Surprisingly, most businesses still pay bills the old-fashioned way – with paper cheques. And each of these cheques can come with several pages of complex remittance instructions. This inevitably leads to data entry errors, exceptions and delays in posting cheques for lockbox services. All of which puts a drag on efficiency and revenue.
To combat the inefficiency and high cost of manual processes, Lexmark's intelligent data capture software automates bank lockbox service by swiftly and easily classifying incoming documents at their point of receipt. The solution also reduces the risk of penalties for non-conformance with service level agreements (SLAs) by enabling quick and accurate capture and validation of transactional data.
By extracting line item detail to give your customers greater visibility into the transaction, Lexmark can help streamline your lockbox operation by accounting for cash at the earliest possible moment. This allows cash to spend less time tied up with paper documents and more time accruing interest.