Remittance Processing Services is a dedicated lockbox service and document imaging company providing specialized, state-of-the-art technology, advanced programs, and unprecedented services to meet the needs of the payment processing industry. Our commitment and innovative systems enhance your customer relationships, grow revenue, lower operating costs, improve workflow, and increase efficiencies. Our boutique approach as a lockbox provider affords RPS the capability of serving high-volume customers while remaining small enough to cater to individual client requests.
To meet the increasing demands for competitive products in the world of remittance processing, RPS has created a range of services to satisfy marketplace objectives. Our lockbox services are coupled with the expertise, high-tech systems and advanced technology to meet industry expectations.
Types of lockboxes
RPS offers four types of lockboxes designed to compliment different processing needs:
A retail lockbox is typically a customer-to-business payment that constitutes a higher-volume, lower-dollar amount transaction. In most cases, the check amount equals the amount billed. These transactions include an encoding barcode such as a QR code, a scanline, etc. revealing pertinent information to capture.
A wholesale lockbox is a business-to-business payment that reflects a high-dollar, low-volume transaction. A single check can cover multiple invoices and include other adjustments. These payments can be more complex.
The name defines the service – Wholetail combines the characteristics of retail and wholesale lockbox payments. Wholetail lockbox offers your customers a solution to accelerate accounts receivable processing and information delivery for both business-to-business and consumer-to-business payments. Wholetail accounts may include checks with a combination of invoices or coupons and/or checks only. Basically, processing follows the guidelines of the payment type received.
The complex world of remittance processing is ever-evolving. Paper payments are alive and well but the reality of remittance processing is moving toward electronic – electronic billing and electronic payments. To meet the growing lockbox demands of the payment processing industry, Remittance Processing Services has enhanced our flagship product. We have the features and flexibility to handle the array of challenges facing any remittance processing environment.
Remittance Processing Services is a partner who delivers highly effective and cost-efficient solutions, coupled with advanced features, making RPS the ideal fit for your electronic remittance processing.