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First Southern Bank iLockbox™ services are designed to accelerate your receivables cycle, while giving you access to funds and receivables data sooner.
First Southern Bank offers standard and specialized lockbox processing suited to your company’s industry, volume and cash flow cycle. The Cash Management Team at First Southern Bank will work closely with you to explain the many processing options available and will design a lockbox program tailored to your company’s needs.
How iLockbox™ works:
Your customers are instructed to mail their payments and coupons to a post office box set up in the name of your management group or association. After your mail is picked up from the post office by an authorized First Southern Bank agent, it is brought to our Miami lockbox site and processed according to your customized instructions. Funds are deposited directly into your First Southern Bank account on the day of receipt. Images of checks and coupons, summary and detailed deposit reports and a custom formatted A/R posting file are available the next morning on our secure iLockbox website. Correspondence and returned items are mailed to you daily.
iLockbox™ offers many unique features:
- 24/7/365 access via a secure website
- Two-factor authentication to safeguard your customers’ data
- Integrated check and ACH deposits
- Online, one-time setup and initiation of ACH customer debits
- Online, immediate creation of customer coupons
- Real-time entry/placement of Stop Payments
- Powerful archive data and image retrieval and research capability
- Integrated RDC (Remote Deposit Capture) interface for coupon and check information
- Integrated credit card payment options
- e-Check conversion support
Property Management Lockbox – A specialized lockbox service for property management firms or associations that allows for segregation of funds into various accounts, with customized daily reporting features:
- Detailed and summary deposit reports by association
- Images of all checks and coupons
- Stop Payment report
- Payment exception report
- Customized data file for automated posting to popular accounting systems such as Quicken, QuickBooks, TOPS, and Yardi
Wholesale Lockbox – Business-to-Business payments, usually low-volume, large-dollar payments which generally do not include a scannable invoice
- Image capture and retrieval of check and invoice (if used)
- Same day processing and deposits
- Checks, invoices and detailed and summary deposit reports available online next morning
- Next-day availability on all Lockbox deposits
Retail Lockbox – Consumer-to-Business payments accompanied with scannable remittance documents, allowing payments to be processed in an automated manner:
- Advanced technology is used to capture data from checks and scannable remittance documents
- Customized data file for automated posting to receivables system
Dedicated Customer Service Staff
- First Southern Bank’s Cash Management Team members are experts in iLockbox™ and are dedicated to servicing you and your staff.
- The Customer Service Team will order your payment coupons, ensuring data consistency between the iLockbox™ process and your A/R posting process.
- Training on the iLockbox system is always available either in your office or via telephone.
- Assistance with daily exception processing is available upon request.
- Saves time and money: iLockbox™ Services increase the efficiency of your collection process while expanding your usable cash for investments or debt reduction.
- Increases staff productivity while decreasing workload: reduces clerical labor costs and workload through the elimination of in-house payment processing and deposit preparation, while providing an outside audit control.
- Customized processing: reporting and remittance procedures are adaptable to your company's specific needs.
- Timely receivables updating: allows your company to make more informed credit decisions.
- Achieve separation of the billing and receivables functions.
- Immediate processing: mail is picked up early each day and checks are immediately processed for deposit.
- Improves receivables and cash flow: available cash is increased by reducing mail float, check transit float and internal mail processing float. Same-day credit to your company's designated depository account expedites receivables processing and accelerates cash flow.