MITEC Payment Processing Solutions
For businesses that frequently receive payments and documents via mail, employing lockbox services can help to significantly reduce business expenses, improve overall cash flow and quickly update accounting systems. MITEC payment processing teams in Westland and Austin make it simple for your business to provide paid lockbox check payment processing services. No matter if you’re just getting your lockbox system up and running or looking to expand it, our team of business and medical billing experts will assist you in every step of the process.
What’s Lockbox Processing?
This solution involves a business contracting a third-party check payment processor who will collect and handle all incoming payments. Your customers will mail their payments and documents directly to a P.O. box that the third party will then collect. Following pick-up, the data is captured with image-based technology, quickly reducing errors and eliminating paper waste. All checks are then deposited at the designated financial institution while data files are generated to auto-update accounts receivable.
Businesses that implement lockbox check payment processing services benefit from accelerated mail-handling via a unique ZIP code and multiple pickups per day from the post office. Additionally, lockbox services gives the user the ability to utilize third party regional processing centers that further quicken collection and make billing for your business or medical practice a breeze.
Types of Lockbox Processing Solutions
Healthcare – Automated electronic workflow simplifies and expedites every step of the healthcare revenue cycle.
Property Management – These services streamline any assessment payment processing, increases overall accuracy, and reduces business operating costs/paperwork.
Remote Capture – This expands the overall functionality of your lockbox solution, which can aid in gaining new customers. Scanners are used to capture check and document images to be used for electronic transmittal to us for processing.
Retail – Typically utilized by low-dollar/high-volume consumer payments, and often alongside machine-readable coupons. These kinds of coupons improve processing accuracy and allow your payments to be processed very quickly using high-speed equipment.
Wholesale – Typically processes high-dollar/low-volume payments. A single check may cover multiple invoices and cover a variety of partial payments, disputed items, as well as other adjustments.
Same-Day Information – No matter what solution you choose, staff, employees and customers will have the convenience of viewing check images and remittance docs online as soon as they are processed.
We Can Help
MITEC’s payment processing solutions give you the ability to take advantage of the best lockbox bulk check payment processing available, without a capital investment. Our variety of outsourced solutions serve the needs of almost any kind of business, such as: corporations, government offices, healthcare offices, professional practices, property management companies, as well as schools.