Manual payment processing costs up to five times more per hour. Save time and money by eliminating extra steps like picking up mail, opening envelopes, separating and sorting billing statements and checks, entering data, and reconciling payments and invoices.
Lockbox services by MY CU Services provide secure, browser-based payment processing with straight-through processing and image cash letter support. Magnetic ink character recognition (MICR) capture and delivery quickly validates your incoming payments and reduces time required for processing and exception handling.
It’s easy to implement and works for any form (check, credit card, ACH, wire), any channel (mail, mobile, internet, EDI), and any device.
Features and benefits include:
- Twice-daily mail pickup at a post office box specifically for your credit union
- Auto-validation and advanced exception handling
- Posting file provided every business day by 5:00 pm
- Online access to all payment images, transaction activity, and notes
- Full audit trail capability
- Integration with your core processing system
- Administrative rights for multiple levels of access