Essential Features in a Digital Lockbox
The term “digital lockbox” has a broad definition today. Depending on to whom you’re talking, it can simply mean that checks have been scanned and are available to view in online banking. Or, it can mean an extensive, searchable tool that makes your business more efficient and more secure. Here are the key features that will ensure your digital lockbox is the latter:
- Search capabilities. A lot of banks only index the check amount, check number and date of a payment. So, you have to know specifically what you’re looking for to find it easily. At Bank SNB, we index fields most places don’t – such as the vendor or patient name and document type (invoice, check, EOB, patient payment, etc.). For healthcare facilities, we index the name of the patient’s insurance company, too. You can search by any of these fields – making it easy to find what you’re looking for and possibly resulting in reduced clerical expenses.
- Same day, in-house processing. Many companies that offer digital lockboxes outsource processing to a third party. That can cause items received in the P.O. Box today to not get into the hands of the third party until tomorrow – meaning you’ve lost a day of having that money in your account. Bank SNB keeps our processing in house, so what is received today gets processed today. Our team stays until the last items are processed and never holds them over to the next day.
- Length of storage. Typical digital lockboxes store your items for 30-60 days, and then you’re given a CD-ROM for long-term storage. The downfalls of this approach are that only one user can access it at a time, there is no convenient online access and the CD-ROM could be lost or damaged. Bank SNB’s digital lockbox stores items for up to seven years, or longer if necessary. Your items are backed up in multiple places, always available online and can be seen by multiple users at the same time. This makes it a great disaster recovery solution.
- Number of users. When you purchase a digital lockbox, most of them afford you one or a fixed number of licenses for users and charge you for every additional seat. For some smaller, single-location businesses, this might not cause problems daily. But for businesses with multiple locations or larger teams, this can delay work and regularly cause frustration. Bank SNB affords you unlimited users without additional costs.
If your digital lockbox lacks the above functionality, you’re likely missing out on efficiencies, security and savings. To see a demo of Bank SNB’s digital lockbox, email DebbiePrior@banksnb.com.
This edition of Market Momentum was written by Bank SNB Director of Treasury Management Debbie Prior.