One of the fastest ways for a company to turn that paper check into a deposit is to use the Wells Fargo lockbox network, which for the first time is ranked America’s fastest, according to the new Phoenix-Hecht Postal Surve Release 2015-2 1.
Wells Fargo’s treasury management group executive vice president and director of product management Keith Theisen said: "Not only can we process payments faster, but mail that is sent to lockboxes arrives more quickly because of their special ZIP codes."
Phoenix-Hecht, a financial services marketing intelligence firm, conducts the Postal Survey twice a year and tests nationwide how quickly a lockbox provider can process a paper check and deposit it into a client’s accounts receivable account. The October 2015 survey found that Wells Fargo did this more quickly than any other lockbox provider.
Theisen added: "A lockbox service saves time and money for companies that find themselves waiting for their payments in the mail, and optimizes their cash as interest rates rise.
"It also deters theft, fraud, and error by reducing the number of employee touches on each transaction."
While lockboxes remain an out-of-sight, back-office function in many companies, they are crucial for securely collecting and verifying payments and helping to ensure a healthy cash position for corporate treasurers.
Wells Fargo operates a network of lockboxes in 18 cities throughout the US and in Canada with multiple mail pickups during the processing day to expedite the availability of the mail.
The network offers a full and flexible complement of remittance processing features and information delivery options that support business processes and information needs for a wide range of industry and client types, from small convenience stores to national retailers.
Theisen said: "For as long as our customers need paper remittance, Wells Fargo is committed to providing lockbox services that are fast, accurate, and cost-effective."
