post office box specifically for your credit union members to submit payments. After the payments are collected, your credit union will provide a file of accounts and payment amounts to MY CU Services. We will load the file into our processing system, where we’ll capture and validate payments. Any unmatched payments will be reviewed by our staff and your credit union’s staff in real-time, without the need for costly overnight shipments of exception items.
With the ability to capture information via MICR, OCR, bar code, QR code, CAR and LAR, Lockbox can be used for processing check payments on consumer loans, mortgage loans, credit cards, mailed check deposits and more.
Once the items are processed in Lockbox, MY CU Services will provide posting files via the secure portal for you to update your members’ accounts. When your credit union receives the files, you can access reports, analytics, payment images, transaction history and notes.
More Lockbox Services Benefits:
- Posting file provided every business day.
- Audit trail capability.
- Easy integration with your core processing system.
- Administrative rights for different levels of access.
- Customizable posting file format.
- Support of any batch type.
- Reduces incidence of adjustments and errors.
- Ability to capture non-payment correspondence sent by members.
It’s time to make manual processing a thing of the past. Join the digital movement with MY CU Services’ Lockbox services, and take the hassle out of your payment processing!
For more information on MY CU Services’ Lockbox services, contact our sales team at (888) 985-7280 or sales@mycuservices.com.