UMB Image Lockbox Services
UMB Image Lockbox Service is a flexible treasury management tool that efficiently processes your customers’ payments. UMB Image Lockbox Service provides expanded processing times and flexible reporting options with features that include state-of-the-art processing of payments, scan-able remittance documents, and advanced equipment and software. Our knowledgeable professionals are dedicated to handling your specific lockbox needs to provide you with quality payment processing.
How it worksYour customers’ payments are directed to a post office box accessible by UMB Bank. Frequent trips are made to collect your mail each postal business day. Our pick-up schedules, enhanced mail and check collection system are designed to minimize mail float. UMB Image Lockbox Service significantly improves your funds availability because you can access your accounts receivable payments faster. Received checks are prepared for deposit as the payment data is captured.
We focus on the accuracy and timeliness of payment and remittance information we gather based on your setup instructions. We then transmit that information to you in the form of an electronic extract file so you can update your receivables system with direct data transmission. In addition, we provide you with images of the checks and their associated remittance documents online daily or through an optional periodic CD-ROM.
How You Benefit
- Lockbox payments processing helps reduce your administrative costs, so you realize savings in salaries, benefits, training, space and equipment.
- UMB Bank collects your mail multiple times each postal business day and provides same-day deposit processing of items received so that your money can be made available to you quickly.
- You can gain greater accuracy and reliability, while reducing risks of loss.
- Lockbox payments processing streamlines commercial finance, accounting, posting of cash to accounts receivable, and customer service operations.
- Obtain faster payments clearance by accelerated processing and early morning checks collections.
- Reduce each component of accounts receivable float—mail, processing, and collection—thus improving your company’s receivables cash flow.
- Your accounts receivable can be updated the same day that payments are deposited via our direct transmission. Supporting documentation is made available to you per your instructions.
- High-quality processing environment provides accurate handling, reducing your company’s problem resolution staffing.
- Our processing equipment can be programmed to accommodate your payments requirements and remittance documents.
- UMB Image Lockbox Service can provide data entry functions to expedite the payments posting process. You provide us with the information you need to update your accounts receivable system and we enter and transmit that data directly to you so you can update your records.
- All payments information is issued an internal trace number that can be used as a cross-reference in reporting and research to provide an audit trail.
- Full-time Lockbox Customer Service representatives are dedicated to handling your questions and inquiries within a 24- to 48-hour response time.
- Your items received in the Lockbox are available for viewing online the same day the items are received. We can also provide remittance information on a CD-ROM.
- Clients already using an internal image workflow system can receive an image file for import.
Image Lockbox services are offered in each city where UMB has branches including Kansas City, St. Louis, Denver, Phoenix and Dallas. To learn more: