LockBox

The Process

Lock Box starts with the paper check. High speed readers are typically used to convert the check to electronic data, which is transmitted via one of three methods (FTP, internet, or email) to the processor's database where it is evaluated against bank routing number, account, and negative information. The check information is then stored, transactions are processed and the transaction deposits are routed to the merchant’s account within 48 to 72 hours.

Merchant Benefits

This process not only processes the paper check electronically allowing the merchant to forego trips to the bank, but it also simplifies the check tracking process. With this program the merchant simply transmits the checks and Transcendent One’s conversion program does the rest. The merchant can not only process checks electronically, but they can also resubmit any returned checks on the 1st, 15th, 30th, or any other day of the month, increasing collection rates on bad checks by timing the resubmitted transaction with the check writers pay schedule.

Additional Options

This program offers the same electronic check conversion, 24/7 on-line transaction viewing and customized detailed reporting as the other programs. The advanced reporting capabilities of this system also allow more sophisticated merchants to take advantage of custom reporting delivery methods to automate the entire data collection process. This program minimizes the labor involved in accepting checks and streamlines management of the check process for the merchant.